Unusual 11 Mid-Day Movers: MBIA, PMI Higher; Celegene Lower on Clinical Results (MBI, PMI, CELG)
Hemispherx Biopharma, Inc. (AMEX: HEB) 38% LOWER; to Terminate License to Esteve for the Marketing of Ampigen for Chronic Fatigue Syndrome in Certain Territories
Adams Respiratory Therapeutics (Nasdaq: ARXT) 35.4% HIGHER; Reckitt Benckiser Group plc and Adams Respiratory Therapeutics entered into a definitive agreement under which Reckitt Benckiser will tender for the acquisition of Adams for $60 per share in cash, representing a total consideration for Adams' fully diluted share capital of approximately $2.3 billion.
NaviSite (Nasdaq: NAVI) 27% LOWER; reported a Q1 loss of $0.08, 5 cents worse than the analyst estimate of ($0.03). Revenues for the quarter were $36.1 million, versus the consensus of $36.64 million. NaviSite also announced it expects Q2 revenues to be in the range of $39 to $40 million, versus the consensus of $41.85 million.
Myers Industries (NYSE: MYE) 26.9% LOWER; today announced it has agreed to grant more time to GS Capital Partners, the private equity arm of Goldman Sachs Group, in order to complete the acquisition of Myers. The merger was originally planned to be completed on December 15, 2007.
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Force Protection (Nasdaq: FRPT) 22.6% LOWER; is down today as a result of rumors that the U.S. Army may not need 10,000 Mine Resistant Ambush Protected vehicles in Iraq any longer.
MGI PHARMA, Inc. (NASDAQ: MOGN) 19.7% HIGHER; Eisai Co., Ltd. and MGI PHARMA entered into a definitive merger agreement under which Eisai would acquire all of the outstanding shares of MGI PHARMA for US$41.00 per share in an all cash transaction, for a total consideration of approximately $3.9 billion.
LDK Solar Co., Ltd. (NYSE: LDK) 19.3% HIGHER; signed a 10-year "Take or Pay" contract to supply multicrystalline wafers and polysilicon to Germany-based Q-Cells AG.
Bankrate (Nasdaq: RATE) 19.2% HIGHER; upgraded by Citi from Hold to Buy. Citi said, "We find RATE attractive post an almost 30% pullback over the past month. Given macro concerns, investors should be cautious going Long anything with mortgage/financial services exposure, even online. But we see 5 factors providing an attractive entry point. Channel checks address concerns in customer cutbacks, material pricing power, new growth initiatives, diversification and valuation."
The PMI Group (NYSE: PMI) 17.6% HIGHER; feeling substantial upside pressure due to a positive investment in another insurer, MBIA.
MBIA Inc. (NYSE: MBI) 16% HIGHER; cofirmed it has received $1 billion in capital from Warburg Pincus through a direct purchase of MBIA common stock and a backstop for a shareholder rights offering.
Celegene (Nasdaq: CELG) 14% LOWER; lower today on negative analyst comments on the REVLIMID results presented at the American Society of Hematology. Baird said the results were "disappointing."
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