Pre-Open Movers 7/11: Fannie, Freddie (FNM, FRE) Sink on U.S. Bailout Talk; Anheuser-Busch (BUD) Up On Higher InBev Bid

July 11, 2008 9:30 AM EDT

StreetInsider.com Pre-Open Movers:

Fannie Mae (NYSE: FNM) 49% LOWER; very loud talk that the U.S. will bailout the company

Freddie Mac (NYSE: FRE) 42% LOWER; very loud talk that the U.S. will bailout the company

Hercules Inc. (NYSE: HPC) 35% HIGHER; Ashland Inc. (NYSE: ASH) acquires the company for $18.60 per share in cash and 0.093 of a share of Ashland common stock for each share of Hercules common stock. The total transaction value is approximately $3.3 billion, or $23.01 per Hercules share based on Ashland's July 10 closing stock price.

UAL Corporation (Nasdaq: UAUA) 15% LOWER; expects financial results for the second quarter of 2008 to be impacted by several largely non-cash accounting charges totaling between $2.6 billion and $2.7 billion. The largest portion of those charges relates to the impairment of goodwill, which will result in a non-cash special charge of between $2.2 billion and $2.3 billion.

Wynn Resorts, Limited (Nasdaq: WYNN) 14% HIGHER; announced preliminary Q2 expectations. "On a GAAP basis, operating income for Wynn Macau for the second quarter of 2008 is expected to be in the range of $100 million to $106 million, compared to $53.2 million in the 2007 period. Adjusted property EBITDA is expected to be in the range of $152 million to $158 million in the second quarter of 2008, compared to $92.7 million for the second quarter of 2007."

Lehman Brothers (NYSE: LEH) 12% LOWER; Continues lowes on worries in the sector

Las Vegas Sands (NYSE: LVS) 11% HIGHER; Positive Macau news from rival Wynn Resorts.

Centex (NYSE: CTX) 10% HIGHER; Home builders lower on U.S. will bailout the company

Amkor Technology (NASDAQ: AMKR) 10% LOWER; announced that net sales for the second quarter of 2008 are expected to be down 1% to 2% from the first quarter of 2008, compared to the previous guidance of a sequential increase in net sales of 1% to 3%.

Anheuser-Busch Companies Inc. (NYSE: BUD) 7% HIGHER; Reports from the Wall Street Journal InBev boosted its hostile bid for the company by $5 a share to $70 per share, in an effort to lock a friendly deal.

Melco Crown Entertainment Ltd. (Nasdaq: MPEL) 7% HIGHER; Positive Macau news from rival Wynn Resorts

Philips Electronics NV (NYSE: PHG) 6% LOWER; Citi downgrades to Hold

MGM Mirage (NYSE: MGM) 6% HIGHER; Positive Macau news from rival Wynn Resorts

Lawson Software, Inc. (Nasdaq: LWSN) 5.7% LOWER; reports Q4 adj-EPS of $0.10, in-line with the analyst estimate of $0.10. Revenues for the quarter were $233 million, versus the consensus of $228.99 million. Sees Q1 EPS of $0.06-$0.07, versus the consensus of $0.08 and revs of $195-$200 million, versus $205.19 million. FY09 EPS are expected to be $0.43-$0.47, versus $0.51 and revs of $920-$925 million, versus $922.3 million. Raised its buyback by $200 million

MasterCard Inc. (NYSE: MA) 5% HIGHER; will replace ACE Ltd. in the S&P 500, and MasterCard will replace General Motors in the S&P 100 after the close of trading on Thursday, July 17.

ACE Ltd. (NYSE: ACE) 5% LOWER; MasterCard will replace the company in the S&P 500. ACE is in the process of changing its place of incorporation to Switzerland, thus rendering it ineligible for inclusion in the S&P U.S. indices.

Natus Medical Inc. (NASDAQ: BABY) 5% HIGHER; will replace Chesapeake Corp. (NYSE: CSK) in the S&P SmallCap 600 after the close of trading on Tuesday, July 15

Diamond Management & Technology Consultants, Inc. (Nasdaq: DTPI) 5% HIGHER; raised its Q1 sales guidance from $36-$38 million to $38.2-$38.8 million and GAAP EPS from ($0.03)-($0.08) to $0.02-$0.03. The Street estimates are for sales of $36.79 million and EPS of ($0.06).

Emulex Corporation (NYSE: ELX) 4.8% LOWER; sees Q4 revenues of about $111-$113 million, compared to the range of $118-$123 million previously projected during the Company’s Q3 conference call. The Street estimate is $120.91 million. Emulex also expects Q4 non-GAAP EPS in the range of $0.19-$0.20 compared to the prior projection of $0.24-$0.27. The consensus is $0.25.

Elan Corp. plc (NYSE: ELN) 3% LOWER; Piper downgrades to Sell

Cisco Systems, Inc. (NASDAQ: CSCO) 2% LOWER; Goldman removes from Buy List

Jacobs Engineering Group, Inc. (NYSE: JEC) 2% HIGHER; Goldman adds to Buy List

General Electric (NYSE: GE) 1% LOWER; reports Q2 earnings of $0.54 per share, in-line with the consensus. Revenues came in at $46.89 billion, versus the consensus of $45.31 billion. Sees Q3 EPS of $0.50-$0.54 versus the consensus of $0.54. Sees FY08 EPS of $2.20-$2.30 versus the consensus of $2.22.

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