StreetInsider.com Unusual 11 Mid-Day Movers 05/24/2007

May 24, 2007 11:59 AM EDT

PacificNet, Inc. (Nasdaq: PACT) 37% HIGHER; Announced Q1 revenue of $9,267,000, which represented an increase of 38.9% as compared to $6,672,000 from Q1 2006. The company reported quarterly net profit of $308,000, or EPS of 0.03$ per basic share (or $0.03 per diluted share), with the majority (over 80%) of the profit coming from the new gaming technology division. The company expects Q2 revenues will continue to grow, especially in the gaming technology division. The company also said its expects Q2 net income will continue to grow.

NitroMed (NASDAQ: NTMD) 17.75% LOWER; Has entered into definitive agreements to sell approximately 7.6 million shares of its common stock to selected institutional investors at a price of $2.60 per share. The shares were offered under NitroMed's effective shelf registration statement previously filed with the Securities and Exchange Commission on August 3, 2005.

Micromet (Nasdaq: MITI) 17% HIGHER; The company and Nycomed announced an agreement under which the two companies will collaborate on the development of anti-GM-CSF antibodies that may be useful for the treatment of inflammatory and autoimmune diseases. Micromet will receive an upfront license fee of approximately $7 million, and is eligible to receive up to $160 million and royalties.

Stein Mart (Nasdaq: SMRT) 14.5% LOWER; Reports Q1 EPS of $0.18, in-line with estimates. Revenues were $376.1 million vs. $376.1 million consensus. Based on this comparable stores sales forecast, the calendar shift, the expectation of increased markdowns and the expense demands outlined above, management is establishing second quarter 2007 earnings guidance of $0.06 to $0.10 per share. (Consensus is $0.24)

Network Appliance (Nasdaq: NTAP) 14% LOWER; reports Q4 EPS of $0.30, in-line with estimates. Revenues came in at $801.2 million versus the consensus of $798.5 million. Sees Q1 revs down 6%-7% sequentially versus the consensus of $814.35 million. Sees Q1 EPS of $0.24-$0.25, versus the consensus of $0.31.

La Jolla Pharmaceutical Co (Nasdaq: LJPC) 13.2% HIGHER; Riquent is well tolerated in three studies.

Brown Shoe Company (NYSE: BWS) 11% HIGHER; Reports Q1 adjusted EPS of $0.29 (non-adjusted EPS was $0.23) vs. $0.18. Revenues were $566.3 million vs. $573.49 million consensus. For fiscal 2007, the Company continues to estimate sales will range from $2.48 billion to $2.52 billion and now expects net earnings per diluted share of $1.55 to $1.59, versus previous guidance of $1.52 to $1.55. On an adjusted basis, net earnings per diluted share are now estimated to be $1.86 to $1.90, versus previous guidance of $1.83 to $1.87. (Consensus is $2.5 billion and $1.54, respectively)

CTS Corporation (NYSE: CTS) 9.8% LOWER; Reports Q1 EPS of $0.11, 4 cents worse than estimates. Revenues were $163.3 million vs, $163.9 million consensus. Based on current expectations for the rest of the year, we are reducing our full-year 2007 guidance for sales growth to 5% - 8% over 2006. This is down from the range of 7% - 10%. Full-year diluted earnings per share are now expected to be in a range of $0.71 to $0.75, down from the previously projected $0.76 to $0.80. Consensus is $0.78.

Gymboree Corp. (Nasdaq: GYMB) 9% HIGHER; Reports Q1 EPS of $0.67, versus the consensus of $0.63. Revenues came in at $206.7 million versus the consensus of $208.6 million. Sees Q2 EPS of $0.10-$0.12, versus the consensus of $0.09. Sees FY EPS of $2.42-$2.46, versus the consensus of $2.40.

CA, Inc. (NYSE: CA) 7.6% LOWER; reports Q4 EPS of $0.20, in-line with estimates. Revenues came in at $1.01 billion versus the consensus of $1.01 billion. Company to buyback $500 million in shares. Sees FY08 EPS of $0.94-$0.98 versus the consensus of $1.03. Sees FY08 revs of $4.05-$4.1 billion versus the consensus of $4.12 billion.

Quantum Corp. (NYSE: QTM) 6% HIGHER; Reports a Q4 GAAP loss of $0.10 vs. consensus of $0.04 - may not be comparable. Revenues were $277 million vs. $289.18 million consensus. As Quantum begins fiscal year 2008 (FY08), the company said it will pursue a more aggressive strategy to grow branded revenue by shifting R&D spending from devices to disk and software and expanding its customer-facing sales resources. To support this branded growth strategy, Quantum also expects to make changes in its operations infrastructure.

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