Pre-Open Movers 9/3: Medivation (MDVN) Surges On Pfizer Deal; Corning (GLW) Sinks on Warning

September 3, 2008 9:28 AM EDT

StreetInsider.com Pre-Open Movers:

Medivation, Inc.(NASDAQ: MDVN) 30% HIGHER; Entered into an agreement with Pfizer (NYSE: PFE) to develop and commercialize Dimebon, Medivation's investigational drug for treatment of Alzheimer’s disease and Huntington’s disease. Under the terms of the agreement, Medivation will receive an up-front cash payment of $225 million. The company will receive additional money on certain milestones and will receive royalties.

Ambac Financial NYSE: ABK) 14% HIGHER; received regulatory approval from the Commissioner of Insurance of the State of Wisconsin to capitalize and reactivate Connie Lee Insurance Company, its financial guarantee subsidiary. Connie Lee will conduct business under a new name and will focus on the U.S. municipal and global public purpose financing markets.

Neurocrine Biosciences, Inc. (Nasdaq: NBIX) 13% HIGHER; announced positive safety and efficacy results from its third Phase II clinical trial using its proprietary, orally-active nonpeptide Gonadotropin-Releasing Hormone (GnRH) receptor antagonist, elagolix, in patients with endometriosis.

Corning Incorporated (NYSE: GLW) 9% LOWER; is lowering its third-quarter guidance for earnings per share before special items to $0.43 to $0.45, down from the previous guidance of $0.48 to $0.51 and the consensus of $0.50. Corning said sales are now expected to be in the range of $1.58 to $1.62 billion versus previously disclosed guidance of $1.65 to $1.72 billion and the consensus of $1.7 billion.

Ethan Allen Interiors (NYSE: ETH) 7% LOWER; lowered its fourth quarter EPS guidance to a range of $0.20 to $0.26 a share, versus consensus of $0.48 per share.

Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) 6% HIGHER; said ARCALYST, also known as IL-1 Trap, in a Phase 2 study of gout patients initiating therapy with allopurinol to lower their uric acid levels, produced a statistically significant reduction versus placebo in the incidence of gout flares.

ConAgra Foods, Inc. (NYSE: CAG) 5% LOWER; said the underperformance in the Consumer Foods segment will negatively impact its fiscal 2009 first quarter diluted EPS from continuing operation. Ex-items, earnings are expected to be slightly below the previously announced estimate of $0.26-$0.28 per diluted share. The Wall Street consensus is $0.29.

NCI Building Systems Inc. (NYSE: NCS) 4% HIGHER; reports Q3 EPS of $1.63, versus the analyst estimate of $1.23. Revenues for the quarter were $477.6 million, versus the consensus of $480 million. Sees Q4 EPS of $1.06-$1.21, versus the consensus of $1.20. Raises FY08 EPS guidance from $3.19-$3.44 to $3.85-$4.00, versus the consensus of $3.55.

McAfee, Inc. (NYSE: MFE) 4% LOWER; Friedman Billings downgrades to Underperform

Joy Global Inc. (Nasdaq: JOYG) 3% LOWER; reports Q3 EPS of $1.03, which may not compare to the analyst estimate of $0.88. Revenues for the quarter were $904 million, versus the consensus of $884.01 million. Raises FY08 EPS guidance from $3.15-$3.30 to $3.37-$3.52, versus the consensus of $3.29. Sales guidance for the year remains at $3.3-$3.4 billion, versus the Street estimate of $3.36 billion.

Barclays plc (NYSE: BCS) 3% LOWER; RBS downgrades to Sell

Tenet Healthcare Corp. (NYSE: THC) 3% HIGHER; Deutsche Bank upgrades to Buy

MEMC Electronic Materials, Inc. (NYSE: WFR) 2.8% LOWER; released its previously scheduled update for Q308 which ends on September 30: sales of $560-$620 million, versus the consensus of $596.68 million, gross margins are expected to be 54-55%, operating expenses of about $43 million.

Shanda Interactive Entertainment Ltd. (Nasdaq: SNDA) 2% HIGHER; reports Q2 EPS of $0.58, ex-items, 7 cents better than the analyst estimate of $0.51. Revenues for the quarter were $122.1 million, versus the consensus of $115.27 million.

BP plc (NYSE: BP) 1.5% HIGHER; Goldman upgrades to Buy

Donaldson Company, Inc. (NYSE: DCI) 1.5% LOWER; reports Q4 EPS of $0.60, 1 cent lower than the analyst estimate of $0.61. Revenues for the quarter were $607.4 million, versus the consensus of $603.50 million. Sees FY09 sales up 9-11% and EPS in the range of $2.30-$2.40, versus the consensus of $2.44.

Get This Report E-Mailed To You Daily and Much, Much More With StreetInsider.com Premium - FREE TRIAL

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Deutsche Bank
• UBS
• Friedman, Billings, Ramsey
• Barclays

Add Your Comment

Name

Subject

Body

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