Garmin ( GRMN) jumped 5.3% on analysts' reports that the company's personal navigation devices were a hit in early holiday shopping. Big retailers including Wal-Mart ( WMT) offered Garmin's products, with significant discounts as part of their early promotional items on Black Friday. The strong demand for navigation devices and Garmin's position as a market leader could help the company beat estimates for the fourth quarter, said analysts. Garmin was up $4.85 to $96.71. VMware ( VMW) fell $7.59, or 9.6%, to $71.25 after a report Friday by Cowen & Co. suggesting that the stock was overvalued. The report noted VMware could see upside potential in the fourth quarter but the underlying trend in numbers shows that growth is likely to decelerate by mid-2008. EMC ( EMC), which holds an 86% stake in VMware, was down 5.8% to $17.38. Cowen kicked off its coverage of EMC with a neutral rating. One of the big losers for the day, Franklin Bank ( FBTX), increased by $20 million its allowance for credit losses in response to pressure on the housing market and the homebuilding sector. Shares of the Houston banking company crumbled 24% to $4.25. Nataxis Bleichroeder initiated coverage on Medivation ( MDVN) with a sell rating and a target price of $5. The firm said it has low confidence that Medivation's lead compound, Dimebon for Alzheimer's disease, will ever make it to market. "But even if it does, and we give the company credit for its Huntington's Disease and prostate cancer programs, our valuation analysis still suggests a $5 price target."
Shares were down $2.65, or 15.1%, at $14.95. Cardiome Pharma ( CRME), updated guidance for expected interim results from a phase IIb trial for oral vernakalant, which is used to maintain normal heart rhythm following termination of atrial fibrillation. The company will now complete and disclose the interim analysis in March of 2008, rather than its prior expectation of the fourth quarter of 2007. It's forecasting that final results will be presented in mid-2008. The company said it hopes the delay will add about 20% more patients to the interim analysis than originally planned, and more data will be available on patients with longer-term exposure. Cardoime's shares were trading down 86 cents, or 8.2%, at $9.62. One big gainer was Kapolei, Hawaii's Hoku Scientific ( HOKU). Shares rose 44% to $8.51 as the provider of clean energy products inked a $306 million, eight-year supply deal with Solarfun ( SOLF). Hoku will deliver polysilicon to Solarfun, which produces photovoltaic cells and modules in China. Solarfun shares were up 4% to $11.36.