Unusual 11 Mid-Day Movers 6/16: LNY, SRVY, WOC, TSRA Higher; ACAD, CQB, FDP, PPC Lower

June 16, 2008 12:00 PM EDT

ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD) 44% LOWER; announced results from its Phase IIb trial with ACP-104 for the treatment of schizophrenia. The study did not meet its primary endpoint of antipsychotic efficacy or any of the secondary endpoints. Neither dose of ACP-104 demonstrated improved efficacy as compared to placebo. The most common adverse events in the treatment arms relative to placebo were increased salivation, tachycardia, and dyspepsia, which were noted to be dose-related. There was no clinically significant decrease in neutrophil counts in the study drug arms.

Chiquita Brands International, Inc. (NYSE: CQB) 25.4% LOWER; today reported significant year-over-year increases in banana prices in all markets for April-May 2008 on flat and lower volumes in North America and Europe, respectively. Chiquita also said that it now sees industry and other product supply costs reaching $240-$265 million.

Fresh Del Monte Produce (NYSE: FDP) 22% LOWER; this produce company is also feeling the effects of drastically increasing industry costs. See Chiquita Brands above for details.

Landry's Restaurants, Inc. (NYSE: LNY) 17.6% HIGHER; entered into a definitive agreement with Fertitta Holdings, Inc. pursuant to which Fertitta has agreed to acquire all of the Company's outstanding common stock for $21.00 per share in cash.

Greenfield Online, Inc. (Nasdaq: SRVY) 14.3% HIGHER; entered into a merger agreement to be acquired by an entity affiliated with Quadrangle Group LLC, a private investment firm focused on the media and communications industries. Under the terms of the merger agreement, Quadrangle will acquire all of the outstanding common stock of Greenfield Online, Inc. for $15.50 per share in cash, or a total equity value of approximately $426 million.

Wilshire Enterprises, Inc. (Amex: WOC) 12.6% HIGHER; Wilshire and NWJ Companies, Inc. today announced that they have entered into a definitive merger agreement providing for a purchase price of $3.88 per share in cash for each of the approximately 7.9 million Wilshire common shares outstanding.

Tessera Technologies, Inc. (Nasdaq: TSRA) 12.1% HIGHER; today announced the U.S. Patent and Trade Office issued an office action in the ongoing inter partes reexamination of Tessera's U.S. Patent No. 6,433,419, which relates to semiconductor packaging technologies used in the wireless industry, among other applications.

Pyramid Oil (AMEX: PDO) 11.8% HIGHER; crude oil is up nearly 2% today, bringing the speculative oil stock's back into play. Elsewhere in the industry: Mexco Energy (AMEX: MXC) is up 8.5% and Fieldpoint Petroleum (AMEX: FPP) are up 6%.

Amkor Technology (Nasdaq: AMKR) 10.5% HIGHER; possibly seeing upside related to the announcement by Tessera above. With shares down about 14% (before today's move) over the last month, and about 22% of its short floated as of the beginning of June, short sellers taking profits may be adding to the upside.

Pilgrim's Pride (NYSE: PPC) 10.3% LOWER; the food processing industry is having a bad day on Wall Street today amid record high oil prices and constantly increasing costs. Elsewhere in the industry: Smithfield Foods (NYSE: SFD) down 6.4% and Hershey Company (NYSE: HSY) down 5.7%.

Textron Inc. (NYSE: TXT) 6% LOWER; now expects 2008 second quarter earnings per share from continuing operations to be in the range of $0.93 to $0.98, compared to its previous forecast of $0.90 to $1.00. The company continues to forecast full-year earnings per share from continuing operations in the range of $3.80 to $4.00 and free cash flow of $700 - $750 million. (Q2 EPS consensus is $0.98 and FY08 EPS consensus is $3.98)

Related Categories

Special Reports

Stocks Mentioned

Add Your Comment

Name

Subject

Body

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