Pre-Open Movers 6/18: Lindsay Corp (LNN) Lower After Results, Fifth Third (FITB) Sinks on Capital Raise/Div Cut/Revised Capital Ratio

June 18, 2008 9:31 AM EDT

StreetInsider.com Pre-Open Movers:

Lindsay Corporation (NYSE: LNN) 26% LOWER; reports Q3 EPS of $1.15, 7 cents lower than the analyst estimate of $1.22. Revenues for the quarter were $143.6 million, versus the consensus of $137.27 million.

MF Global (NYSE: MF) 15% LOWER; intends to offer approximately $150 million of non-cumulative perpetual convertible preference shares and $150 million of convertible senior notes, in two private offerings. Each offering will have an option for an additional 20% granted to the initial purchasers. The proceeds of the offerings together with other components of the company's capital plan will be used to repay its outstanding bridge loan due in December 2008.

Fifth Third Bancorp (Nasdaq: FITB) 15% LOWER; planned issuance of $1 billion in Tier 1 capital in the form of convertible preferred shares. The Company declared its second quarter cash dividend on its common stock and set the level at $0.15 per share, a reduction from the previous $0.44 per share quarterly level. The new dividend is payable on July 22, 2008, to holders of record on June 30, 2008. Fifth Third also announced the anticipated sales of certain non-core businesses. In conjunction with these actions and a more difficult operating environment, Fifth Third is revising its capital targets and is now targeting an 8 to 9 percent range for its Tier 1 capital ratio.

Panacos Pharmaceuticals, Inc. (NASDAQ: PANC) 14% HIGHER; announced the completion of a Phase 2b prospective study of bevirimat in treatment-experienced and treatment-naïve patients that confirms the recently discovered factors that predict response to bevirimat, its lead HIV maturation inhibitor. With 14 days of bevirimat treatment, patients with the predictors of response had a statistically significant higher mean viral load reduction than patients with polymorphisms (variants) at Gag amino acid positions 369, 370 or 371.

Cascal N.V. (NYSE: HOO) 11% LOWER; reports Q4 EPS of $0.09, versus $0.19 in the same period last year. Revenues for the quarter came in at $40.5 million, compared to $34.4 million in Q407. Reaffirms FY09 outlook.

CarMax, Inc. (NYSE: KMX) 11% LOWER; reports Q1 EPS of $0.21, 1 cent lower than the analyst estimate of $0.22. Revenues for the quarter were $2.21 billion, versus the consensus of $2.28 billion. Temporarily suspending guidance for FY09. 

Panera Bread Company (Nasdaq: PNRA) 7.4% HIGHER; raised its fiscal second quarter 2008 earnings per diluted share target to $0.48 to $0.50 from its previously announced target of $0.40 to $0.44 per diluted share.

Morgan Stanley (NYSE: MS) 6.5% LOWER; reports Q2 EPS of $0.95, versus the consensus of $0.92. Revenues came in at $6.5 billion, versus the consensus of $7.05 billion.

FedEx Corporation (NYSE: FDX) 4.6% LOWER; reports Q4 EPS of $1.45, versus the consensus of $1.47. Revenues came in at $9.87 billion, versus the consensus of $9.6 billion. FedEx sees Q1 EPS of $0.80-$1.00, versus the consensus of $1.27. Sees FY EPS of $4.75-$5.25, versus the consensus of $5.84.

CLARCOR (NYSE: CLC) 4.6% LOWER; reports Q2 EPS of $0.48, 1 cent better than the analyst estimate of $0.47. Revenues for the quarter were $267.1 million, versus the consensus of $274.86 million. Raises its FY08 EPS estimate from $1.85-$2.05 to $1.90-$2.20, versus the consensus of $1.92.

Linn Energy, LLC (Nasdaq: LINE) 4% HIGHER; Cramer highlights on Mad Money

YRC Worldwide Inc. (Nasdaq: YRCW) 3% HIGHER; reaffirmed its previously issued Q2 EPS guidance of $0.30-$0.40, versus the consensus of $0.29. The firm said its GAAP estimate includes net curtailment gains of $.34 per share and a charge for a significant accident of $.09 per share.

Mechel Open Joint Stock Company (NYSE: MTL) 3% LOWER; Goldman downgrades to Neutral

Baldor Electric Co. (NYSE: BEZ) 3% HIGHER; Cramer highlights on Mad Money

United Parcel Service (NYSE: UPS) 3% LOWER; Bad earnings, guidnce from FedEx

Novell (Nasdaq: NOVL) 2.4% LOWER; reiterated its previously issued FY08 guidance of sales in the range of $940-$970 million, versus the consensus of $ million. Non-GAAP operating margins are expected to be 7-9%, excluding all acquisition-related intangible asset amortization.

Infosys Technologies Ltd. (Nasdaq: INFY) 2% LOWER; Susquehann downgrades

TD Ameritrade (Nasdaq: AMTD) 2% HIGHER; saw 306,000 client trades per day in May, up 24% from last year and 3% sequentially. Expects its EPS to be at or near the high end of its $0.27-$0.33 guidance range for the June quarter from the April 17, 2008 Outlook Statement. (Consensus is $0.31)

International Paper Co. (NYSE: IP) 1% HIGHER; Goldman upgrades to Buy

MEDecision, Inc. (Nasdaq: MEDE) INDICATED HIGHER; reached a merger agreement pursuant to which Health Care Service Corporation, which operates Blue Cross and Blue Shield plans in Illinois, New Mexico, Oklahoma and Texas, will acquire all of the outstanding shares of MEDecision common stock for $7.00 per share in cash. Shares of MEDecision closed at $1.71 yesterday.

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