Movers: AIG, Lehman, Acadia Pharmaceuticals, Chiquita

Stocks in the news on Monday

American International Group (AIG) announces that its Board of Directors has named Chairman Robert B. Willumstad to the additional position of CEO. Willumstad succeeds Martin J. Sullivan, who is leaving AIG and its Board of Directors. S&P reiterates hold.

Lehman Brothers Holdings (LEH) posts $5.14 second quarter loss, vs. $2.21 EPS a year ago, on net revenues (total revenues less interest expense) of -$700 million, vs. +$5.5 billion for year-ago. The company says net revenues reflect negative mark to market adjustments and principal trading losses, net of gains on certain debt liabilities. Also, says it incurred losses on hedges this quarter, as gains from some hedging activity were more than offset by other hedging losses.

Acadia Pharmaceuticals (ACAD) is down 3.97 to 4.52 after it says results from its Phase IIb trial with ACP-104 for the treatment of schizophrenia did not meet its primary endpoint of antipsychotic efficacy or any of the secondary endpoints. Says neither dose of ACP-104 demonstrated improved efficacy as compared to placebo.

Chiquita Brands International (CQB) says pricing in Europe has begun to moderate and reflect normal seasonal trends, as expected, and industry and other product supply costs continue to increase substantially; these factors are expected to result in a difficult third quarter, which is likely to reflect a significant loss, and more normal fourth quarter. BB&T Capital reportedly downgrades to hold.

Sirius Satellite Radio (SIRI) and XM Satellite Radio (XMSR) shares rally on news that a key U.S. regulator expressed support for their merger.

Landry's Restaurants (LNY) agrees to be acquired by Fertitta Holdings, Inc. for $21.00 per share cash, or total value of about $1.3 billion (including about $885 million in debt). Fertitta is a newly formed entity wholly owned by LNY's Chairman, President, CEO and original founder, Tilman J. Fertitta. Mr. Fertitta beneficially owns about 39% of the Company's outstanding shares of common stock.

Cost Plus (CPWM) announces that its board of directors has unanimously rejected the Pier 1 Imports (PIR) unsolicited stock-for-stock merger proposal it received on June 6, 2008.

Applied Materials (AMAT) says its non-binding proposal to ASM International N.V.'s (ASMI) Supervisory Board for possible acquisition of ASMI's ALD (Atomic Layer Deposition) and CVD (Chemical Vapor Deposition) businesses remains open, despite the Supervisory Board's recent rejection of the offer and counter-reply. AMAT's proposal reflects a purchase price of between $400-$500 million in cash for these businesses, subject to due diligence.

Greenfield Online (SRVY) agrees to be acquired by Quadrangle Group LLC for approximately $426 million. Terms: $15.50 per share in cash for each SRVY share held. S&P downgrades to hold from buy.

Teva Pharmaceutical Industries Ltd. (TEVA) reports positive results for its Azilect Parkinson's treatment. It says the 1 mg tablets of Azilect slowed the progression of Parkinson's disease in a Phase III trial. Notes it promotes the drug with Danish partner Lundbeck in the three major European markets: Britain, Germany and France. Intends to submit these results to the regulatory authorities in the U.S. and Europe.

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