Walgreen, Lennar Among These Stocks Heating Up on Wall Street March 27th

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Walgreen Company (NYSE:WAG): The company says “We invested in store-level staffing in the second quarter to help our pharmacy customers under Express Scripts (NASDAQ:ESRX) plans sign up for our Prescription Savings Club, change to a different Medicare prescription drug plan that includes Walgreens in the network or find other ways to continue using our pharmacies. Those efforts resulted in a record 700,000 new PSC enrollments during our sign-up promotion in January.” Shares of Walgreen Company are trading 1.63% higher today.

MAP Pharmaceuticals Inc. (NASDAQ:MAPP): MAP Pharmaceuticals is retreating after the company announced last night that it had received a Complete Response Letter from the FDA for its acute migraine treatment, Levadex, which is delivered through inhalers. The FDA said that it hadn’t been able to finish reviewing inhaler usability information, and asked MAP to address issues that arose during the agency’s review of a third party manufacturing facility. The agency also asked MAP to make labeling changes, but didn’t request that any additional clinical tests be conducted on Levadex before the drug is approved, MAP said. The drug maker added that it would request a meeting with the FDA to discuss the issues raised by the Complete Response Letter, and that it plans to continue to seek FDA approval for Levadex. In a note this morning to investors, Deutsche Bank said that it expected Levadex to be approved in a modest amount of time, since the FDA didn’t identify any efficacy or clinical safety issues with the drug. In early trading, MAP dropped $2.09, or 12.19%, to $15.05. Allergan (NYSE:AGN) is partnering with MAP on Levadex, while Nektar (NASDAQ:NKTR) is poised to receive royalties on sales of the drug if it’s approved Shares of MAP Pharmaceuticals Inc. are trading 9.28% lower today.

Lennar Corporation (NYSE:LEN): Reported Q1 Deliveries were 2,482 Homes, up 29%. Cancellation rate was 18%. Shares of Lennar Corporation are trading 3.45% higher today.

TOTAL S.A. (NYSE:TOT): Rowan Companies (NYSE:RDC) confirmed that an incident occurred on Sunday, March 25, 2012 on the Total E&P UK (NYSE:TOT) wellhead platform in the Elgin Field in the North Sea, resulting in a gas release. Total is working to control the release. The Rowan Viking has been working on the platform, and all Rowan and Total personnel have been safely evacuated. Shares of TOTAL S.A. are trading 6.39% lower today.

Landec Corporation (NASDAQ:LNDC): Landec expects net income to grow approximately 40%, after adding back the one-time impairment charge of $4.8M to net income for fiscal year 2011, compared to our original guidance of 30% to 40%. Shares of Landec Corporation are trading 3.54% lower today.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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