Pre-Open Movers 12/13: Rigel Up and Neurocrine Down On Drug News, MoneyGram Up On Buyout (RIGL, NBIX, MGI)

StreetInsider.com Pre-Open Movers:

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) 80% HIGHER; is higher this AM after announced that its oral syk kinase inhibitor, R788, has demonstrated statistically significant results in treating Rheumatoid Arthritis patients in a recently completed Phase 2 clinical trial.

Neurocrine Biosciences, Inc. (Nasdaq: NBIX) 43% LOWER; received communication from the FDA indicating that the New Drug Application (NDA) for indiplon 5 mg and 10 mg capsules for the treatment of insomnia is approvable pending additional clinical and preclinical data.

MoneyGram International, Inc. (NYSE: MGI) 32% HIGHER; Euronet Worldwide delivered a letter to the Board of Directors of MoneyGram International, Inc. (NYSE: MGI), offering to acquire MoneyGram in a tax-free, all-stock transaction based on a fixed exchange ratio of 0.6179 Euronet common shares for each share of MoneyGram. Based on the closing price of Euronet shares on December 4, the offer is valued at approximately $1.65 billion, or $20.00 per MoneyGram share, a premium of approximately 43% to the closing price of MoneyGram shares that day.

Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) 31% HIGHER; are higher this AM after the company reported statistically significant positive results for the Puricase Phase 3 program in treatment-failure gout patients.

Biogen Idec Inc. (NASDAQ: BIIB) 27% LOWER; said The Board of Directors of complated the review of strategic alternatives - the company will continue on its present course as an independent Company. Biogen Idec did not receive any definitive offers to purchase the Company.

AMIS Holdings, Inc. (NASDAQ: AMIS) 23% HIGHER; ON Semiconductor Corporation (NASDAQ: ONNN) and AMIS Holdings signed a definitive merger agreement providing for the acquisition of AMIS by ON Semiconductor in an all-stock transaction with an equity value of approximately $915 million.

Martek Biosciences Corporation (Nasdaq: MATK) 14% HIGHER; reported Q4 EPS of $0.23, 3 cents better than the analysts estimates of $0.20. Revenues for the quarter were $82 million, versus the consensus of $78.44 million.

Amtech Systems (Nasdaq: ASYS) 14% LOWER; reported Q4 EPS of $0.17, 2 cents better than the analyst estimate of $0.15. Revenues for the quarter were $13.1 million, versus the consensus of $13.33 million. Amtech expects FY08 revenues to be in the range of $65 to $75 million, versus the consensus of $73.5 million and Q1 revenues of $11 to $12 million, versus the consensus of $13.84 million.

Select Comfort Corporation (NASDAQ: SCSS) 12% LOWER; said, "while sales trends continued to improve through and including Black Friday, they remained below expectations and have since softened at a time when we had projected continued improvement. Given the leverage in the business model, our current outlook is that sales and profits will fall short of our previous guidance."

Elan Corp. plc (NYSE: ELN) 9% LOWER; TYSABRI partner Biogen Idec doesn't find a buyer.

ADC Telecommunications (Nasdaq: ADCT) 9% HIGHER; reported Q4 EPS of $0.30, ex-items, 8 cents better than the analysts estimates of $0.22. Revenues for the quarter were $330 million, versus the consensus of $318.37 million. ADC sees FY08 revenues $1.45 to $1.475 billion, versus the consensus of $1.39 billion. FY08 GAAP EPS are expected to be in the range of $0.68 to $0.78. Martek Biosciences sees Q1 EPS of $0.21-$0.23, versus the consensus of $0.17. Sees Q1 revenues of $79-$83 million, versus the consensus of $77.3 million.

The Dow Chemical Company (NYSE: DOW) 8.5% HIGHERL Dow and Petrochemical Industries Company of the State of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation, announced plans to form a 50/50 joint venture that will be a market-leading, global petrochemicals company. Dow will receive approximately $9.5 billion (pre- tax) from PIC for the 50 percent interest.

Security Capital Assurance Ltd. (NYSE: SCA) 6% LOWER; continues today 21% drop related to Fitch Ratings' placing the company's subsidiaries XL Capital Assurance Inc. and XL Financial Assurance Ltd on Rating Watch Negative.

Jos. A Bank Clothiers Inc. (Nasdaq: JOSB) 5% HIGHER; reports Q3 EPS of $0.38, above the consensus of $0.33. Revenues came in at $131.3 million, versus the consensus of $131.3 million.

Evergreen Solar Inc. (Nasdaq: ESLR) 4.8% HIGHER; UBS Starts Evergreen Solar (ESLR) at Buy

QUALCOMM Inc. (Nasdaq: QCOM) 4% LOWER; Last night, Nokia said it received a favorable ITC ruling in a patent fight with Qualcomm.

Washington Mutual (NYSE: WM) 4% LOWER; Banc of America downgrades Washington Mutual from Neutral to Sell and slashes its price target from $24 to $13

Vanda Pharmaceuticals, Inc. (Nasdaq: VNDA) 4% HIGHER; announced today that data from four Phase III efficacy and safety trials demonstrate that iloperidone, an investigational atypical antipsychotic, is associated with significantly greater improvements in the symptoms of schizophrenia versus placebo and has a favorable safety and tolerability profile.

First Solar, Inc. (Nasdaq: FSLR) 1.6% HIGHER; UBS Starts First Solar (FSLR) at Buy

Capital One (NYSE: COF) 1% LOWER; Jefferies & Co downgrades Capital One to Hold. Price target lowered from $80 to $50.

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