Stocks to Watch: Dynegy Heads Higher, DRS Tech Dives - TheStreet

Winners

Dynegy

(DYN)

was gaining 19% to $8.36 following a report in

The Wall Street Journal

that the energy company tapped a large credit line for a unit and disclosed plans to increase its liquidity by as much as $1 billion, possibly by selling assets.

Irish pharmaceuticals maker

Elan

(ELN)

was climbing 6% to $10.55 after a

Reuters

report on Sunday, citing an industry source, said the company is considering a major share buyback and restructuring moves.

MIM Corp.

(MIMS)

was jumping 30% to $12.80 after the company raised its 2002 guidance. The pharmaceutical health care company now expects full-year earnings of 90 cents a share on revenue of about $620 million. Previously, the company had forecast 86 cents a share. According to Thomson Financial/First Call, analysts are currently looking for the company to earn 92 cents on revenue of $650.6 million.

Spectrian

(SPCT)

was rising 23% to $13.31 after

Remec

(REMC)

agreed to acquire the company for $160 million in stock and cash. Remec supplies commercial wireless subsystems products, and Spectrian makes power amplifiers for the wireless infrastructure market. The deal values Spectrian at $14 a share.

Telik

(TELK)

was up 10% to $12.31 after the biotech company said its new chemotherapeutic drug showed evidence of clinical benefit in several cancer types during Phase I tests.

Losers

DRS Technologies

(DRS)

was dropping 15% to $39.50 after the defense electronics maker posted fourth-quarter earnings of 38 cents a share, a penny shy of estimates. The company earned 34 cents in the year-ago period. Revenue rose to $156.4 million from $129.9 million in the same quarter last year.

Humana

(HUM) - Get Report

was falling 7% to $14.43 after Prudential Securities downgraded the health services company's shares to hold from buy.

ImClone Systems

(IMCL)

was losing 10% to $12.05 after the biotech firm released results Sunday from a late-stage clinical trial for its experimental cancer drug, Erbitux. The results showed some positive trends, but the treatment failed to meet the study's predefined clinical goal.

PeopleSoft

(PSFT)

was down 8% to $21.87 after one of the company's executives told Reuters that he doesn't see a discernible increase in customer spending yet.