StreetInsider.com Unusual 11 Mid-Day Movers 09/05/2007
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Cardica, Inc. (Nasdaq: CRDC) 60% HIGHER; Announced that two independent groups of leading cardiothoracic surgeons performed ground-breaking minimally-invasive, closed-chest bypass procedures using Cardica\'s C-Port Flex A Anastomosis System and Intuitive Surgical\'s da Vinci robot. The C-Port Flex A system, a fully-automated, flexible shaft device, automates the attachment, or anastomosis, of a blood vessel graft to a coronary artery during bypass surgery.
Virco Mfg. Corporation (Nasdaq: VIRC) 31% HIGHER; Reports Q2 EPS of $0.80, 20 cents better than estimates. Revenues were $88.9 million vs. $84.57 million consensus. (NOTE - only 1 analyst and light trading volume today)
AtheroGenics, Inc. (Nasdaq: AGIX) 29% LOWER; Announced positive data from its ARISE Phase III clinical outcomes study of its lead oral anti-diabetic drug candidate, AGI-1067, at the European Society of Cardiology Congress 2007. NOTE: The stock was up from the $1.30 level to $3 since the middle of August, ahead of today\'s news.
Salix (Nasdaq: SLXP) 22.5% HIGHER; Announces statistically significant Top-Line results of a unique granulated Mesalamine product registration study in Ulcerative Colitis. Also, SLXP announced the successful completion and outcome of its Phase IIb trial to assess the efficacy and safety of rifaximin in the treatment of patients with diarrhea-associated irritable bowel syndrome.
Applix, Inc. (NASDAQ: APLX) 22% HIGHER; Cognos (NASDAQ: COGN) and Applix jointly announced the execution of a definitive agreement for Cognos to acquire Applix. The planned acquisition is a cash tender offer of $17.87 per share, which equates to approximately $339 million or $306 million net of Applix cash on hand.
Finisar Corporation (NASDAQ: FNSR) 16% LOWER; Reported preliminary financial results for its first fiscal quarter ended July 29, 2007. The Company is not providing detailed GAAP or non-GAAP financial results for the quarter. Non-GAAP revenues are expected to be $105.7 million vs. consensus of $108.2 million.
Tyson Foods, Inc. (NYSE: TSN) 9.8% LOWER; Company is revising our fiscal 2007 guidance to $0.72 to $0.80 per share, below the consensus of $0.90. The company said, "The fourth quarter is turning out to be more challenging than expected. Our beef business has been affected by higher than expected live cattle costs and a decline in beef revenues due to a disruption in South Korean beef trade. Meanwhile, live hog prices were higher due to speculation about Chinese pork imports."
Sycamore Networks, Inc. (NASDAQ: SCMR) 8.2% LOWER; Reports Q4 non-GAAP EPS of $0.02, 1 cent worse than estimates. Revenues were $38.04 million vs. $46 million consensus. The Company also announced today that Richard J. Gaynor, chief financial officer and vice president of finance and administration, will be leaving to pursue another employment opportunity.
US Airways Group, Inc. (NYSE: LCC) 3.7% HIGHER; Shares trading higher in anticipation of August Traffic results. (Shares of LCC have gained ground in the past 4 sessions)
NCI Building Systems (NYSE: NCS) 3.7% HIGHER; Reports Q3 EPS of $1.07 (ex-items), 7 cents better than estimates. Revenues were $433.8 million vs. $469.78 million consensus. NCI today affirmed its guidance for earnings per diluted share for the full fiscal year in a range of $3.30 to $3.80. (Consensus is $3.36)
Chesapeake Energy Corporation (NYSE: CHK) 2.8% HIGHER; Announced an enhanced financial plan for 2008-2009 and its initial production and budget forecasts for 2009. The company will sell non-operating interests in Kentucky and West Virginia and expects to receive approx. $550 million. The company will also look to sell other assets in excess of $1 billion.
Virco Mfg. Corporation (Nasdaq: VIRC) 31% HIGHER; Reports Q2 EPS of $0.80, 20 cents better than estimates. Revenues were $88.9 million vs. $84.57 million consensus. (NOTE - only 1 analyst and light trading volume today)
AtheroGenics, Inc. (Nasdaq: AGIX) 29% LOWER; Announced positive data from its ARISE Phase III clinical outcomes study of its lead oral anti-diabetic drug candidate, AGI-1067, at the European Society of Cardiology Congress 2007. NOTE: The stock was up from the $1.30 level to $3 since the middle of August, ahead of today\'s news.
Salix (Nasdaq: SLXP) 22.5% HIGHER; Announces statistically significant Top-Line results of a unique granulated Mesalamine product registration study in Ulcerative Colitis. Also, SLXP announced the successful completion and outcome of its Phase IIb trial to assess the efficacy and safety of rifaximin in the treatment of patients with diarrhea-associated irritable bowel syndrome.
Applix, Inc. (NASDAQ: APLX) 22% HIGHER; Cognos (NASDAQ: COGN) and Applix jointly announced the execution of a definitive agreement for Cognos to acquire Applix. The planned acquisition is a cash tender offer of $17.87 per share, which equates to approximately $339 million or $306 million net of Applix cash on hand.
Finisar Corporation (NASDAQ: FNSR) 16% LOWER; Reported preliminary financial results for its first fiscal quarter ended July 29, 2007. The Company is not providing detailed GAAP or non-GAAP financial results for the quarter. Non-GAAP revenues are expected to be $105.7 million vs. consensus of $108.2 million.
Tyson Foods, Inc. (NYSE: TSN) 9.8% LOWER; Company is revising our fiscal 2007 guidance to $0.72 to $0.80 per share, below the consensus of $0.90. The company said, "The fourth quarter is turning out to be more challenging than expected. Our beef business has been affected by higher than expected live cattle costs and a decline in beef revenues due to a disruption in South Korean beef trade. Meanwhile, live hog prices were higher due to speculation about Chinese pork imports."
Sycamore Networks, Inc. (NASDAQ: SCMR) 8.2% LOWER; Reports Q4 non-GAAP EPS of $0.02, 1 cent worse than estimates. Revenues were $38.04 million vs. $46 million consensus. The Company also announced today that Richard J. Gaynor, chief financial officer and vice president of finance and administration, will be leaving to pursue another employment opportunity.
US Airways Group, Inc. (NYSE: LCC) 3.7% HIGHER; Shares trading higher in anticipation of August Traffic results. (Shares of LCC have gained ground in the past 4 sessions)
NCI Building Systems (NYSE: NCS) 3.7% HIGHER; Reports Q3 EPS of $1.07 (ex-items), 7 cents better than estimates. Revenues were $433.8 million vs. $469.78 million consensus. NCI today affirmed its guidance for earnings per diluted share for the full fiscal year in a range of $3.30 to $3.80. (Consensus is $3.36)
Chesapeake Energy Corporation (NYSE: CHK) 2.8% HIGHER; Announced an enhanced financial plan for 2008-2009 and its initial production and budget forecasts for 2009. The company will sell non-operating interests in Kentucky and West Virginia and expects to receive approx. $550 million. The company will also look to sell other assets in excess of $1 billion.
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