Pre-Open Movers 6/19: (PLX) (CYTK) (ADBE) Higher; (OSH) (VNDA) (TTEK) Lower (more...)

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Orchard Supply Hardware Stores (Nasdaq: OSH) 49% LOWER; Orchard's management has noticed high trading volume in Orchard’s Class A Common Stock and Series A Preferred Stock following its filing of Chapter 11 with the U.S. Bankruptcy Court on June 17, 2013. Stockholders of a company in Chapter 11 generally receive value only if all claims of the company's secured and unsecured creditors are fully satisfied. In this case, Orchard’s management strongly believes that it is highly unlikely all such claims will be fully satisfied. Accordingly, it is expected that the Company’s equity holders will experience a complete loss of their investment as a result of Orchard’s Chapter 11 bankruptcy proceedings, as previously disclosed in the Company’s Form 8-K filed on June 17, 2013 and in its Form 10-K/A for the fiscal year ended February 2, 2013.

Vanda Pharmaceuticals, Inc. (NASDAQ: VNDA) 17.8% LOWER; Negative article by The Street's Adam Feuerstein

Tetra Tech, Inc. (NASDAQ: TTEK) 11.6% LOWER; lowers outlook on increased costs. Plans $100M stock buybck.

Biodel Inc. (Nasdaq: BIOD) 8.2% LOWER; is offering to sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. In addition, Biodel intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares sold to cover overallotments, if any. All of the shares in this offering are to be sold by Biodel.

Protalix BioTherapeutics, Inc. (NYSE: PLX) 7.7% HIGHER; entered into a supply and technology transfer agreement with Funda Oswaldo Cruz (commonly referred to as Fiocruz), an arm of the Brazilian Ministry of Health for UPLYSO (alfataliglicerase), the Company's proprietary enzyme replacement therapy for the treatment of Gaucher disease. Gaucher disease is a rare lysosomal storage disorder that affects approximately 10,000 people worldwide.

Cytokinetics, Inc. (Nasdaq: CYTK) 7.2% HIGHER; In a 13D filed after markets closed, Amgen (Nasdaq: AMGN) disclosed an increased stake in Cytokinetics, Inc. (Nasdaq: CYTK). Amgen reported holding 11,909,406 shares of Cytokinetics, or 7.58 percent of all outstanding, up from 3,484,806 shares reported on March 21, 2013.

Adobe Systems Inc. (Nasdaq: ADBE) 7.2% HIGHER; sees Q3 revenue of $975 million to $1.025 billion vs Street at $1.01 billion. Sees Q3 EPS of $0.29 to $0.35 vs Street at $0.35. Adobe reaffirmed FY13 guidance. Co still sees FY13 Creative Cloud subs of 1.25 million.

Pool Corporation (Nasdaq: POOL) 6.8% LOWER; provided an update on market conditions and the impact on its 2013 earnings expectations. "Our four largest, year-round markets remain on track," said Manuel Perez de la Mesa, President and CEO. "Our seasonal markets in North America and Europe, however, experienced cooler and wetter than normal conditions, resulting in later pool openings and reduced consumer purchases in these markets, causing sales to lag our expectations. Given the late start to the pool season and our review of sales results through mid-June, we have reduced our full year earnings guidance to a range of $2.03 to $2.13 per diluted share from our previous range of $2.13 to $2.23 per diluted share. While we are reducing our 2013 earnings expectations by approximately 5%, we expect a disproportionately greater impact on our second quarter results compared to the third and fourth quarters." The Street sees FY13 EPS of $2.21 and revs of $2.09 billion

China Cord Blood Corp. (NYSE: CO) 6.2% HIGHER; reported Q4 EPS of $0.05, $0.03 better than the analyst estimate of $0.02. Revenue for the quarter came in at $21.4 million versus the consensus estimate of $16.59 million.

Keryx Biopharmaceuticals (NASDAQ: KERX) 4.4% HIGHER; JPMorgan initiates coverage with a Overweight. PT $13.00.

VIVUS, Inc. (Nasdaq: VVUS) 4.1% HIGHER; announced positive results from a multicenter, placebo-controlled study, TA-501, designed to assess the efficacy of STENDRA (avanafil) in approximately 15 minutes. In the study, STENDRA patients achieved statistically significant improvement over placebo, in the mean proportion of attempts that resulted in erections sufficient for successful intercourse, as early as 10 minutes for the 200 mg dose and 12 minutes for the 100 mg dose after being taken. Also, AMA recognizes obesity is a disease.

Arena Pharmaceuticals, Inc. (ARNA) 4.1% HIGHER; AMA recognizes obesity is a disease

American Capital Agency Corp. (AGNC) 3.6% HIGHER; cuts dividend 16%, still yields 16.6%

Sprint Nextel (NYSE: S) 3.3% LOWER; DISH Network Corp. (Nasdaq: DISH) drops bid.

BlackBerry (Nasdaq: BBRY) 3.3% LOWER; Bernstein downgraded BlackBerry from Market Perform to Underperform with a price target of $10 (from $15). Analyst Pierre Ferragu noted weak BB10 traction and thinks second half results will disappoint.

Cliffs Natural Resources (NYSE: CLF) 2.8% LOWER; BofA/Merrill Lynch downgraded from Neutral to Underperform with a price target of $16 (from $24). Analyst Timna Tanner noted the high cost of iron ore and met production at Cliffs, and he thinks the company will struggle to compete with new Australia capacity. Despite the downgrade, he sees no reason for a "liquidity panic."

THL Credit, Inc. (Nasdaq: TCRD) 1.2% LOWER; announced that it plans to make a public offering of 6,600,000 shares of its common stock. THL Credit also plans to grant the underwriters an option to purchase up to an additional 990,000 shares of common stock. The offering of the shares will be made under THL Credit's existing shelf registration statement, which was filed with, and declared effective by, the Securities and Exchange Commission. BofA Merrill Lynch, Citigroup, Credit Suisse and Barclays are acting as joint book-running managers for this offering. Keefe, Bruyette & Woods, a Stifel Company, is acting as lead manager for this offering. BB&T Capital Markets, a division of BB&T Securities, LLC, JMP Securities and Maxim Group LLC are acting as co-managers for this offering

La-Z-boy, Inc. (NYSE: LZB) 1.2% LOWER; reported Q4 EPS of $0.33, $0.05 better than the analyst estimate of $0.28. Revenue for the quarter came in at $359.5 million versus the consensus estimate of $357.67 million. Comps sales were up 11.2%.

Walter Energy, Inc. (NYSE: WLT) 3.4% HIGHER; continues today's 16.5% run-up on bullish analyst comments. Morgan Stanley said the sell-off is overdone and sees 200% upside.

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