VIVUS Slumps On Expected ER Denials (VVUS, LULU, AMCX, GM, DRI)

VIVUS, Inc.(NASDAQ:VVUS) shares declined 11.30% to $21.04 in the morning hour after the company said it expects an opinion recommending against approval of the Marketing Authorization Application or MAA for Qsiva for obesity. The formal decision from the CHMP is anticipated following their October 2012 meeting. If a negative recommendation is issued in October, and depending on the nature of the objections, the company would either resubmit the MAA at a later date or appeal this decision and request a re-examination by the CHMP.

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Lululemon Athletica inc.(NASDAQ:LULU) stock increased 1.14% to $76.34. The company, on Sept. 7, reported second-quarter profit of $57.2 million, or $0.39 a share, from $38.4 million, or $0.26 a share in the year-ago period. Adjusted profit totaled $0.34 a share. Net revenue increased to $282.6 million from $212.3 million. Analysts expected the company to earn $0.31 a share on sales of $282.6 million.

AMC Networks Inc(NASDAQ:AMCX) stock gained 0.24% to $42.11. The company is facing Dish Network in a $2.4 billion trial over a failed programming deal that may also determine whether the satellite network’s viewers will get to see AMC shows such as “Mad Men.” AMC’s former owner, Cablevision Systems Corp. (CVC), sued Dish in 2008, claiming it wrongfully terminated a 15-year contract involving a now-defunct high-definition TV programming service called Voom.

General Motors Company(NYSE:GM) shares climbed 1.23% to $24.72 in the early hour. The company plans to reveal nine all-new or redesigned Buick and GMC models by the end of 2013. GM separately said that it would soon introduce a new version of the GMC Canyon midsize truck. The company’s decision to produce a new version of the GMC Canyon reflects a commitment to the midsize truck segment, which some analysts believe is losing ground to the full-size segment.

Darden Restaurants, Inc.(NYSE:DRI) shares jumped 5.23% to $57.58 in the morning hour. The company reported first quarter net earnings from continuing operations of $110.8 million or $0.85 per share for the first quarter, higher than $106.6 million or $0.78 per share in the prior-year quarter. Analysts expected the company to report earnings of $0.84 per share for the first quarter. Total sales from continuing operations for the quarter grew 4.8% to $2.03 billion from $1.94 billion in the same quarter last year, and met analysts' consensus estimate of $2.03 billion.

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