Morning Movers 11/10: AIG (AIG) Up On Restrtucted Bailout, Circuit City (CC) Sinks On Bankruptcy

November 10, 2008 9:41 AM EST

StreetInsider.com Morning Movers

Centennial Communications Corp. (Nasdaq: CYCL) 100% HIGHER; AT&T Inc. (NYSE: T) announced an agreement to acquire Centennial Communications for $944 million in cash or $8.50 per share.

Circuit City Stores, Inc. (NYSE: CC) 55% LOWER; filed a voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia in Richmond, Va.

American International Group (NYSE: AIG) 37% HIGHER; U.S. govenment resurtures AIG bailout, giving mroe funds and reducing interest rate on credit facility.

American Capital, Ltd. (Nasdaq: ACAS) 28% LOWER; reports Q3 EPS of $0.74, 5 cents better than the analyst estimate of $0.69. Agrees to Acquire European Capital; Suspends Dividend Payment.

Discovery Laboratories Inc. (Nasdaq: DSCO) 25% LOWER; FDA Establishes PDUFA date of April 17, 2009.

StemCells Inc (Nasdaq: STEM) 22% HIGHER; Reports President-elect Barack Obama will allow federal funding of stem-cell research.

Xenoport, Inc. (Nasdaq: XNPT) 21% LOWER; GSK and XenoPort Announce Plans to Withdraw and Resubmit New Drug Application Requesting Approval of Solzira for Restless Legs Syndrome

Aastrom Biosciences, Inc. (Nasdaq: ASTM) 17% HIGHER; Reports President-elect Barack Obama will allow federal funding of stem-cell research.

Arcelor Mittal (NYSE: MT) 12% HIGHER; Commodity stocks up on China stimulus plan.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) 11% HIGHER; Commodity stocks up on China stimulus plan.

Geron Corporation (Nasdaq: GERN) 10% HIGHER; HIGHER; Reports President-elect Barack Obama will allow federal funding of stem-cell research.

General Motors (NYSE: GM) 10%; Deutsche Bank downgrades to Sell, says stock worth "zero."

United States Steel Corp. (NYSE: X) 7% HIGHER; Commodity stocks up on China stimulus plan.

People's United Financial Inc. (Nasdaq: PBCT) 7% HIGHER; Replacing UIS in S&P 500

Brocade (Nasdaq: BRCD) 7% HIGHER; sees Q4 revenues of approximately $396 million to $400 million, above the range of $375 million to $385 million previously projected. The consensus is $379 million. Brocade sees Q4 non-GAAP EPS of $0.18-$0.20, above its prior guidance of $0.15-$0.16. The consensus is $0.16.

Energy Conversion Devices, Inc. (Nasdaq: ENER) 5% LOWER; reports Q1 EPS of $0.29, which may not compare to the consensus of $0.26. Revenues came in at $95.8 million, versus the consensus of $95.9 million. Energy Conversion sees Q2 revenues of $100-$108 million, versus the consensus of $103.6 million. Energy Conversion sees FY09 revenues $455-$485 million, versus the consensus of $467.1 million. Also, downgraded at Deutsche Bank.

McDonald's Corporation (NYSE: MCD) 3.4% HIGHER; announced today that global comparable sales rose 8.2% in October.

Fairchild Semiconductor (NYSE: FCS) INDICATED LOWER; lowers Q4 guidance. Sees Q4 revenues between $338 million and $360 million, a sequential decline of 16%-21%. Prior guidance was sequential sales decline of 6%-12%. Fairchild Semiconductor said gross margin is expected to be down 100 to 200 basis points (27.9 percent to 28.9 percent) due to the lower revenue, and the company expects to cut R&D and SG&A spend to $73 to $76 million for the quarter. Previous guidance was flat (29.9 percent) gross margin and R&D and SG&A spending of $80 to $83 million.

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