Morning Movers 7/2: ELN, QUIK, ESLR Higher; DSCO, LEA, SEPR, ILMN, MANH Lower

July 2, 2009 9:32 AM EDT

Discovery Laboratories (Nasdaq: DSCO) 53% LOWER; learned that the FDA will now apply a newly-defined standard to determine whether Discovery Labs has adequately demonstrated comparability of Surfaxin clinical to commercial drug product. This new standard represents a significant hurdle for approval of Surfaxin.

Lear Corporation (NYSE: LEA) 22% LOWER; NYSE Regulation has determined that the common stock of Lear Corporation (NYSE: LEA) should be suspended immediately, saying it is no longer suitable for listing on its planned Chapter 11 filing.

Elan Corporation (NYSE: ELN) 19% HIGHER; Johnson & Johnson (NYSE: JNJ) will acquire substantially all of the assets and rights of Elan related to its Alzheimer's Immunotherapy Program (AIP Program), through a newly formed company. In addition, Johnson & Johnson, through its affiliate, will invest $1 billion in Elan in exchange for newly issued American Depositary Receipts (ADRs) of Elan which will represent 18.4% of Elan's outstanding ordinary shares.

QuickLogic (Nasdaq: QUIK) 17% HIGHER; expects total Q2 revenue to be between $2.8 million and $3.0 million, which is below the guidance issued on April 28, 2009 versus consensus estimates of $4.90M.

Sepracor (Nasdaq: SEPR) 15% LOWER; SEP-22528 Fails To Meet Endpoint and Two Lunesta Studies Put On Hold.

Illumina (Nasdaq: ILMN) 14% LOWER; sees q2 revenue of approximately $161 million compared to guidance of $168 to $173 million. The Wall Street consensus is $172.55 million.

Manhatton Associates (Nasdaq: MANH) 12% LOWER; lowered its Q2 adjusted EPS expectations to a range of $.08 to $.12 per share and GAAP earnings expectations to a range of a loss of $.09 to a loss of $.05. This compares with the Company's previous adjusted EPS guidance range of $.15 to $.30 and GAAP EPS range of a loss of $.02 to a profit of $.13. The consensus is a profit of $.22.

Evergreen Solar (Nasdaq: ESLR) 6% HIGHER; JP Morgan upgrades Evergreen Solar from Underweight to Overweight and raises their price target to $5.

DemandTec (Nasdaq: DMAN) 4.60% LOWER; reports Q1 non-GAAP EPS of $0.00, versus the analyst estimate of ($0.02). Revenue for the quarter was $19.5 million, versus the consensus of $19.44 million.

International Assets (Nasdaq: IAAC), FC Stone (Nasdaq: FCSX) indicated HIGHER; announced that they have signed a definitive agreement to merge in a share swap that creates a combined company with a market capitalization of approximately $260 million.

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