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Monday, October 12, 2009
Early-Market Movers: Philips Electronics, KB Home
By Michael Goldstein
FOXBusiness
Stock futures were pointing to a higher opening and moving higher following overnight gains in gold and oil.
Here are some of the early-market movers for Monday.
Onyx Pharmaceuticals Inc. (ONXX)
Shares were up 7.8% after the company announced it would acquire Proteolix Inc. in a cash deal that could reach $810 million. The deal would give Onyx an entry into the hematological malignancies treatment market which Proteolix has been developing the drug Carfilzomib for.
Philips Electronics NV (PHG)
ADR shares of Philips Electronics NV gained 6.5% in pre-market trading after the company reported an unexpected profit for the third quarter.
China Natural Gas Inc. (CHNG)
After analysts at Roth Capital Partners initiated coverage with a “buy” rating, shares were up 5.4% in pre-market trading.
Depomed Inc. (DEPO)
Shares fell 32.2% in pre-market trading after the company said after 12 weeks its Serada drug treatment for menopausal hot flashes met only one of the four goals in late-stage trials after 12 weeks.
Digital River Inc. (DRIV)
Symantec Corp. announced it will not extend its Norton Antivirus online distribution agreement with Digital River. Sales of Symantec products made up one quarter of Digital River’s revenue in 2008 and shares were down 30.6% in pre-market trading.
KB Home (KBH)
Shares of this homebuilder were down 5.2% in pre-market trading after disclosing it was being investigated by the SEC over possible accounting and disclosure issues.






