Pre-Open Movers: Fed Emergency Rate Cut Does Little, Stocks Set To Open Down Big

January 22, 2008 9:29 AM EST

StreetInsider.com Pre-Open Movers:

Northstar Neuroscience, Inc. (NASDAQ: NSTR) 85% LOWER; announced that its EVEREST pivotal trial evaluating cortical stimulation to improve hand and arm function in stroke survivors did not meet its primary efficacy endpoint.

CytRx Corporation (NASDAQ: CYTR) 40% LOWER; said the FDA has placed on clinical hold the Company's Phase IIb clinical trial with arimoclomol for the treatment for amyotrophic lateral sclerosis (ALS or Lou Gehrig’s disease).

Iomega Corporation (NYSE: IOM) 16% HIGHER; expects Q4 net revenue to be within a range of $117.0 million to $121.0 million and non-GAAP earnings per share to be within a range of $0.06 to $0.08 per fully diluted share. This compares to previous guidance of net revenue of $92.0 million and non-GAAP earnings per share of $0.04 per fully diluted share.

Rio Tinto plc (NYSE: RTP) 12% LOWER; BHP said it will not raise its bid

Bank of America Corporation (NYSE: BAC) 7% LOWER; reported Q4 EPS of $0.05, well below the Wall Street consensus of $0.08. Revenues were $13.32 billion, versus the consensus of $13.24 billion. Bank of America had CDO related write downs of $5.28 billion. Q4 provision expense increased $1.74 billion.

eBay Inc. (Nasdaq: EBAY) 7% LOWER; Reports Meg Whitman may retire.

Wachovia (NYSE: WB) 5% LOWER; reports Q4 EPS from cont ops, ex-items, of $0.08, versus analysts consensus of $0.33. Q4 includes net valuation losses of $1.7 billion.

Ventana Medical Systems (Nasdaq: VMSI) 4.3% HIGHER; Roche and Ventana Medical Systems signed a definitive merger agreement. Under the terms of the agreement, Roche will increase the purchase price in the tender offer for Ventana common shares to $89.50 per share in cash (or an aggregate of approximately $3.4 billion on a fully diluted basis), and Ventana's Board of Directors will recommend that Ventana's shareholders tender their shares to Roche.

Getty Images, Inc. (NYSE: GYI) 3% HIGHER; confirmed that its Board of Directors is exploring strategic alternatives to enhance shareholder value. The Board of Directors has retained Goldman, Sachs & Co. as its financial advisor and Weil, Gotshal & Manges LLP as its legal advisor in connection with its evaluation of such alternatives. A New York Times article suggested the company could be sold for more than $1.5 billion.

Momentum Stocks lower on global stock sell-off: Baidu.com, Inc. (Nasdaq: BIDU) -11%, Apple Inc. (Nasdaq: AAPL) -6%, Google (Nasdaq: GOOG) -6.5%, Research In Motion (Nasdaq: RIMM) -8%

Solar stocks lower on global sell-off and lower oil prices: LDK Solar Co.Ltd. (NYSE: LDK) -15%, First Solar, Inc. (Nasdaq: FSLR) -11%, SunPower (Nasdaq: SPWR) -9.7%, Suntech (NYSE: STP) -12%

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• Wachovia
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