Morning Movers 5/21: COOP, DDUP, TSRA, EMKR Higher; ZZ, RF, ESLR, HOTT, NWY, GME Lower

May 21, 2009 9:46 AM EDT

Cooperative Bankshares, Inc. (NASDAQ: COOP) 39.4% HIGHER; reports Q1 EPS of $0.14, compared to $0.11 in the same quarter last year.

Data Domain (Nasdaq: DDUP) 37.8% HIGHER; to be acquired by NetApp for $25 per share. Click here for the full report.

Sealy (NYSE: ZZ) 33.4% LOWER; sinking today amid no company-specific news.

Tessera Technologies, Inc. (NASDAQ: TSRA) 25.7% HIGHER; today announced that the International Trade Commission issued a final determination in the action brought by Tessera against certain wireless manufacturers, Investigation No. 337-TA-605 (Wireless ITC action), finding Tessera's asserted patents are valid and infringed. Click here for the full report.

Regions Financial Corporation (NYSE: RF) 20% LOWER; priced a public offering of 400 million shares of its common stock at a price to the public of $4 per share and a public offering of 250,000 shares of its 10% Mandatory Convertible Preferred Stock, Series B. Shares of Regions Financial closed at $4.89 yesterday and $5.24 before the offering was announced. The offerings will generate gross proceeds of approximately $1.85 billion, without giving effect to the exercise of the underwriters' options to purchase additional securities.

Evergreen Solar, Inc. (Nasdaq: ESLR) 16.4% LOWER; priced its previously announced public offering of common stock at a price to the public of $1.80 per share for a total of 37,000,000 shares to be sold in the offering. Click here for the full report.

EMCORE Corporation (NASDAQ: EMKR) 15% HIGHER; announced that Space Systems Loral has awarded a long term supply agreement contract to EMCORE's Photovoltaics Division to manufacture and deliver high-efficiency, multi-junction solar cells for Space Systems/Loral's spacecraft programs. The period of performance for the contract is 2009 through 2014 and the solar cells will be produced at EMCORE's state-of-the-art manufacturing facilities located in Albuquerque, New Mexico, USA.

Hot Topic (Nasdaq: HOTT) 13.1% LOWER; reports Q1 EPS of $0.03, 1 cent better than the analyst estimate of $0.02. Revenue for the quarter was $175.1 million, versus the consensus of $174.73 million. Sees Q2 loss of $0.04-$0.06, versus the consensus looking for a profit of $0.01. Sees Q2 comps sales down mid single digit percentage.

New York & Company Inc. (NYSE: NWY) 13% LOWER; reports Q1 loss of $0.08, in-line with the analyst estimate of ($0.08). Revenue for the quarter was $232.9 million, versus the consensus of $240.54 million.

GameStop Corp. (NYSE: GME) 12.2% LOWER; reports Q1 EPS of $0.42, in-line with the consensus of $0.42. Revenues came in at $1.98 billion, versus the consensus of $2 billion. GameStop sees Q2 EPS of $0.28 to $0.33, versus the consensus of $0.40. GameStop is reiterating its full year diluted earnings per share guidance range of $2.83 to $2.93, representing a +18% to +22% increase over fiscal 2008. Full year comparable store sales are now expected to range from flat to +2%.

Westell Technologies (Nasdaq: WSTL) 11.4% HIGHER; reports Q4 loss of $0.01, ex-items, versus the analyst estimate of ($0.04). Revenue for the quarter was $56.3 million, versus the consensus of $50 million.

CommScope, Inc. (NYSE: CTV) 10.9% LOWER; said it is proposing public offerings of its convertible senior subordinated notes and common stock: 8 million shares and $200 million in convertible senior notes. Click here for the full report.

Sunstone Hotel Investors, Inc. (NYSE: SHO) 9.5% LOWER; intends to issue 18,000,000 shares of its common stock. The underwriters will be granted a 30-day option to purchase up to an additional 2,700,000 shares of common stock to cover over-allotments, if any. The Company expects to contribute the net proceeds from this offering to Sunstone Hotel Partnership, LLC, its wholly owned subsidiary, in exchange for additional membership interests in the Operating Partnership.

General Motors (NYSE: GM) 8.3% HIGHER; no company-specific news, but the stock is seeing heavy volume.

Image Entertainment, Inc. (NASDAQ: DISK) 7.5% HIGHER; retained Houlihan Lokey Howard & Zukin Capital, Inc. as the Company's exclusive financial advisor. They will assist the Company in analyzing a wide range of strategic alternatives, including potential financing or sale transactions. Image Entertainment gave no assurance that a transaction of any kind will occur.

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