Morning Movers 10/27: Embarq (EQ) Higher on Buyout; U.S. Steel (X) Lower on Downgrade

October 27, 2008 9:43 AM EDT

StreetInsider.com Morning Movers:

Savient Pharmaceuticals (Nasdaq: SVNT) 58% LOWER; Disappointing data from its pegloticase pivotal clinical studies in treatment-failure gout (TFG) patients.

Pilgrim's Pride Corporation (NYSE: PPC) 15% HIGHER; reached an agreement with its lenders to extend the temporary waiver under its credit facilities through November 26, 2008. Lenders have also agreed to provide continued liquidity under credit facilities during this same period in accordance with the terms of the waiver agreements.

Fifth Third Bancorp (Nasdaq: FITB) 5% HIGHER; said its plans to participate in the U.S. Treasury Capital Purchase Program. Fifth Third Bancorp said their application was for an amount equal to 3 percent of risk-weighted assets, or approximately $3.4 billion.

Verizon (NYSE: VZ) 5% HIGHER; reports Q3 earnings of $0.66 per share, in-line with the consensus of $0.66. Revenues came in at $24.8 billion, versus the consensus of $24.52 billion.

Embarq Corporation (NYSE: EQ) 5% HIGHER; CenturyTel, Inc. (NYSE: CTL) and Embarq Corporation (NYSE: EQ) announced that their Boards of Directors have approved a definitive agreement under which CenturyTel will acquire EMBARQ in a tax free, stock-for-stock transaction creating one of the leading communications companies in the United States.

Parker Hannifin Corporation (NYSE: PH) 5% LOWER; Deutsche Bank downgrades

Sohu.com (Nasdaq: SOHU) 3% HIGHER; reports Q3 earnings of $1.08 per share, above the consensus of $0.95. Revenues came in at $120.7 million, versus the consensus of $114.7 million. Sees Q4 EPS of $1.20-$1.25 versus the consensus of $1.08. See Q4 revenues of $118-$122 million, versus the consensus of $116.5 million. Sohu.com also announces a $150 million share repurchase program

SunTrust Banks (NYSE: STI) 3% LOWER; today announced that it has received preliminary approval from the U.S. Treasury for the sale of $3.5 billion in preferred stock and related warrants to the U.S. Treasury under the Capital Purchase Program of the Emergency Economic Stabilization Act of 2008. The approval is subject to certain conditions and the execution of definitive agreements. Separately, SunTrust announced a 30% reduction in its quarterly dividend from $0.77 to $0.54 per common share

United States Steel Corp. (NYSE: X) 3% LOWER; UBS downgrades to Sell

Caterpillar Inc. (NYSE: CAT) 3% LOWER; Merrill downgrades to Sell

KeyCorp (NYSE: KEY) 1% LOWER; will bolster its capital position by $2.5 billion by participating in the U.S. Department of the Treasury's Capital Purchase Program, a move that will significantly fortify Key's balance sheet, enhance lending capabilities and enable business investment.

Get This Report Daily Here: http://www.streetinsider.com/entities/StreetInsider.com+Morning+Movers

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Deutsche Bank
• UBS
• Dividend
• StreetInsider.com Morning Movers
• Treasury Capital Purchase Program

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?