Pre-Open Movers 12/06: Target (TGT) Sinks After Saying Sales Need To Improve, Pain Therapeutics (PTIE) Higher On Drug News

December 6, 2007 9:30 AM EST

StreetInsider.com Pre-Open Movers:

Alloy (Nasdaq: ALOY) 45% HIGHER; reported Q3 EPS (free cash flow) of $0.59, which may not compare to the analyst estimate of $0.40. Revenues for the quarter were $66.5 million, versus the consensus of $68.65 million.

Hoku Scientific, Inc. (Nasdaq: HOKU) 36% HIGHER; announced that it has signed a non-binding term sheet with Merrill Lynch for Hoku Materials, Inc., its wholly owned subsidiary, to borrow approximately up to $185 million for the construction, procurement and start-up of its planned polysilicon production plant in Pocatello, Idaho.

Novastar Financial Inc. (NYSE: NFI) 27% HIGHER; entered into a Master Repurchase Agreements Waiver with Wachovia Bank, N.A. and certain of its affiliates pursuant to which Wachovia agreed not to enforce, for a period ending on December 7, 2007, the adjusted tangible net worth requirement under the Agreements described below, and waived, for the same period, any breach and/or event of default that would have resulted under the Agreements solely as a result of the Company's failure to maintain the required adjusted tangible net worth.

Pain Therapeutics, Inc. (Nasdaq: PTIE) 15% HIGHER; The company and King Pharmaceuticals, Inc. (NYSE: KG) announce positive results of a Phase III study of Remoxy in patients with chronic pain. The study met the primary endpoint (p is less than 0.01) that was prospectively defined by the FDA during the Special Protocol Assessment process.

En Pointe Technologies, Inc. (Nasdaq: ENPT) 15% HIGHER; Total net sales in the fourth quarter of fiscal 2007 increased 24% to $97.0 million when compared to the $78.4 million reported for the fourth quarter of fiscal 2006. Net income for the fourth quarter of fiscal 2007 decreased by $0.8 million to $0.7 million, or $0.10 per basic and diluted share, as compared with a net income of $1.5 million, or $0.22 per basic and $0.21 per diluted share, reported in the fourth quarter of fiscal 2006.

Methode Electronics, Inc. (NYSE: MEI) 9% HIGHER; reports Q2 EPS of $0.24, 5 cents better than estimates. Revenues were $133.3 million vs. $123.87 million consensus. Given the strength in Methode’s worldwide automotive markets, the Company is increasing its fiscal 2008 full-year guidance for sales between $500.0 million and $515.0 million and for earnings per share between $0.80 and $0.87. (FY08 EPS consensus is $499.58 million and $0.82, respectively)

BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) 9% LOWER; has decided to voluntarily and formally discontinue its Phase IIb clinical trial of intravenous (i.v.) forodesine HCl in the treatment of patients with T-cell acute lymphoblastic leukemia/lymphoma (T-ALL/LBL).

Theravance, Inc. (Nasdaq: THRX) 7% HIGHER; Announces Positive Topline Results In Phase 3 Telavancin Hospital-Acquired Pneumonia Program

Zumiez Inc. (NASDAQ: ZUMZ) 7% LOWER; announced the company's comparable store sales increased 5.6% for the four-week period ended December 1, 2007.

Comtech Telecommunications (Nasdaq: CMTL) 6% LOWER; reported Q3 EPS of $0.54, 5 cents better than the analyst estimate of $0.49. Revenues for the quarter were $115 million, versus the consensus of $108.88 million.

Target Corporation (NYSE: TGT) 5.6% LOWER; November comparable-store sales increased 1.1 percent. CEO Ulrich said, "sales trends would need to meaningfully improve in December in order to achieve fourth quarter EPS growth."

Family Dollar Stores, Inc. (NYSE: FDO) 5% LOWER; Comparable store sales for the four-week period ended December 1, 2007 decreased 3.4%. Net sales for the four weeks ended December 1, 2007, were approximately $559.3 million compared with $560.0 million for the comparable four-week period ended December 2, 2006. Family Dollar now expects that comparable store sales will be flat to up slightly in fiscal 2008 and that earnings per diluted share for fiscal 2008 will be between $1.62 and $1.74. The Wall Street consensus is $1.79.

Countrywide Financial (NYSE: CFC) 4% HIGHER; continues today's 4% move higher on reports the Bush administration has hammered out an industry agreement to freeze interest rates for certain subprime mortgages for five years.

Shaw Group (NYSE: SGR) 3.8% LOWER; reports Q4 earnings of $0.44 per share, ex-items, versus the consensus of $0.56. Revenues came in at $1.64 billion versus the consensus of $1.64 billion. Shaw booked nearly $11 billion in new awards during fiscal year 2007 and its backlog of unfilled orders at August 31, 2007, rose to a record $14.3 billion, up 57 percent from approximately $9.1 billion at August 31, 2006.

Sierra Pacific Resources (NYSE: SRP) 3.8% LOWER; agreed to issue 12 million shares of its common stock to Deutsche Bank Securities, who is acting as sole book-running manager for the offering.

GameStop Corp. (NYSE: GME) 3.5% HIGHER; will replace Dow Jones & Co. Inc. (NYSE: DJ) in the S&P 500

Digital River Inc. (Nasdaq: DRIV) 3.4% LOWER; Deutsche Bank Downgrades Digital River (DRIV) to Hold

PDL BioPharma Inc. (Nasdaq: PDLI) 2.5% HIGHER; Lehman Bros. Upgrades PDL BioPharma to Overweight

Nordstrom, Inc. (NYSE: JWN) 2.3% HIGHER; said same-store sales for the four-week period ending December 1, 2007 increased 8.7 percent.

Goldman Sachs Group Inc. (NYSE: GS) 2% LOWER; Merrill Lynch downgrades Goldman Sachs Group (GS) to Neutral

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