Pre-Open Movers: Fannie Mae (FNM) Lower on Large Loss/Capital Raise; Innophos (IPHS) Up on Strong Results

May 6, 2008 9:30 AM EDT

StreetInsider.com Pre-Open Movers:

Innophos (Nasdaq: IPHS) 25% HIGHER; reports Q1 EPS of $0.43, 20 cents better than the analyst estimate of $0.23. Revenues for the quarter were $162.5 million, versus the consensus of $161.38 million.

Powerwave Technologies (Nasdaq: PWAV) 19% HIGHER; reports Q1 EPS of $0.01, 4 cents better than the analyst estimate of ($0.03). Revenues for the quarter were $226.3 million, versus the consensus of $203.41 million.

Idearc Inc. (NYSE: IAR) 18% HIGHER; reports Q1 EPS of $0.79, 16 cents better than the analyst estimate of $0.63. Revenues for the quarter were $770 million, versus the consensus of $775.65 million.

DivX (Nasdaq: DIVX) 17% HIGHER; reports Q1 EPS of $0.18, 4 cents better than the analyst estimate of $0.14. Revenues for the quarter were $25 million, versus the consensus of $25.04 million. Sees FY08 EPS of $0.52-$0.58, versus the consensus of $0.47.

Obagi Medical Products (Nasdaq: OMPI) 14.8% LOWER; reports Q1 EPS of $0.13, 5 cents below the analyst estimate of $0.18. Revenues for the quarter were $25.4 million, versus the consensus of $27.14 million. Sees Q2 revenues $27-$28 million versus $29.9 million. Sees Q2 eps 18-20 cents versus 24 cents. Sees full year revenues $113-117 versus $120.7 million. Sees 81-85 cents versus 94 cents consensus.

The Scotts Miracle-Gro Company (NYSE: SMG) 10% LOWER; reports Q1 EPS of $1.19, 2 cents better than the analyst estimate of $1.17. Revenues for the quarter were $958 million, versus the consensus of $980.02 million. Sees FY08 EPS of $2.00-$2.20, versus the consensus of $2.35.

Vulcan Materials (NYSE: VMC) 8.9% LOWER; reports Q1 EPS of $0.13, versus the analyst estimate of $0.56. Revenues for the quarter were $772 million, versus the consensus of $904.74 million. Sees FY08 EPS of $3.85-$4.35, versus the Street consensus of $4.46.

TransDigm Group Incorporated (NYSE: TDG) 8% HIGHER; reports Q2 EPS of $0.68, 8 cents better than the analyst estimate of $0.60. Revenues for the quarter were $175.3 million, versus the consensus of $172.26 million. Raises its FY08 revs guidance from $680-$700 million to $700-$710 million, versus the consensus of $701.37 million. TransDigm adj-EPS guidance goes from $2.43-$2.53 to $2.56-$2.62, versus the Street estimate of $2.54.

Airgas (NYSE: ARG) 8% HIGHER; reports Q4 EPS of $0.76, 3 cents better than the analyst estimate of $0.73. Revenues for the quarter were $1.1 billion, versus the consensus of $1.07 billion. Chairman and CEO, Peter McCausland, said, "We expect earnings per diluted share of $3.24 to $3.40 in fiscal 2009. First-quarter expectations are $0.79 to $0.81 per diluted share. We are mindful of the state of the U.S. economy, but we believe Airgas is well-positioned to deliver strong earnings growth this year." (FY09 EPS consensus is $3.10 and Q1 EPS consensus is $0.74)

Fannie Mae (NYSE: FNM) 7% LOWER; reported a $2.19 billion, or $2.57 per share, first quarter loss, which was larger than the loss Wall Street was expecting. Fannie Mae also said it plans to raise $6 billion in new capital and plans to cut its quarterly dividend to $0.25 per share. Fannie Mae also said it sees 2009 credit losses wider than 2008.

James River Coal Company (Nasdaq: JRCC) 7% LOWER; reports a Q1 loss of $0.78, versus than the analyst estimate of ($0.50). Revenues for the quarter were $138.19 million, versus the consensus of $140.48 million.

Otter Tail Power (Nasdaq: OTTR) 7% LOWER; reports Q1 earnings of $0.27 per share, below the consensus of $0.48. Revenues came in at $300.2 million, versus the consensus of $334.9 million. Sees FY08 EPS of 1.75-$2.00 versus prior guidance of $1.85-$2.10 and the consensus of $1.97.

Sykes Enterprises (Nasdaq: SYKE) 7% HIGHER; reports Q1 EPS of $0.38, 12 cents better than the analyst estimate of $0.26. Revenues for the quarter were $203.7 million, versus the consensus of $201.64 million. Sees Q2 EPS of $0.29-$0.31, versus the consensus of $0.27. Sees FY08 EPS of $1.24-$1.33, versus $1.15.

Freddie Mac (NYSE: FRE) 6% LOWER; Fannie Mae reported a $2.19 billion loss and is raising more money.

Cleveland-Cliffs (NYSE: CLF) 5.5% LOWER; reports Q1 earnings of $0.32 per share, which may not compare to the consensus of $1.00. Revenues came in at $494.4 million, versus the consensus of $507 million.

Ryanair Holdings plc (Nasdaq: RYAAY) 5% LOWER; DB downgrades to Sell

DreamWorks Animation SKG Inc. (NYSE: DWA) 5% HIGHER; Added to S&P MidCap 400

McKesson Corporation (NYSE: MCK) 5.4% HIGHER; reports Q4 EPS of $1.04, 4 cents better than the analyst estimate of $1.00. Revenues for the quarter were $26.2 billion, versus the consensus of $26.38 billion. Sees FY09 EPS of $3.75-$3.90, versus the consensus of $3.78. Board authorizes an additional $1 billion buyback. Also boosted the quarterly dividend 100% from $0.06 to $0.12.

Citizens Republic Bancorp, Inc (Nasdaq: CRBC) 4% HIGHER; Upgraded by two firms

Anadarko Petroleum (NYSE: APC) 4% HIGHER; reports Q1 EPS of $1.44, 22 cents better than the analyst estimate of $1.22. Revenues for the quarter were $2.98 billion, versus the consensus of $3.13 billion.

D.R. Horton Inc. (NYSE: DHI) 3.7% LOWER; reports Q2 EPS of $4.14, which may not compare to the analyst estimate of ($0.39), and compared to EPS of $0.16 in the same quarter last year. Revenues for the quarter were $1.62 million, versus the consensus of $1.36 billion. D.R. Horton's net loss totaled $1.3 billion for the quarter.

Sunoco Inc. (NYSE: SUN) 3% LOWER; JPMorgan downgrades to Underweight.

MGM MIRAGE (NYSE: MGM) 3% HIGHER; reports Q1 EPS of $0.41, ex-items, 2 cents lower than the analyst estimate of $0.43. Revenues for the quarter were $1.9 billion, versus the consensus of $1.9 billion.

Bois d'Arc Energy Inc (NYSE: BDE) 2.6% HIGHER; reports Q1 EPS of $0.56, 10 cents better than the analyst estimate of $0.46. Revenues for the quarter were $113.3 million, versus the consensus of $103.96 million.

China Security & Surveillance Tech. Inc. (NYSE: CSR) 1.5% HIGHER; reports Q1 EPS of $0.32, in-line with the analyst estimate of $0.32. Revenues for the quarter were $71.8 million, versus the consensus of $66.56 million. Raises FY08 revs of $380-$400 million, versus the consensus of $361.5 million and EPS of $1.59-$1.76, versus the consensus of $1.63.

Target Corporation (NYSE: TGT) 1.1% HIGHER; announced an agreement under which JPMorgan Chase would invest in Target's credit card receivables. At closing Target would sell an undivided interest in its credit card receivables to JPMorgan Chase (NYSE: JPM) for cash proceeds of approximately $3.6 billion. This interest would represent approximately 47 percent of the principal amount of Target's outstanding receivables at that time. This transaction is expected to close before the end of May.

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