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Pre-market Movers For Feb 23 (VVUS, TGT, SHLD, ARNA, HPQ, CKP, CHTP)

Gainers:

Target Corp. (TGT) is up 0.06 percent at $53.00. The company's fourth quarter profit declined from the year-ago quarter. However, adjusted earnings per share were above Wall Street view. Total revenues improved 3 percent and were slightly above consensus. The company's first quarter and 2012 earnings per share guidance was above estimates.

VIVUS, Inc. (VVUS) is jumping 103 percent to $21.45 based on the news that a FDA panel has recommended approval of its lead obesity drug Qnexa. The Endocrinologic and Metabolic Drugs Advisory Committee has voted 20 to 2 while recommending that Qnexa be granted marketing approval to treat obesity in adults.

Sears Holdings Corp. (SHLD) is up 2 percent to $53.10. The company announced its intention to separate its Sears Hometown and Outlet Businesses and certain hardware stores through a proposed rights offering that is expected to raise approximately $400 million to $500 million. Meanwhile, the company slipped to a loss in its fourth quarter and also reported a 3.4 percent domestic comparable store sales decline.

Arena Pharmaceuticals, Inc. (ARNA) is up 19 percent at $2.16.

Decliners:

Hewlett-Packard Co. (HPQ) is down 3 percent to $28.10. The company's first quarter earnings declined 44 percent from the year-ago quarter. The company's earnings per share, excluding items, were above analysts' expectations, but revenue was below consensus.

Checkpoint Systems, Inc. (CKP) down over 3 percent to $11.50. The company slipped to a loss in its fourth quarter and its adjusted loss per share was larger than what analysts' had estimated. The company said the ongoing global economic uncertainty and unpredictable retailer behavior impacted its 2011 results and remain a concern near-term.

Trading halt:

Trading in shares of Chelsea Therapeutics International (CHTP) was halted, pending news.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Target Corp. said it now plans to remodel more of its existing supercenters and open smaller stores in cities, aiming to win back shoppers in the highly competitive retail world. By the end of 2020, the company plans to remodel more than 1,000 of its 1,800 existing stores. Senate Republicans appear poised to approve a budget resolution that will serve as the legislative vehicle for their tax reform plan. The non-binding budget resolution unlocks the reconciliation process, allowing Republicans to pass their tax reform plan with a simple 51-vote majority in the Senate. President Donald Trump intends to nominate antitrust attorney Joseph Simons as chairman of the Federal Trade Commission, the White House announced on Thursday. Simons, who served as an FTC official under President George W. Bush, is currently a partner and co-chair of the antitrust group at law firm Paul Weiss.
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