Pre-Open Movers: Genesis Microchip (GNSS) Soars On Buyout, Panacos (PANC) Lower on Drug Results, More...
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StreetInsider.com Pre-Open Movers:
Genesis Microchip (Nasdaq: GNSS) 56% HIGHER; STMicroelectronics (NYSE: STM) announced a defenitive agreement to acquire Genesis Microchip for $8.65 per share.
Panacos Pharmaceuticals Inc. (Nasdaq: PANC) 47% LOWER; announced preliminary results from the 350 mg cohort of a Phase 2b study of bevirimat (PA-457) in patients failing HIV therapy due to drug resistance. In this cohort, nine patients received 350 mg of bevirimat solution once daily and two patients received placebo for 14 days on top of their failing background regimen.
Medarex, Inc. (Nasdaq: MEDX) 19% LOWER; The company and and Bristol-Myers Squibb (NYSE: BMY)announced top-line data from the three registrational trials (008, 022, 007) that constitute the monotherapy program for ipilimumab -- an investigational immunotherapy -- in patients with metastatic melanoma. The results from study 008, conducted under Special Protocol Assessment (SPA), did not meet the primary endpoint, which was to rule out a best objective response rate of less than 10 percent. However, the totality of data from the registrational program included a clear dose response effect observed in study 022 and best objective response rates across the three studies ranging from mid-single digits to mid-teens as determined by independent radiology review.
ArvinMeritor Inc. (NYSE: ARM) 15% HIGHER; Affirms 2008 Outlook. Announces acquisition of Canadian-Based Mascot Truck Parts Ltd.
Smith Micro Software Inc. (NASDAQ: SMSI) 12.8% HIGHER; Acquires the Mobility Solutions Group business of PCTEL, Inc. (NASDAQ: PCTI) for $59.7 million.
NovaStar Financial, Inc. (NYSE: NFI) 9.89% HIGHER; The company entered into a Master Repurchase Agreements Waiver with Wachovia Bank, N.A. and certain of its affiliates pursuant to which, for a period ending on January 4, 2008, Wachovia agreed not to enforce, and waived any breach or event of default that would otherwise have resulted solely from the Company's failure to comply with, the requirement under the Agreements described below that the Company maintain a specified adjusted tangible net worth. Further, the requirement under the Agreements that the Company maintain liquidity of at least $30 million was amended to require the Company to maintain liquidity of at least $24 million during the Waiver Period. Wachovia expressly reserved the right to terminate the Waiver Agreement prior to January 4, 2008, if any other event of default or breach occurs under the Agreements other than as described above.
Washington Mutual Inc. (NYSE: WM) 9% LOWER; to raise $2.5B, cuts dividend, to re-size home loan business.
Lattice Semiconductor Corporation (Nasdaq: LSCC) 7.7% HIGHER; In a 13G filing, Soros Fund Management disclosed a 5.2% stake (5,976,666 shares) in the company. The firm held 2,861,600 shares at the quarter ended Sept 30, 2007. Lattice Semiconductor Corporation designs, develops and markets programmable logic products and related software.
Triple-S Management (NYSE: GTS) 7% HIGHER; Cramer highlights on Mad Money
Pall Corp (NYSE: PLL) 6% LOWER; reported Q1 preliminary earnings. Revenues for the quarter were $561 million, versus the consensus of $631.57 million.
Texas Instruments Inc. (NYSE: TXN) 6% HIGHER; sees Q4 revenues of $3.5-$3.66 billion, versus the consensus of $3.56 billion and the prior range of $3.40 billion to $3.68 billion. Texas Instruments sees Q4 EPS of $0.50-$0.54, versus the consensus of $0.51 and the previous range of $0.48 to $0.54.
WellCare Health Plans, Inc. (NYSE: WCG) 6% HIGHER; On December 4, 2007, the Registrant received an executed amendment number 2 to the current Medical Services Agreement between the Florida Healthy Kids Corporation and two of its wholly-owned subsidiaries, HealthEase of Florida, Inc. and WellCare of Florida, Inc. (f/k/a Well Care HMO, Inc.) d/b/a Staywell Health Plan of Florida.
SAIC, Inc. (NYSE: SAI) 5% HIGHER; reported Q3 EPS of $0.26, 3 cents better than the analyst estimate of $0.23. Revenues for the quarter were $2.37 billion, versus the consensus of $2.29 billion.
AT&T Inc. (NYSE: T) 4% HIGHER; said its board of directors has approved a 12.7 percent increase in the company's quarterly dividend, from $0.355 to $0.40. This is the largest annual increase in the company's history. AT&T also announced a new share repurchase authorization for 400 million shares.
Burger King (NYSE: BKC) 2.2% HIGHER; Goldman Sachs upgrades Burger King to Buy with a $32 price target.
MasterCard (NYSE: MA) 2% HIGHER; Keefe, Bruyette & Woods upgrades MasterCard from Market Perform to Outperform and raises its price target from $200 to $250.
Vimpel-Communications (NYSE: VIP) 2% LOWER; Bear Stearns downgrades Vimpel-Communications from Peer Perform to Underperform.
Starbucks Corporation (NASDAQ: SBUX) 2% LOWER; Goldman Sachs downgrades Starbucks from Buy to Neutral and lowers its price targe to $26, citing competition and consumer demand
eBay (Nasdaq: EBAY) 1.6% HIGHER; Citi adds eBay to the Recommended List. Citi currently has a 'Buy' rating and $49 price target.
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Genesis Microchip (Nasdaq: GNSS) 56% HIGHER; STMicroelectronics (NYSE: STM) announced a defenitive agreement to acquire Genesis Microchip for $8.65 per share.
Panacos Pharmaceuticals Inc. (Nasdaq: PANC) 47% LOWER; announced preliminary results from the 350 mg cohort of a Phase 2b study of bevirimat (PA-457) in patients failing HIV therapy due to drug resistance. In this cohort, nine patients received 350 mg of bevirimat solution once daily and two patients received placebo for 14 days on top of their failing background regimen.
Medarex, Inc. (Nasdaq: MEDX) 19% LOWER; The company and and Bristol-Myers Squibb (NYSE: BMY)announced top-line data from the three registrational trials (008, 022, 007) that constitute the monotherapy program for ipilimumab -- an investigational immunotherapy -- in patients with metastatic melanoma. The results from study 008, conducted under Special Protocol Assessment (SPA), did not meet the primary endpoint, which was to rule out a best objective response rate of less than 10 percent. However, the totality of data from the registrational program included a clear dose response effect observed in study 022 and best objective response rates across the three studies ranging from mid-single digits to mid-teens as determined by independent radiology review.
ArvinMeritor Inc. (NYSE: ARM) 15% HIGHER; Affirms 2008 Outlook. Announces acquisition of Canadian-Based Mascot Truck Parts Ltd.
Smith Micro Software Inc. (NASDAQ: SMSI) 12.8% HIGHER; Acquires the Mobility Solutions Group business of PCTEL, Inc. (NASDAQ: PCTI) for $59.7 million.
NovaStar Financial, Inc. (NYSE: NFI) 9.89% HIGHER; The company entered into a Master Repurchase Agreements Waiver with Wachovia Bank, N.A. and certain of its affiliates pursuant to which, for a period ending on January 4, 2008, Wachovia agreed not to enforce, and waived any breach or event of default that would otherwise have resulted solely from the Company's failure to comply with, the requirement under the Agreements described below that the Company maintain a specified adjusted tangible net worth. Further, the requirement under the Agreements that the Company maintain liquidity of at least $30 million was amended to require the Company to maintain liquidity of at least $24 million during the Waiver Period. Wachovia expressly reserved the right to terminate the Waiver Agreement prior to January 4, 2008, if any other event of default or breach occurs under the Agreements other than as described above.
Washington Mutual Inc. (NYSE: WM) 9% LOWER; to raise $2.5B, cuts dividend, to re-size home loan business.
Lattice Semiconductor Corporation (Nasdaq: LSCC) 7.7% HIGHER; In a 13G filing, Soros Fund Management disclosed a 5.2% stake (5,976,666 shares) in the company. The firm held 2,861,600 shares at the quarter ended Sept 30, 2007. Lattice Semiconductor Corporation designs, develops and markets programmable logic products and related software.
Triple-S Management (NYSE: GTS) 7% HIGHER; Cramer highlights on Mad Money
Pall Corp (NYSE: PLL) 6% LOWER; reported Q1 preliminary earnings. Revenues for the quarter were $561 million, versus the consensus of $631.57 million.
Texas Instruments Inc. (NYSE: TXN) 6% HIGHER; sees Q4 revenues of $3.5-$3.66 billion, versus the consensus of $3.56 billion and the prior range of $3.40 billion to $3.68 billion. Texas Instruments sees Q4 EPS of $0.50-$0.54, versus the consensus of $0.51 and the previous range of $0.48 to $0.54.
WellCare Health Plans, Inc. (NYSE: WCG) 6% HIGHER; On December 4, 2007, the Registrant received an executed amendment number 2 to the current Medical Services Agreement between the Florida Healthy Kids Corporation and two of its wholly-owned subsidiaries, HealthEase of Florida, Inc. and WellCare of Florida, Inc. (f/k/a Well Care HMO, Inc.) d/b/a Staywell Health Plan of Florida.
SAIC, Inc. (NYSE: SAI) 5% HIGHER; reported Q3 EPS of $0.26, 3 cents better than the analyst estimate of $0.23. Revenues for the quarter were $2.37 billion, versus the consensus of $2.29 billion.
AT&T Inc. (NYSE: T) 4% HIGHER; said its board of directors has approved a 12.7 percent increase in the company's quarterly dividend, from $0.355 to $0.40. This is the largest annual increase in the company's history. AT&T also announced a new share repurchase authorization for 400 million shares.
Burger King (NYSE: BKC) 2.2% HIGHER; Goldman Sachs upgrades Burger King to Buy with a $32 price target.
MasterCard (NYSE: MA) 2% HIGHER; Keefe, Bruyette & Woods upgrades MasterCard from Market Perform to Outperform and raises its price target from $200 to $250.
Vimpel-Communications (NYSE: VIP) 2% LOWER; Bear Stearns downgrades Vimpel-Communications from Peer Perform to Underperform.
Starbucks Corporation (NASDAQ: SBUX) 2% LOWER; Goldman Sachs downgrades Starbucks from Buy to Neutral and lowers its price targe to $26, citing competition and consumer demand
eBay (Nasdaq: EBAY) 1.6% HIGHER; Citi adds eBay to the Recommended List. Citi currently has a 'Buy' rating and $49 price target.
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