Unusual Mid-Day Movers 12/15: LIMS, XRM, ARRY, IAX, DPTR Higher; TTHI, ESYS, GY, AIB Lower
Transition Therapeutics, Inc. (NASDAQ: TTHI) 47.8% LOWER; Elan Corporation, plc (NYSE: ELN) and TTHI today notified clinical investigators of modifications to the Phase II study AD201 and open label extension study AD251 for ELND005, a compound being developed for the potential treatment of Alzheimer's disease. The AD201 study is evaluating three dose levels of ELND005 compared to placebo in 353 patients. The stock was also downgraded to Hold at Roth Capita.
STARLIMS Technologies Ltd. (Nasdaq: LIMS) 45.9% HIGHER; Abbott (NYSE: ABT) announced today a definitive agreement to acquire STARLIMS for approximately $123 million in cash. Here is the full report.
Xerium Technologies, Inc. (NYSE: XRM) 43.4% HIGHER; today announced that it has negotiated a non-binding framework for a comprehensive recapitalization term sheet with a steering committee of its lenders. The lenders have extended the existing loan covenant waiver through February 1, 2010 in order to facilitate continued negotiations. Click here for the full report.
Array BioPharma Inc. (NASDAQ: ARRY) 25.3% HIGHER; and Amgen Inc. (NASDAQ: AMGN) announced that they entered into an agreement granting Amgen exclusive worldwide rights to Array's small-molecule glucokinase activator program, including ARRY-403, currently being tested in a Phase 1 clinical trial in patients with Type 2 diabetes. Here is full color on the news.
Elecsys Corp. (NASDAQ: ESYS) 15.3% LOWER; reports Q3 loss of $0.09, compared to $0.12 in the same quarter last year. Revenue for the quarter was $4 million, versus $7.2 million in Q209.
International Absorbents Inc. (NYSE: IAX) 15% HIGHER; entered into an Arrangement Agreement, pursuant to which Parent, through Canada Sub, will acquire all of the outstanding common shares of IAX for $4.75 per common share in cash through a plan of arrangement under the laws of British Columbia. Click here to see the full report.
Delta Petroleum (Nasdaq: DPTR) 13.3% HIGHER; continuing higher today following yesterday's 17% jump amid a credit rating upgraded at S&P.
GenCorp Inc. (NYSE: GY) 12.3% LOWER; announced today that it intends to offer, subject to market and other conditions, up to $125 million aggregate principal amount of convertible subordinated debentures, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, for the purpose of refinancing certain of its outstanding indebtedness. GenCorp expects to grant the initial purchasers an option to purchase up to an additional $18.75 million aggregate principal amount of the debentures solely to cover over-allotments, if any.
Allied Irish Banks (NYSE: AIB) 11.1% LOWER; continuing lower today for the 8th straight day. Earlier, Moody's said that the outlook for the Irish financial system remains negative.
TranSwitch Corporation (NASDAQ: TXCCD) 10.5% LOWER; today announced an update to its business outlook for the fourth quarter of 2009. The revision in outlook for revenues for the fourth quarter of 2009 is primarily due to a change in the production plans of a major customer as well as lower demand from one distributor. The Company now expects revenues for the fourth quarter ending December 31, 2009, to be between $11.5 million and $12.5 million compared to revenues in the third quarter of 2009 of approximately $15.2 million. The Company's previous outlook for fourth quarter revenues announced on October 29, 2009 was for revenues of approximately $15.5 million. The current backlog for the first quarter of 2010 is consistent with that in the third and fourth quarters of 2009.
JA Solar (Nasdaq: JASO) 9.6% HIGHER; sees Q4 shipments exceeding 210 MW, up from the previous forecast of 170-200 MW. For FY10, the company sees shipments of 750-800 MW. Click here for the full report.
Graphic Packaging Holding Company (NYSE: GPK) 9.5% HIGHER; today announced a price increase of $40 per ton for its PaceSetter coated recycled board, effective with shipments on or after January 11, 2010.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
STARLIMS Technologies Ltd. (Nasdaq: LIMS) 45.9% HIGHER; Abbott (NYSE: ABT) announced today a definitive agreement to acquire STARLIMS for approximately $123 million in cash. Here is the full report.
Xerium Technologies, Inc. (NYSE: XRM) 43.4% HIGHER; today announced that it has negotiated a non-binding framework for a comprehensive recapitalization term sheet with a steering committee of its lenders. The lenders have extended the existing loan covenant waiver through February 1, 2010 in order to facilitate continued negotiations. Click here for the full report.
Array BioPharma Inc. (NASDAQ: ARRY) 25.3% HIGHER; and Amgen Inc. (NASDAQ: AMGN) announced that they entered into an agreement granting Amgen exclusive worldwide rights to Array's small-molecule glucokinase activator program, including ARRY-403, currently being tested in a Phase 1 clinical trial in patients with Type 2 diabetes. Here is full color on the news.
Elecsys Corp. (NASDAQ: ESYS) 15.3% LOWER; reports Q3 loss of $0.09, compared to $0.12 in the same quarter last year. Revenue for the quarter was $4 million, versus $7.2 million in Q209.
International Absorbents Inc. (NYSE: IAX) 15% HIGHER; entered into an Arrangement Agreement, pursuant to which Parent, through Canada Sub, will acquire all of the outstanding common shares of IAX for $4.75 per common share in cash through a plan of arrangement under the laws of British Columbia. Click here to see the full report.
Delta Petroleum (Nasdaq: DPTR) 13.3% HIGHER; continuing higher today following yesterday's 17% jump amid a credit rating upgraded at S&P.
GenCorp Inc. (NYSE: GY) 12.3% LOWER; announced today that it intends to offer, subject to market and other conditions, up to $125 million aggregate principal amount of convertible subordinated debentures, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, for the purpose of refinancing certain of its outstanding indebtedness. GenCorp expects to grant the initial purchasers an option to purchase up to an additional $18.75 million aggregate principal amount of the debentures solely to cover over-allotments, if any.
Allied Irish Banks (NYSE: AIB) 11.1% LOWER; continuing lower today for the 8th straight day. Earlier, Moody's said that the outlook for the Irish financial system remains negative.
TranSwitch Corporation (NASDAQ: TXCCD) 10.5% LOWER; today announced an update to its business outlook for the fourth quarter of 2009. The revision in outlook for revenues for the fourth quarter of 2009 is primarily due to a change in the production plans of a major customer as well as lower demand from one distributor. The Company now expects revenues for the fourth quarter ending December 31, 2009, to be between $11.5 million and $12.5 million compared to revenues in the third quarter of 2009 of approximately $15.2 million. The Company's previous outlook for fourth quarter revenues announced on October 29, 2009 was for revenues of approximately $15.5 million. The current backlog for the first quarter of 2010 is consistent with that in the third and fourth quarters of 2009.
JA Solar (Nasdaq: JASO) 9.6% HIGHER; sees Q4 shipments exceeding 210 MW, up from the previous forecast of 170-200 MW. For FY10, the company sees shipments of 750-800 MW. Click here for the full report.
Graphic Packaging Holding Company (NYSE: GPK) 9.5% HIGHER; today announced a price increase of $40 per ton for its PaceSetter coated recycled board, effective with shipments on or after January 11, 2010.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
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