Unusual 11 Mid-Day Movers 7/16: BXC, ASYT, NWA, ODFL Higher; OESX, CBI, STX, NITE Lower

July 16, 2008 11:39 AM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

BlueLinx Holdings Inc. (NYSE: BXC) 38.7% HIGHER; expects to report second-quarter earnings per diluted share in the range of $0.18 to $0.24 on revenue of approximately $835 million, above the consensus of a $0.23 loss and revenues of $806 million.

Orion Energy Systems, Inc. (Nasdaq: OESX) 38.3% LOWER; sees Q1 revs in the range of $16.1-$16.3 million, versus the consensus of $21.85 million. Given softer than anticipated Q1 revenues, Orion is revising its previously issued FY09 guidance to $101-$103 million, versus the consensus of $119.63 million.

Asyst Technologies, Inc. (Nasdaq: ASYT) 29.7% HIGHER; received an unsolicited letter from Aquest Systems Corp. expressing an interest in exploring a potential acquisition of Asyst for $6.50 in cash per share. Consistent with its fiduciary duties, Asyst's Board of Directors is reviewing the expression of interest in consultation with its financial and legal advisors.

Northwest Airlines (NYSE: NWA) 27.5% HIGHER; with crude oil down $4.50 to $134.30 today on the back of a rise in crude inventories, the entire airline sector is feeling a boost today. Elsewhere in the industry: UAL Corp. (Nasdaq: UAUA) up 27.2%, AMR Corp. (NYSE: AMR) up 20.6%, Delta Airlines (NYSE: DAL) up 21%.

Old Dominion Freight Line, Inc. (NASDAQ: ODFL) 24.7% HIGHER; sees Q2 EPS in the range of $0.62-$0.64, versus the consensus of $0.51. Based on better-than-expected Q2 earnings, Old Dominion raising its FY08 outlook from $1.85-$1.90 to $1.90-$1.95, versus the consensus of $1.83. The stock was also upgraded by Raymond James to Outperform.

Wells Fargo (NYSE: WFC) 24.7% HIGHER; reports Q2 EPS of $0.53, versus the consensus of $0.50. Revenues came in at $11.46 billion, versus the consensus of $10.65 billion. Reports $2.3 billion of higher provision expense. As a result of the Company’s performance and confidence in long-term growth, the Board of Directors increased the Company’s third quarter common stock dividend to $0.34 per share, an increase of 10 percent from the second quarter dividend of $0.31 per share.

First Horizon (NYSE: FHN) 24.1% HIGHER; Goldman Sachs upgrades from Sell to Neutral with a $7.50 price target. Regional banks are having a great day on Wall Street amid a financial sector recovery sparked by solid earnings at Wells Fargo.

CB&I (NYSE: CBI) 19% LOWER; will recognize a pre-tax charge of approximately $317 million or $2.38 per share in the second quarter for forecasted cost overruns associated with two major LNG projects in the UK. CB&I updated annual earnings guidance is $0.40 to $0.60 per share, which may not compare to the consensus is $2.41. As a result, the stock was downgraded by Goldman and JPMorgan to Neutral by both firms.

Seagate Technology (NYSE: STX) 16.4% LOWER; reports Q4 EPS of $0.37, which includes a restructuring charge of $0.07, so may not compare to the analyst estimate of $0.42. Revenues for the quarter were $2.9 billion, versus the consensus of $2.89 billion. Sees Q1 EPS of $0.22-$0.26, which may not compare to the consensus of $0.58. Sees Q1 revs of $3.15-$3.3 billion, versus the consensus of $3.23 billion.

Knight Capital Group, Inc. (Nasdaq: NITE) 15.8% LOWER; reports Q2 EPS of $0.32, 2 cents lower than the analyst estimate of $0.34. Revenues for the quarter were $219.1 million, versus the consensus of $224.58 million.

eResearchTech (Nasdaq: ERES) 14.6% LOWER; Leerink Swann downgrades from Market Perform to Underperform.

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