Morning Movers 7/13: IBAS, CYTR, IRE, TTHI, OSIP Higher; BEAT, ADY, CIT, CSE, CEDC Lower

July 13, 2009 9:32 AM EDT

CardioNet (Nasdaq: BEAT) 35.1% LOWER; announced that on Friday, July 10, 2009, it received a letter from Highmark Medicare Services stating effective September 1, 2009 Highmark was adjusting its reimbursement rate for MCOT services to $754 per service. This reimbursement change affects all providers covered under CPT Code 93229. The stock was also downgraded to Market Perform at Leerink Swann.

iBasis, Inc. (NASDAQ: IBAS) 28.5% HIGHER; has received a letter from Royal KPN N.V. indicating its intention to commence a tender offer to increase KPN's equity ownership to up to 100% at an offer price of $1.55 per share in cash. iBasis anticipates that its Board of Directors will form a special committee of independent directors to consider the matter. KPN is the Company's largest stockholder, holding approximately 56% of the Company's outstanding stock. There can be no assurance that any transaction will occur or, if a transaction occurs, what the structure or terms of such transaction would be.

American Dairy, Inc. (NYSE: ADY) 23.6% LOWER; sees Q2 sales up by about 10% year-over-year to $41 million. More importantly, sales in the Company's core infant formula business in Q209 should increase by more than 100% year over year. The Street is currently looking for Q2 sales of $83.99 million. Also sees FY09 sales of $330-$360 million, which compares to the Street consensus of $404.56 million.

CIT Group Inc. (NYSE: CIT) 18.3% LOWER; confirmed today that it remains in active discussions with its principal regulators on a series of measures to improve the company's near-term liquidity position. Click here for the full report.

CytRx Corporation (NASDAQ: CYTR) 14.2% HIGHER; announced that its investigational cancer drug INNO-206 caused a dramatic destruction of implanted tumors in an experimental animal model of breast cancer, performing considerably better than the broadly used and generally effective chemotherapeutic drug doxorubicin. In addition to improved efficacy in this animal trial, INNO-206 was comparable in toxicity with doxorubicin based on animal body-weight loss. Click here for the full report.

Bank of Ireland (NYSE: IRE) 10.7% HIGHER; correcting today following a 9% decline on Friday on reports that legislation setting up the National Asset Management Agency, or "bad bank", could be delayed.

Transition Therapeutics (NASDAQ: TTHI) 8.9% HIGHER; Elan Corporation, plc (NYSE: ELN) and Transition Therapeutics presented Phase 1 data demonstrating that treatment with ELND005 (scyllo-inositol formerly known as AZD-103), achieves desired concentrations in human brain tissue and cerebrospinal fluid when given orally. Click here for the full report.

OSI Pharmaceuticals (NASDAQ: OSIP) 8.1% HIGHER; and Genentech, Inc. today announced that SATURN, a pivotal Phase III study of Tarceva (erlotinib), met a key secondary endpoint of extending overall survival in patients with advanced non-small cell lung cancer who received Tarceva immediately after initial chemotherapy.

CapitalSource Inc. (NYSE: CSE) 7.1% LOWER; Friday night, announced its plans to do a public offering of approximately 17.5 million shares of its common stock.

Central European Distribution Corporation (Nasdaq: CEDC) 6.2% LOWER; announced that it has commenced an underwritten public offering of approximately 8,200,000 shares of its common stock. Of these shares, 5,500,000 shares of common stock will be offered by CEDC and 2,700,000 shares of common stock will be offered by a selling stockholder, Mark Kaoufman, who received his shares as consideration for the acquisition of our interest in The Whitehall Group. CEDC also intends to grant the underwriters an option for a period of 25 days to purchase up to 820,000 additional shares of common stock to cover any over-allotments. CEDC will not receive any proceeds from the sale of common stock by the selling stockholder.

Brightpoint, Inc. (Nasdaq: CELL) 5.8% LOWER; sees Q2 revenues of $722-$727 million, versus the consensus of $740 million. Brightpoint sees adj-EPS of $0.07-$0.13, versus the consensus of $0.07. Also announced that it will offer 15 million shares of the Company's common stock by one of its shareholders, NC Telecom Holding A/S, through an underwritten public offering.

Fastenal (Nasdaq: FAST) 5.7% LOWER; reports Q2 EPS of $0.29, 4 cents below the analyst estimate of $0.33. Revenue for the quarter was $474.9 million, versus the consensus of $487.10 million.

To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• StreetInsider.com Morning Movers
• EIM Group

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?