Unusual 11 Mid-Day Movers 1/13: TARG, ZGEN, FIG, LXP Higher; BQI, RMBS, CPHD, LXK Lower
Targanta Therapeutics (Nasdaq: TARG) 94.8% HIGHER; Medicines Company (Nasdaq: MDCO) to acquire Targanta for $2.00 per share in cash. Targanta shareholders may also be entitled to receive additional contingent cash payments upon the achievement of specified regulatory and commercial milestones within agreed upon time periods.
ZymoGenetics, Inc. (Nasdaq: ZGEN) 28% HIGHER; Bristol-Myers Squibb Company (NYSE: BMY) and ZymoGenetics announced a global collaboration for PEG-Interferon lambda, a novel type 3 interferon currently in Phase Ib development for the treatment of Hepatitis C, and its related development program. Click here for the full report.
Fortress Investment Group (NYSE: FIG) 21.2% HIGHER; the stock appears to be correcting today following a 31% decline yesterday. We are not hearing any specific news that would justify today's move, but it is notable the stock is trading on heavier-than-normal volume.
Lexington Realty Trust (NYSE: LXP) 19.5% HIGHER; JPMorgan upgraded several REIT stocks this morning, including Lexington. The firm raised Lexington from Underweight to Neutral. To see the full report, click here.
AerCap Holdings (NYSE: AER) 18.3% HIGHER; shares have spiked intraday on news that the company completed the following transactions in Q4: signed new lease agreements for 14 aircraft, delivered 12 aircraft and nine engines under lease agreements, purchased 11 aircraft and six engines, sold three aircraft and five engines, disassembled two aircraft and seven engines.
FuelCell Energy Inc. (Nasdaq: FCEL) 18.3% HIGHER; announced it has been awarded a contract for Phase II of the U.S. Department of Energy's Office of Fossil Energy Solid State Energy Conversion Alliance Coal-Based Systems Cooperative Agreement. The total program cost is $30.2 million of which $21 million will be funded by DOE.
Oilsands Quest (AMEX: BQI) 14% LOWER; shares of Oilsands sunk just after this morning's opening bell, despite no news and crude oil which is rising today.
Rambus (Nasdaq: RMBS) 13.3% LOWER; this stock, which mostly only trades on litigation announcements, is continuing to fall today following news Friday that a judge will not enforce Rambus' patents against Micron (NYSE: MU).
Cepheid (Nasdaq: CPHD) 11.7% LOWER; said total revenue for the fourth quarter of 2008 is expected to be approximately $38 million, with total product revenue of approximately $36 million. The Wall Street consensus is $42.6 million. Total revenue for the full year ended December 31, 2008 is expected to be approximately $170 million, with total product revenue of approximately $159 million. The Wall Street consensus is $174.4 million.
Lexmark International, Inc. (NYSE: LXK) 10.9% LOWER; sees Q4 sales declining about 17%, YoY, compared to the company's Q4 guidance of a revenue decline in the low to mid teens range. Lowers its non-GAAP EPS guidance from $0.70-$0.80 to $0.71-$0.76 with the lower operating income impact being offset by the tax benefit. The Wall Street consensus is $0.81. For Q1, Lexmark currently expects a revenue decline in the mid to high teens percentage range, and non-GAAP EPS to be around $0.65-$0.75 excluding $0.13 restructuring related charges. The Wall Street EPS consensus is $0.73.
Prestige Brands Holdings, Inc. (NYSE: PBH) 10.9% LOWER; said revenues for the fiscal 2009 third quarter are expected to be essentially even with the prior year comparable quarter. Last year, revenues were $80.22 million and the consensus for this year is $82.6 million. The company cited a slowing retail environment and trade inventory reductions. Due to the flat revenues and increased advertising investment behind key brands, the company anticipates EPS for the quarter to be $0.01 to $0.02 below the previous year's quarter. Last year, EPS was $0.17 and the consensus this year is $0.20.
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