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Morning Movers 2/19: COBR, SII, COBK, RAS Higher; ARYX, ES, MMSI, CSIQ, SLXP, ACPW Lower

February 19, 2010 9:55 AM EST
ARYx Therapeutics Inc. (NASDAQ: ARYX) 40.5% LOWER; today announced that it has retained Cowen and Company to explore strategic options for ARYx. While discussions continue with pharmaceutical companies regarding the licensing of its oral antiarrythmic agent, budiodarone, the companies with whom ARYx was engaged in advanced discussions have recently indicated that they do not intend to proceed to an agreement. As a result, it has become clear that ARYx will not complete a partnership on the product in the near term. By retaining Cowen, ARYx will explore the possibility of capturing full near-term value for its three lead programs rather than pursuing licensing deals that provide value over an extended period of time.

EnergySolutions, Inc. (NYSE: ES) 29.4% LOWER; announced today that its Board of Directors has accepted the resignation of Steve Creamer as CEO of the Company and has appointed Val John Christensen as its Chief Executive Officer and President, effective immediately. Mr. Christensen was also elected to serve on the Board of Directors of the Company.

Merit Medical Systems, Inc. (Nasdaq: MMSI) 17.1% LOWER; reports Q4 EPS of $0.18, 3 cents lower than the analyst estimate of $0.21. Revenue for the quarter was $67.5 million, which compares to the estimate of $68.31 million.

Cobra Electronics Corporation's (Nasdaq: COBR) 15.1% HIGHER; Timothy Stabosz today announces the filing of an amended SEC Form 13D, on February 5, 2010, indicating an increase in his ownership stake to 9.4% of Cobra's common stock, making him the company's largest stockholder. Subsequent to the latest filing, as of the close of business on February 17, 2009, Stabosz has further increased his position to 9.9% of the company, as a result of additional open market purchases.

Canadian Solar Inc. (NASDAQ: CSIQ) 13.9% LOWER; sees Q4 shipments slightly higher than prior guidance for shipments of approximately 128 MW to 138 MW, the Company now expects its gross margin to be in the mid-teens compared to prior expectations for the high-teens on a percentage basis. The expected gross margin variance is due to higher processing costs and lower yields caused by certain defective production equipment at the Company's new ingot and wafer plant. Click here to see the full report.

Smith International Inc. (NYSE: SII) 13.6% HIGHER; Schlumberger Ltd. (NYSE: SLB) is in advanced talks to acquire Smith. Click here to see our full report.

Salix Pharmaceuticals Ltd. (Nasdaq: SLXP) 13.5% LOWER; the FDA posted briefing documents. Stay tuned for our full report.

Colonial Bankshares, Inc. (Nasdaq: COBK) 12.9% HIGHER; announced today that the Boards of Directors of Colonial Bankshares, MHC, the Mid-Tier and the Bank have unanimously adopted a Plan of Conversion and Reorganization pursuant to which the Bank will reorganize from the two-tier mutual holding company to the stock holding company structure and will undertake a "second-step" offering of new shares of common stock.

RAIT Financial Trust (NYSE: RAS) 12.4% HIGHER; reports Q4 EPS of $0.24, compared to a loss of $7.78 in the same quarter last year.

Active Power, Inc. (NASDAQ: ACPW) 10.7% LOWER; announced today that it has priced an offering of 13,229,500 shares of its common stock at $0.75 per share. The gross proceeds to Active Power, before expenses, from the sale of shares are expected to be $9,922,125.

Nanometrics (NASDAQ: NANO) 10.1% LOWER; reports Q4 loss of $0.01, 4 cents below the analyst estimate of $0.03. Revenue for the quarter was $26.3 million, which compares to the estimate of $27.83 million.

Luna Innovations Incorporated (NASDAQ: LUNA) 9.8% HIGHER; announced today that it has entered into a $5 million revolving credit facility with Silicon Valley Bank. In May 2008, Luna entered into a $10 million credit facility with SVB that included a four-year term debt of $5 million and a remaining facility available under a four-year revolving line of credit of up to $10 million. Luna paid off the original $5 million term debt and terminated the prior facility in July 2009.

Endologix Inc. (Nasdaq: ELGX) 9.7% LOWER; reports Q4 loss of $0.01, inline with the analyst estimate of ($0.01). Revenue for the quarter was $13.7 million, which compares to the estimate of $14.03 million. Sees FY10 sales of $62-$66 million, versus the consensus of $64.46 million. The stock was also downgraded to Hold at Capstone.

Capstone Turbine Corporation(R) (Nasdaq: CPST) 8.9% LOWER; today announced that it has priced an underwritten public offering of 38,095,239 shares of its common stock at a price to the public of $1.05 per share for gross proceeds of approximately $40 million.

The Knot, Inc. (Nasdaq: KNOT) 8.8% LOWER; reports Q4 GAAP loss of $0.19, which includes items and may not compare to the analyst estimate of $0.00. Revenue for the quarter was $25.1 million, which compares to the estimate of $25.3 million.

Universal Electronics Inc. (NASDAQ: UEIC) 8.7% LOWER; reports Q4 EPS of $0.42, 1 cent better than the analyst estimate of $0.41. Revenue for the quarter was $84.9 million, which compares to the estimate of $83.3 million. Sees Q110 EPS of $0.12 - $0.16, versus $0.24 consensus. Sales $71 - $74 million, versus $76.1 million consensus. Sees FY10 EPS $1.20 - $1.30, versus $1.47 consensus. FY10 Sales $325 - $340 million, versus $339.2 million consensus.

Apollo Group, Inc. (NASDAQ: APOL) 8.4% LOWER; expects consolidated net revenue from continuing operations for the second quarter of fiscal 2010 of approximately $1.07 billion and diluted earnings per share from continuing operations of between $0.77-$0.82. Excluded from these amounts are results from Insight Schools, which the Company expects will be reported as a discontinued operation beginning with the fiscal second quarter. The consensus is $1.09 billion and $0.94. Included in the results is an approximate $2.7 million after-tax charge, or $0.02 per share, for a reserve relating to a litigation matter. The stated earnings per share range also assumes that BPP's operations will adversely impact diluted earnings per share from continuing operations by $0.07-$0.09 due to its seasonally weaker revenue as well as the meaningful investments the Company is making into the BPP business. The range also assumes bad debt expense of $73-$76 million or 6.8%-7.1% as a percentage of revenue. The Board of Directors authorized a $500 million increase to the discretionary share repurchase program, bringing the current aggregate availability under the program to $800 million.

First Solar, Inc. (Nasdaq: FSLR) 8.1% LOWER; reports Q4 EPS of $1.65, versus the analyst estimate of $1.52. Revenue for the quarter was $641.3 million, which compares to the estimate of $581.44 million. Sees FY10 EPS of $6.05-$6.85, vs. the consensus of $6.37, on sales of $2.7-$2.9 billion, versus the consensus of $2.73 billion. The stock was also downgraded at ThinkEquity and Merriman Curhan Ford.

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