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Morning Movers 01/09: (INHX) (IDIX) (SMSI) (CVV) (VVUS) Higher; (THRX) (IPCM) (PWRD) (ATX) Lower

January 9, 2012 11:16 AM EST
Inhibitex, Inc. (Nasdaq: INHX) 141% HIGHER; Bristol-Myers Squibb Company (NYSE: BMY) announced a definitive agreement to acquire Inhibitex for $26.00 per share in cash, or approximately $2.5 billion.

Idenix Pharma (Nasdaq: IDIX) 34.8% HIGHER; trading higher amid news of the Bristol-Myers bid for Inhibitex.

Theravance, Inc. (Nasdaq: THRX) 31.7% LOWER; GlaxoSmithKline (NYSE: GSK) and Theravance today announced the completion of the phase III registration programme for the once-daily investigational medicine Relovair"* (fluticasone furoate "FF"/vilanterol "VI") in patients with chronic obstructive pulmonary disease (COPD) and of all but one of the pivotal studies in patients with asthma. For COPD, GSK intends to submit regulatory applications in the US and Europe in mid-2012. For asthma, GSK plans to submit an application in Europe in mid-2012 and will continue discussions with the FDA on the regulatory requirements for a US asthma indication.

IPC The Hospitalist Company, Inc. (Nasdaq: IPCM) 30.4% LOWER; cuts FY11 EPS guidance from $1.78-$1.86 to $1.70-$1.74, which compares to the Street estimate of $1.77. Sales move from $463-$465 million to $455-$458 million, which compares to the Street estimate of $464.2 million. The stock was downgraded at Jefferies and Dougherty this morning.

Perfect World Co., Ltd. (Nasdaq: PWRD) 23.3% LOWER; is seeing early pressure on reports of a U.S. government investigation. Traders are passing around this link.

AT Cross (NYSE: ATX) 17.8% LOWER; sees FY11 EPS of 62-65 cents on sales growth of 10 percent. The Street is currently looking for FY11 EPS of 66 cents. Sees FY12 EPS 70-75 cents, which compares to the Street estimate of 84 cents.

Smith Micro Software, Inc. (Nasdaq: SMSI) 17.6% HIGHER; has announced that Sprint (NYSE: S) selected Mobile Network Director to provide traffic management between networks (3G/4G /WiFi) while maintaining a high-quality experience for its subscribers.

CVD Equipment (Nasdaq: CVV) 15% HIGHER; bouncing over the $11 level this morning.

VIVUS, Inc. (Nasdaq: VVUS) 14.7% HIGHER; today announced that following recent discussions with FDA officials, the company has been asked to remove the Qnexa contraindication for women of childbearing potential contained in the proposed label. Qnexa would remain contraindicated for women who are pregnant. A contraindication typically indicates that a drug should not be used because the risk of use clearly outweighs any possible therapeutic benefit. Included with the resubmission of the Qnexa NDA was a proposed Risk Evaluation and Mitigation Strategy, or REMS. The company is currently revising its proposed REMS based on this change in the contraindication and plans to discuss the details of the Qnexa REMS during the upcoming Endocrinologic and Metabolic Drugs Advisory Committee.

Aviat Networks, Inc. (NASDAQ: AVNW) 13.6% HIGHER; today reaffirmed guidance for its second quarter of fiscal 2012. Revenue for the second quarter is expected to be in the range of $100 to $110 million, which is inline with the consensus of $106.26 million.

Achillion (Nasdaq: ACHN) 13.4% HIGHER; trading higher amid the BMY/INHX deal.

LCA-Vision (Nasdaq: LCAV) 13.3% HIGHER; continuing higher over the $4.50 level following a 50 percent surge last week amid Q4 results.

Transwitch (Nasdaq: TXCC) 12% LOWER; now sees Q4 sales of about $6.3 million, below the company's previous guidance of $7 million given on November 1st. The Street is currently looking for Q4 sales of $6.98 million. The company cited "a contractual dispute on a service agreement with a North American customer."

China Automotive Systems (Nasdaq: CAAS) 11.3% HIGHER; continuing higher following a more than 37 percent move higher last week.

Health Management Associates (NYSE: HMA) 11% LOWER; an analyst at CRT Capital earlier suggested the company has been informed of a lawsuit filed by a former employee.

TransAtlantic Petroleum (AMEX: TAT) 10.3% LOWER; the company's Gary Mize resigned as COO and President. Mustafa Yavuz has been named the replacement. The company also announced an operational update. Here is the release.

BroadVision (Nasdaq: BVSN) 10.2% HIGHER; continuing higher this week after breaching the $11 last week. Shares jumped 12 percent on Friday.

Acuity Brands (NYSE: AYI) 10% HIGHER; reported Q1 EPS of $0.74, $0.07 better than the analyst estimate of $0.67. Revenue for the quarter came in at $474.3 million versus the consensus estimate of $466.1 million.

ECA Marcellus Trust (NYSE: ECT) 10% LOWER; Oppenheimer downgraded the stock from Perform to Underperform with a price target of $20 suggesting 24% downside.

Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) 8.9% HIGHER; announced Q4: approximately 935-950 paid H.P. Acthar® Gel (Acthar) prescriptions for the treatment of multiple sclerosis exacerbations (MS) during the quarter, up approximately 165% from the year ago quarter ended December 31, 2010. Approximately 140-150 paid Acthar prescriptions for the treatment of nephrotic syndrome during the quarter, up approximately 145% sequentially from the third quarter of 2011. Approximately 120-125 paid Acthar prescriptions for the treatment of infantile spasms (IS) during the quarter, representing a new high for any quarter since Questcor formed its reimbursement support center and began tracking Acthar prescriptions in August 2007. 3,360 shipped vials of Acthar, up 100% from the quarter ended December 31, 2010.

Complete Genomics (Nasdaq: GNOM) 8.9% HIGHER; shares jumped about 8-plus percent on Friday after pushing above the 200-day moving average. Shares are continuing higher today and appear to be holding above $4.

Carefusion (NYSE: CFN) 8.9% LOWER; reports preliminary Q2 EPS from continuing operations of 41-45 cents, which compares to the Street estimate of 46 cents. See sales of $910-$915 million, versus the consensus estimate of $923.2 million. Cuts its FY12 adj-EPS guidance from $1.80-$1.90 to $1.75-$1.90, vs. the consensus of $1.85. The stock was downgraded at William Blair earlier.


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William Blair, Jefferies & Co, Morning Movers, Bristol-Myers Squibb/Inhibitex