Pre-Open Movers 5/29: Kosan (KOSN) Surges On Buyback, Evergreen Solar (ESLR) Lower on Downgrade

May 29, 2008 9:29 AM EDT

StreetInsider.com Pre-Open Movers:

Kosan Biosciences Inc. (NASDAQ: KOSN) 227% HIGHER; Bristol-Myers Squibb Company (NYSE: BMY) and Kosan Biosciences announced today that the companies have signed a definitive merger agreement providing for the acquisition of Kosan, a cancer therapeutics company, by Bristol-Myers Squibb, for $5.50 per share in cash.

Alfacell Corporation (Nasdaq: ACEL) 64.7% LOWER; announced that the preliminary statistical analysis of data from its confirmatory Phase IIIb clinical trial of its lead compound, ONCONASE, did not meet statistical significance for the primary endpoint of survival in unresectable malignant mesothelioma (UMM). However, a statistically significant improvement in survival was seen in the treatment of UMM patients who failed one prior chemotherapy regimen. Alfacell plans to submit a New Drug Application (NDA) to the FDA for the treatment of this patient population, which represents a currently unmet medical need

Jo-Ann Stores, Inc. (NYSE: JAS) 7.4% HIGHER; reports Q1 EPS of $0.12, 11 cents better than the analyst estimate of $0.01. Revenues for the quarter were $446.1 million, versus the consensus of $444.04 million. Sees FY 75-85 cents versus prior guidance of 70-85 cents and consensus is 87 cents

Big Lots (NYSE: BIG) 7% HIGHER; reports Q1 earnings of $0.42 per share, above the consensus of $0.36. Revenues came in at $1.15 billion, versus the consensus of $1.14 billion. Sees Q2 EPS of $0.21-$0.25, versus the consensus of $0.23. Sees FY08 EPS of $1.80-$1.90, versus the consensus of $1.78.

Genesco Inc. (NYSE: GCO) 7% HIGHER; reports Q1 EPS of $0.14, above the consensus of $0.09. Revenues came in at $356.9 million, versus the consensus of $347 million. Sees FY EPS of $2.09-$2.19, ex-items, versus the consensus of $1.89.

Evergreen Solar Inc. (Nasdaq: ESLR) 5.7% LOWER; Merrill downgrades to Sell

Men's Wearhouse (NYSE: MW) 5.7% LOWER; reports Q1 EPS of $0.20, 2 cent lower than the analyst estimate of $0.22. Revenues for the quarter were $491.1 million, versus the consensus of $476.98 million. Sees Q2 EPS of $0.75-$0.79, versus the consensus of $0.82. Sees FY08 EPS of $1.75-$1.85, versus $2.01.

Trump Entertainment Resorts, Inc. (NASDAQ: TRMP) 4.7% HIGHER; Coastal Marina, LLC, an affiliate of Coastal Development, LLC, entered into an agreement to purchase the Trump Marina Hotel Casino in Atlantic City, New Jersey from Trump Entertainment Resorts. Coastal Marina has agreed to pay Trump Entertainment Resorts $316 million to complete the transaction. As part of the transaction, the parties have also agreed to end prior, unrelated litigation, with prejudice, upon the closing of the transaction.

US Airways (NYSE: LCC) 4.4% HIGHER; The Wall Street Journal is reporting that the CEOs of UAL (Nasdaq: UAUA) and US Airways are meeting on Thursday to discuss the progress of their merger talks and potential pitfalls of a deal.

Chico's FAS Inc. (NYSE: CHS) 4.4% LOWER; Citi downgrades to Sell

Shanda Interactive (Nasdaq: SNDA) 4.2% LOWER; Citi downgrades to Hold

Joy Global (Nasdaq: JOYG) 4% HIGHER; reports Q2 earnings of $0.86 per share, ex-items, above the consensus of $0.74. Revenues came in at $843 million, versus the consensus of $798.3 million. Sees FY08 EPS of $3.15-$3.30, versus prior guidance of $2.96-$3.22 and the consensus of $3.28. Sees FY08 revenues of $3.3-$3.4 billion, versus the consensus of $3.23 billion.

SunPower (Nasdaq: SPWR) 3.8% HIGHER; Merrill downgrades to Sell

TiVo Inc. (Nasdaq: TIVO) 3.7% HIGHER; reports Q1 EPS of $0.04, 5 cents better than the analyst estimate of ($0.01). Revenues for the quarter were $54.9 million, versus the consensus of $55.62 million. Sees Q2 revs in the range of $53-$55 million, versus the consensus of $56.73 million.

Coldwater Creek (Nasdaq: CWTR) 3.7% HIGHER; reports Q loss of $0.10, 6 cents better than the analyst estimate of ($0.16). Revenues for the quarter were $271.1 million, versus the consensus of $245.73 million. Coldwater Creek sees Q2 loss of $0.03-$0.09, versus the consensus of a $0.07 loss. Sees FY08 EPS at a loss of $0.13 to a profit of $0.04, versus the consensus of a $0.17 loss.

Sangamo Biosciences Inc. (Nasdaq: SGMO) 3.1% LOWER; Brean Murray starts at Sell

Dress Barn (Nasdaq: DBRN) 2.8% HIGHER; reports Q3 EPS of $0.34 ex-items, 8 cents better than the analyst estimate of $0.26. Revenues for the quarter were $352.6 million, versus the consensus of $350.60 million. Sees FY08 EPS of $1.05 to $1.10 versus $1.07.

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