StreetInsider.com Pre-Open Movers 09/26

StreetInsider.com Pre-Open Movers:

SIGA Technologies Inc. (Nasdaq: SIGA) 88% HIGHER; Merger Partner, PharmAthene Awarded $213 Million Department of Defense Contract for Advanced Development of Protexia

EpiCept Corporation (Nasdaq: EPCT) 22.35% HIGHER; announced that Myriad Genetics, Inc. (Nasdaq: MYGN) has reported positive clinical results for Azixa(TM), a compound discovered by EpiCept and licensed to Myriad as part of an exclusive, worldwide development and commercialization agreement. Based on these results, Myriad intends to initiate Phase II clinical trials for the drug this fall, triggering a milestone payment to EpiCept.

Merix Corp. (Nasdaq: MERX) 21% LOWER; announced preliminary first quarter results. The company said consolidated revenues for the quarter were approximately $106 million, versus the consensus of $104.2 million. On a non-GAAP basis, Merix expects net income of between $4.0 million and $4.6 million, or between $0.19 and $0.21 per diluted share, versus the consensus of $0.31.

Acorda Therapeutics, Inc. (Nasdaq: ACOR) 18.5% HIGHER; continues yesterday's 283% run-up after announcing positive results from its Phase 3 clinical trial of Fampridine-SR on walking in people with multiple sclerosis (MS). Statistical significance was achieved on all three efficacy criteria defined in the Special Protocol Assessment by the FDA.

PDI Inc. (Nasdaq: PDII) 17.9% LOWER; received verbal notification from GlaxoSmithKline (NYSE: GSK) of its intention not to renew its contract sales engagement with PDI for 2007. The contract, which represents approximately $65 million to $70 million in revenue on an annual basis, will expire as scheduled on December 31, 2006.

Avid Technology Inc. (Nasdaq: AVID) 13.4% LOWER; While the company still expects a sequential improvement in both revenue and EPS for the third quarter, it is narrowing its estimate of a possible non-GAAP EPS range from the $0.35 to $0.49 range previously provided in the company's July 20, 2006 second quarter earnings conference call to the lower half of that range. Current consensus is $0.49.

Pegasus Wireless Corp. (Nasdaq: PGWC) 12% LOWER; has applied to withdraw its securities from listing on the Nasdaq Global Market by October 26, 2006, at which time the Company expects Pegasus Wireless stock to immediately begin trading on another listed exchange or the OTC Bulletin Board.

Innovex Inc. (Nasdaq: INVX) 11.5% LOWER; fourth quarter revenue is expected to be approximately $32 million, down from the Company's previous guidance of $39 to $42 million. The consensus is $41.34 million.

Advanced Medical Optics Inc. (NYSE: EYE) 9.3% LOWER; revised guidance for 2006 adjusted earnings per share (EPS) in the range of $1.90 to $1.95, compared to prior guidance of $2.05 to $2.21. Current consensus is $2.10.

Pentair Inc. (NYSE: PNR) 9.25% LOWER; The Company is revising third quarter 2006 EPS guidance to a range of $0.30 to $0.32 including the charge of approximately $17 million (approximately ($0.11) of EPS), and the impact of lower volume in the Pool & Spa business. The Company's previously issued guidance for the third quarter 2006 EPS was $0.46 to $0.50. Current consensus is $0.48. The Company said that it is also revising fourth quarter and full year 2006 EPS guidance.

KFX Inc. (AMEX: KFX) 8% HIGHER; Announces Shipment Release to Industrial Customers, Changes Name to Evergreen Energy. Beginning Friday, September 29, 2006, Evergreen will commence trading on the NYSE Arca Exchange under the new ticker symbol "EEE."

Arena Pharmaceuticals Inc. (Nasdaq: ARNA) 7% LOWER; Merck (MRK) to Discontinue Development of MK-0354

PMC-Sierra, Inc. (Nasdaq: PMCS) 7% LOWER; provided an update to its business outlook for the third quarter of 2006. The Company now expects revenues to be in the range of $114 million to $116 million compared to revenues in the second quarter of 2006 of $118.8 million. The Company's previous outlook for third quarter revenues announced on the July 20th 2006 earnings conference call was for a revenue range of $122 million to $124 million. Current consensus is $123.14 million.

AngioDynamics Inc. (Nasdaq: ANGO) 7% HIGHER; reports Q1 EPS of $0.12, 2 cents better than estimates. Revenues were $20.3 million vs. $20.23 million consensus. For fiscal 2007, AngioDynamics expects net sales growth to exceed 28% compared with fiscal 2006, to approximately $101 million. Current consensus is $101.25 million

Reliance Steel & Aluminum Co. (NYSE: RS) 5.8% HIGHER; now expects Q3 earnings to be in the range of $1.35 to $1.40 per diluted share, which would be the Company's fourth consecutive quarter of record earnings. The current average of the Wall Street analysts' earnings estimates for Reliance's 2006 third quarter is $1.24 per diluted share.

Visteon Corp. (NYSE: VC) 4.7% LOWER; the company does not expect to meet the financial guidance targets announced on Aug. 1, 2006. The company currently expects second half product sales to be about 10 percent lower than first half product sales of $5.7 billion.

Career Education Corp. (Nasdaq: CECO) 4.5% HIGHER; UBS upgrade, CEO resigns

Andrew Corp. (Nasdaq: ANDW) 2.65% LOWER; The Western Union Company (NYSE: WU) will replace Andrew Corp. in the S&P 500

Lowe's Companies, Inc. (NYSE: LOW) 0.5% LOWER; indicated current sales are trending below its prior expectations, but the company anticipates delivering diluted earnings per share at or near the low end of its prior guidance range of $2.00 to $2.07.

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