Largest Net $ Movers of Note 06/23

UPWARD MOVERS:
Western Gas Resources (NYSE: WGR) $18.82; Announced that it has entered into a merger agreement with Anadarko Petroleum Corporation (NYSE: APC) whereby Western will be merged with a wholly owned subsidiary of Anadarko. Western stockholders will receive $61.00 per share in cash.

Kerr-McGee (NYSE: KMG) $18.30; The Company announced it has unanimously approved an all cash offer of $70.50 per common share to merge into Anadarko Petroleum Corp. (NYSE: APC).

Google Inc. (Nasdaq: GOOG) +$7.98; Leads Nasdaq higher today. The company continues to find ways to monetize services, including the introduction of CPA ads, and increasing market share. Also, analyst comments suggest Microsoft (Nasdaq: MSFT) may look to acquire Yahoo! (Nasdaq: YHOO) to compete better.

Penwest Pharmaceuticals (Nasdaq: PPCO) +$5.99; Endo Pharma (Nasdaq: ENDP), Penwest's partner in the development and commercialization of oxymorphone extended release tablets (oxymorphone ER), reported that the FDA has granted final approval of Endo's New Drug Application for an extended release formulation of oxymorphone hydrochloride.

Blackboard Inc. (Nasdaq: BBBB) +$3.79; Company raised its financial guidance for the second quarter ending June 30, 2006 and the full year of 2006. Sees Q2 Revenue of $41.8 to $42.8 million, versus the consensus of $41.41 million. Sees loss of $0.23-$0.24. Non-GAAP net loss of $0.04-$0.05 per share. The consensus is a $0.29 loss. Sees Full year 2006 revenue of $173.1 to $176.1 million, versus the consensus of $171.61 million. Sees loss of $0.43-$0.47. Non-GAAP net income of $0.15-$0.1. The consensus is a $0.52 loss.


DOWNWARD MOVERS:
City National Corp (NYSE: CYN) -$8.15; Company now believes that earnings per share will grow at a rate of between 1-4% this year, as compared with 2005. The company's previously announced guidance for 2006 had called for growth of between 8-10%. Ryan Beck, Merrill Lynch and BMO Capital downgraded the stock this morning.

Neurocrine Biosciences (Nasdaq: NBIX) -$4.07; Neurocrine and Pfizer (NYSE: PFE) agreed to terminate the collaboration agreement to develop and co-promote indiplon.

Build-A-Bear Workshop (NYSE: BBW) -$3.86; Company announced that it now expects its fully diluted earnings per share for fiscal 2006 to be at the low end of its previously disclosed guidance range of $1.44 to $1.53. Current consensus is $1.51. The Company sees fiscal 2006 North American comparable store sales will be in the flat to negative low single digit range. Previous guidance assumed comparable store sales in the flat to low single digit growth range.

Anadarko Petroleum Corp. (NYSE: APC) -$3.62; Company to acquire Kerr-McGee (NYSE: KMG) for $70.50 per share and Western Gas Resources (NYSE: WGR) for $61.00

Comerica (NYSE: CMA) Merrill Lynch downgrades CMA from Neutral to Sell, saying channel checks indicate possible material risk to estimates because the company is pricing loans and deposits very aggressively.

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