Unusual 11 Mid-Day Movers 12/02: CLP, HRP, MRX, S Higher; TSRA, GGP, XNPT, PALM Lower
Tessera Technologies, Inc. (NASDAQ: TSRA) 44.2% LOWER; announced today the Administrative Law Judge overseeing the International Trade Commission action brought by Tessera against certain wireless manufacturers, Investigation No. 337-TA-605 (Wireless ITC action), issued an Initial Determination finding Tessera’s asserted patents are valid but not infringed by the respondents.
Colonial Property Trust (NYSE: CLP) 33.8% HIGHER; REIT's are bouncing today following a massive slide yesterday. The SPDR S&P Homebuilders ETF (NYSE: XHB), fell about 12% yesterday.
HRPT Properties (NYSE: HRP) 31.2% HIGHER; see Colonial.
General Growth Properties, Inc. (NYSE: GGP) 24.5% LOWER; reached an interim agreement with the beneficial holder of the $58 million TRCLP Notes to extend the maturity date of the Notes to December 11, 2008.
Medicis (NYSE: MRX) 22.3% HIGHER; last night Medicis and IMPAX Laboratories, Inc. have entered into a Joint Development Agreement and a Settlement and License Agreement. In connection with the Settlement and License Agreement, Medicis and IMPAX have agreed to terminate all legal disputes between them relating to SOLODYN(R) (minocycline HCl, USP) Extended Release Tablets. Additionally, under terms of the agreements, IMPAX has confirmed that Medicis' patents relating to SOLODYN(R) are valid and enforceable, and cover IMPAX's activities relating to its generic product under Abbreviated New Drug Application #90-024.
Sprint Nextel (NYSE: S) 21.3% HIGHER; shares are correcting today after falling more than 24% yesterday. The stock is surging today despite negative news from a competitor in the handset space: Palm, which issued lower-than-expected guidance last night after the market close.
Williams-Sonoma (NYSE: WSM) 21.1% HIGHER; Merrill Lynch upgrades Williams-Sonoma from Underperform to Buy.
XenoPort, Inc. (Nasdaq: XNPT) 19.9% LOWER; announced today top-line results from a Phase 2 clinical trial that examined the ability of XP19986 (arbaclofen placarbil) extended-release tablets to reduce symptoms experienced by subjects with gastroesophageal reflux disease, or GERD. The primary analysis comparing XP19986 to placebo did not reach statistical significance. However, pre-defined subgroup analyses showed statistically significant benefits of XP19986 on a number of important parameters. XP19986 was generally well tolerated at all dose levels.
Palm, Inc. (NASDAQ: PALM) 18.6% LOWER; expects to record revenues for Q2 fiscal year 2009 in the range of $190 million to $195 million, well below the consensus of $330.8 million.
Wavecom S.A. (NASDAQ: WVCM) 12.9% HIGHER; Sierra Wireless, Inc., (NASDAQ: SWIR) and Wavecom S.A. have reached a Memorandum of Understanding providing for a business combination. Pursuant to and subject to the terms of the MOU, Sierra Wireless will make a cash offer of (euro)8.50 per ordinary share of Wavecom, and (euro)31.93 per OCEANE convertible bond, amounting to an aggregate purchase price of approximately (euro)218 million.
Research In Motion (Nasdaq: RIMM) 8.3% LOWER; sinking on concerning Palm guidance and a new Nokia (NYSE: NOK) smartphone, which was unveiled today.
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