Morning Movers 4/21: ELX, THC, COH, PKG, HWG, USG Higher; ZION, LAB, NTRS, HBAN, BK, NYT Lower

April 21, 2009 10:19 AM EDT

Emulex (NYSE: ELX) 40.1% HIGHER; Broadcom (Nasdaq: BRCM) offers to buy Emulex for $9.25 per share in cash. Click here for the full report.

Tenet Healthcare Corporation (NYSE: THC) 36% HIGHER; sees Q1 GAAP EPS of $0.37, or $0.08, ex-items, versus the analyst estimate of $0.00. Revenue for the quarter was $2.28 billion, versus the consensus of $2.32 billion. Raises its FY09 adj-EBITDA guidance from $735-$800 million to $760-$825 million. Net income is expected to be in the range of a loss of $55 million to net income of $75 million.

Coach (NYSE: COH) 17.3% HIGHER; reports Q3 earnings of $0.38 per share, ex-items, 1 cent better than estimates. Revenues came in at $739.9 million, versus the consensus of $711.4 million. The company also announced that its Board of Directors has voted to initiate a cash dividend, at an annual rate of $0.30 per share. The first quarterly payment, of $0.075 per share, will be paid on June 29, 2009 to stockholders of record as of June 8, 2009.

Zions Bancorp (Nasdaq: ZION) 16.2% LOWER; reports Q1 loss of $0.39, versus the analyst estimate of ($1.77).

Packaging Corporation of America (NYSE: PKG) 14.3% HIGHER; reports Q1 GAAP EPS of $0.25, 6 cents better than the analyst estimate of $0.19. Revenue for the quarter was $512.4 million, versus the consensus of $536.10 million. Sees Q2 EPS of about $0.15, which compares to the Street estimate of $0.15.

The Hallwood Group (NYSE: HWG) 14.2% HIGHER; Hallwood Financial Limited announced that it has advised the board of directors of that it intends to offer to acquire all of the outstanding publicly held shares of the Company. Hallwood Financial currently owns 65.7% of the outstanding common stock of the Company and intends to offer to acquire the balance of the Company's common stock at $12.00 per share in cash, representing a 52% premium over the weighted average closing price since March 1, 2009 and a 15% premium over the weighted average closing price for the 10 trading days ending April 20, 2009. The aggregate consideration for the Company's outstanding shares not held by Hallwood Financial would be approximately $6.3 million.

LaBranche & Co Inc. (NYSE: LAB) 14% LOWER; reports Q1 loss of $0.20, ex-items, versus the analyst estimate of ($0.08).

USG (NYSE: USG) 13.5% HIGHER; reports Q1 loss of $0.35 ex-items, cents better than the analyst estimate of ($0.73). Revenue for the quarter was $864 million, versus the consensus of $952.08 million. USG's liquidity at March 31, 2009 totaled $429 million, comprised of $223 million in cash and $206 million in borrowing availability under its revolving credit facility.

Manpower Inc. (NYSE: MAN) 13% HIGHER; reports Q1 EPS of $0.09, ex-items, versus the analyst estimate of ($0.09). Revenue for the quarter was $3.6 billion, versus the consensus of $4.04 billion.

Northern Trust Corporation (Nasdaq: NTRS) 13% LOWER; reports Q1 EPS of $0.61, versus the analyst estimate of $0.96. Revenue for the quarter was $904.2 million, versus the consensus of $1.03 billion.

The Western Union Company (NYSE: WU) 12.8% HIGHER; reports Q1 EPS of $0.33, 6 cents better than the analyst estimate of $0.27. Revenue for the quarter was $1.2 billion, versus the consensus of $1.18 billion. Reaffirms FY09 outlook.

Huntington Bancshares Incorporated (Nasdaq: HBAN) 12.7% LOWER; reports Q1 loss of $0.06, 4 cents better than the analyst estimate of ($0.10).

Jefferies Group (NYSE: JEF) 12.6% HIGHER; reports Q1 EPS of $0.19, 11 cents better than the analyst estimate of ($0.08). Revenue for the quarter was $342 million, versus the consensus of $287.5 million.

Coach (NYSE: COH) 11.5% HIGHER; reports Q3 earnings of $0.38 per share, ex-items, 1 cent better than estimates. Revenues came in at $739.9 million, versus the consensus of $711.4 million. The company also declared a quarter dividend of $0.075 per share. The dividend will be paid on June 29, 2009 to stockholders of record as of June 8, 2009.

The Bank of New York Mellon Corporation (NYSE: BK) 11.3% LOWER; reports Q1 EPS of $0.53, 10 cents lower than the analyst estimate of $0.63. Revenue for the quarter was $2.93 billion, versus the consensus of $3.66 billion.

Colonial Properties Trust (NYSE: CLP) 10.9% HIGHER; correcting today following an 18% slide yesterday on news of an increase in its offer size. KBW upgraded the stock to Outperform this morning.

New York Times (NYSE: NYT) 10.9% LOWER; reports a Q1 loss of $0.34, versus the consensus of a $0.04 loss. Revenues came in at $609 million, versus the consensus of $630.8 million. New York Times said Q1 ad revenues fell 27%. Sees Q2 drop in ad revenues similar to Q1.

Forward Air (Nasdaq: FWRD) 10.7% LOWER; reports Q1 EPS of $0.04, versus the analyst estimate of $0.05. Revenue for the quarter was $96.6 million, versus the consensus of $93.53 million. Forward Air sees Q2 6c to 12c versus 15 cents consensus. Sees Q2 revenues down 11% to 16%. Raymond James downgrades Forward Air (Nasdaq: FWRD) from Market Perform to Underperform.

AK Steel (NYSE: AKS) 10.4% HIGHER; reports Q1 loss of $0.67, 8 cents better than the analyst estimate of ($0.75). Revenue for the quarter was $922.20 million, versus the consensus of $929.30 million.

Regions Financial (NYSE: RF) 10.2% LOWER; reports Q1 EPS of $0.04, versus the analyst estimate of ($0.39).

AMETEK, Inc. (NYSE: AME) 10% LOWER; reports Q1 EPS of $0.55, in-line with the analyst estimate of $0.55. Revenue for the quarter was $552.9 million, versus the consensus of $599.66 million. Sees Q2 EPS of $0.45-$0.50, versus the Street estimate of $0.60. ees FY09 EPS of $2.10-$2.25, versus the consensus of $2.42.

M&T Bank Corporation (NYSE: MTB) 9.9% LOWER; reports Q1 EPS of $0.59, ex-items, versus the analyst estimate of $0.71.

UAL Corp. (Nasdaq: UAUA) 9.7% HIGHER; reports Q1 non-GAAP loss of $4.00, versus the analyst estimate of ($4.45). Revenue for the quarter was $3.36 billion, versus the consensus of $3.8 billion. Sees FY09 mainline capacity down 9-10% year-over-year.

Lincare Holdings (Nasdaq: LNCR) 8.8% LOWER; reports Q1 EPS of $0.36, in-line with the analyst estimate of $0.36. Revenue for the quarter was $371.7 million, versus the consensus of $386.38 million.

Healthways (Nasdaq: HWAY) 8.7% HIGHER; reports Q1 EPS of $0.30, compared to $0.27 in the same quarter last year. Revenue for the quarter was $182.7 million, versus $180.9 million in Q08. Sees Q2 EPS of $0.22-$0.25, including items. Backs its FY09 EPS guidance of $0.90-$1.04 with sales of $652-$680 million.

Mellanox Technologies (Nasdaq: MLNX) 8.6% HIGHER; reports Q1 EPS of $0.15, 6 cents better than the analyst estimate of $0.09. Revenue for the quarter was $22.6 million, versus the consensus of $22.38 million.

Delta Air Lines (NYSE: DAL) 8.5% HIGHER; reports Q1 loss of $0.84, cents better than the analyst estimate of ($1.01). Revenue for the quarter was $6.7 billion, versus the consensus of $6.72 billion.

ITT Educational Services (NYSE: ESI) 8.5% LOWER; downgraded at Credit Suisse to Neutral. Also initiated at Buy by Deutsche Bank.

US Bancorp (NYSE: USB) 8% HIGHER; reports Q1 earnings of $0.24 per share, above the consensus of $0.20. Revenues came in at $3.88 billion, versus the consensus of $3.77 billion. Tier 1 capital at 10.9%. Q1 net charge-offs were $788 million. Credit loss provision exceed charge-offs by $530 million. Allowance for credit losses $4.105 billion at March 31.

Deutsche Telekom (NYSE: DT) 7.9% LOWER; lowers 2009 adj EBITDA Forecast. Sees 2009 EBITDA falling by 2%-4%

JDA Software (Nasdaq: JDAS) 7.7% LOWER; reports Q1 EPS of $0.26, 5 cents below the analyst estimate of $0.31. Revenue for the quarter was $83.3 million, versus the consensus of $89.13 million.

Merck (NYSE: MRK) 7.7% LOWER; reports Q1 earnings of $0.74 per share, below the consensus of $0.77. Revenues came in at $5.39 billion, versus the consensus of $5.77 billion. Sees FY09 EPS of $3.15-$3.30 versus the consensus of $3.25. Sees FY09 revenues of $23.2-$23.7 billion, versus the consensus of $23.87 billion.

Olin Corp (NYSE: OLN) 6.8% LOWER; UBS initiates coverage with a Sell.

Broadcom Corporation (Nasdaq: BRCM) 6.8% LOWER; reports Q1 loss of $0.19, including items, versus the analyst estimate of $0.03 and compared to a gain of $0.14 in the same quarter last year. Revenue for the quarter was $853.4 million, versus the consensus of $848.42 million.

Comerica Incorporated (NYSE: CMA) 6% HIGHER; reports Q1 loss of $0.16, 7 cents worse than the analyst estimate of ($0.09).

Quest Diagnostics Incorporated (NYSE: DGX) 5.7% HIGHER; reports Q1 EPS of $0.89, 7 cents better than the analyst estimate of $0.82. Revenue for the quarter was $1.8 billion, versus the consensus of $1.81 billion. Raises its Fy09 EPS guidance from $3.50-$3.70 to $3.65-$3.75, versus the Street estimate of $3.59. Sees sales growth of about 3%.

Pentair, Inc. (NYSE: PNR) 5.6% LOWER; reports Q1 EPS of $0.20, ex-items, 1 cents lower than the analyst estimate of $0.21. Revenue for the quarter was $634 million, versus the consensus of $691.21 million. Sees Q2 adj-EPS of $0.35-$0.45, versus the consensus of $0.48. Sees FY09 EPS exceeding $1.40. The Street is currently looking for $1.65.

BlackRock, Inc. (NYSE: BLK) 5.5% HIGHER; reports Q1 non-GAAP EPS of $0.81, in-line with the analyst estimate of $0.81. Revenue for the quarter was $987 million, versus the consensus of $987.38 million.

Webster Financial Corporation (NYSE: WBS) 5.4% LOWER; reports Q1 loss of $0.41, versus the analyst estimate of ($0.28). Also declared a quarter dividend of $0.01 per common share.

United Technologies Corp. (NYSE: UTX) 4.9% HIGHER; reports Q1 EPS of $0.78, or $0.87 ex-items, versus the consensus of $0.78. Revenues came in at $12.2 billion, versus the consensus of $12.4 billion.

Astec (Nasdaq: ASTE) 4.9% HIGHER; reports Q1 EPS of $0.33, 3 cents better than the analyst estimate of $0.30. Revenue for the quarter was $205.3 million, versus the consensus of $202.69 million.

General Motors (NYSE: GM) 4.8% HIGHER; not hearing any breaking company-specific.

NVR Inc (NYSE: NVR) 4.7% HIGHER; reports Q1 EPS of $3.02, versus the analyst estimate of $2.31. Revenue for the quarter was $558.6 million, versus the consensus of $518.58 million.

Caterpillar (NYSE: CAT) 3.9% LOWER; reports Q1 non-GAAP of $0.39, versus the analyst estimate of $0.04. Revenue for the quarter was $9.22 billion, versus the consensus of $8.54 billion.

Forest Labs (NYSE: FRX) 3.8% LOWER; reports Q4 EPS of $0.76, 1 cent better than the analyst estimate of $0.75. Revenue for the quarter was $965.4 million, versus the consensus of $999.69 million. Forest Labs sees FY10 EPS $3.45 to $3.55 versus consensus of $3.47.

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