Morning Movers 10/02: Ag Stocks Slammed After Mosaic (MOS) Results and Downgrades; Financials Up on Bailout Bill Hopes

October 2, 2008 9:32 AM EDT

StreetInsider.com Morning Movers:

The Mosaic Company (NYSE: MOS) 20% LOWER; reports Q1 EPS of $2.65, which includes charges and so many not compare to the analyst estimate of $2.94. Revenues for the quarter were $4.3 billion, versus the consensus of $4.11 billion. Reaffirms forecast for sales volume. Phosphate sales volume for FY09 has been reduced to 8-9 million tonnes. Potash sales guidance is unchanged at 8.2-8.6 million tonnes.

SMSC (Nasdaq: SMSC) 14% LOWER; reports Q2 EPS of $0.46, 1 cents lower than the analyst estimate of $0.47. Revenues for the quarter were $97.2 million, versus the consensus of $98.30 million. Sees Q3 EPS of $0.30-$0.35, versus the consensus of $0.58 and revs of $90-$93 million, versus the consensus of $106.3 million.

Molex Incorporated (NASDAQ: MOLX) 12% LOWER; lowers its Q1 sales guidance from $860-$880 million to $840-$845 million, versus the consensus of $870.47 million. EPS for the quarter are lowered from $0.35-$0.50 to $0.25-$0.29, versus the consensus of $0.38.

SLM Corp. (NYSE: SLM) 11% HIGHER; bounces after dropping 32% yesterday.

National City Corporation (NYSE: NCC) 11% HIGHER; 10% HIGHER; Hopes for financial bailout bill after Senate passes

Intrepid Potash, Inc. (NYSE: IPI) 10% LOWER; Results from Mosaic, downgrade from Merrill

Regions Financial Corp. (NYSE: RF) 10% HIGHER; Hopes for financial bailout bill after Senate passes.

Potash Corp. of Saskatchewan (NYSE: POT) 9% LOWER; Results from Mosaic, downgrade from Merrill

KBR, Inc. (NYSE: KBR) 9% HIGHER; Cramer highlights on Mad Money

Marriott International (NYSE: MAR) 9% LOWER; reports Q3 earnings of $0.26 per share, ex-items, below the consensus of $0.32. Revenues came in at $2.96 billion, versus the consensus of $2.95 billion. Sees Q4 EPS of $0.44-$0.50, versus the consensus of $0.63. Sees FY09 EPS of $1.48-$1.60, versus the consensus of $1.88.

General Electric Co. (NYSE: GE) 8% LOWER; Prices 547.8M shares at $22.25.

CF Industries Holdings (NYSE: CF) 8% LOWER; Results from Mosaic, downgrade from Merrill

Monsanto Co. (NYSE: MON) 7% LOWER; Results from Mosaic, downgrade from Merrill

Terra Industries (NYSE: TRA) 6.7% LOWER; Results from Mosaic, downgrade from Merrill

Agrium Inc. (NYSE: AGU) 6.2% LOWER; Results from Mosaic, downgrade from Merrill

Las Vegas Sands Corp. (NYSE: LVS) 6% LOWER; Morgan Stanley downgrades to Equal-weight

Akamai Technologies Inc. (Nasdaq: AKAM) 6% LOWER; Goldman adds to Conviction Sell List

Con-way Inc. (NYSE: CNW) 4.8% LOWER; sees 2008 EPS between $2.60 and $2.80, versus the prior guidance of $3.00 and $3.40. The consensus is $3.22.

KLA-Tencor Corp. (Nasdaq: KLAC) 4.5% LOWER; Barclays downgrades to Underweight

Micron Technology (NYSE: MU) 4% LOWER; reports a Q4 adj-loss of $0.27, 4 cents lower the analyst estimate of ($0.23). Revenues for the quarter were $1.45 billion, versus the consensus of $1.54 billion. Micron will cut compensation for its senior execs by 20%.

eBay Inc. (NASDAQ: EBAY) 3% LOWER; Morgan Stanley downgrade

Pervasive Software (NASDAQ: PVSW) INDICATED HIGHER; now expects total revenue for the first quarter to be in the range of $11.6 million to $11.9 million and GAAP-basis diluted earnings per share of $0.05 to $0.06, versus prior guidance of $10.5 million to $11.5 million and GAAP-basis diluted earnings per share of $0.02 to $0.05. Non-GAAP EPS are expected to be $0.08 to $0.09, versus $0.04 to $0.07.

RPM International Inc. (NYSE: RPM) INDICATED LOWER; changed its outlook for its fiscal 2009 earnings to $1.75 to $1.85 per share, down from prior guidance of approximately $1.85 per share and the consensus of $1.86.

Brush Engineered (NYSE: BW) INDICATED LOWER; lowers FY EPS guidance $0.30 to $0.40 to $1.45 to $1.60 per share, ex-items. The Wall Street consensus is $1.80.

Atmel Corporation (NASDAQ: ATML) INDICATED HIGHER; Microchip Technology (NASDAQ: MCHP) and ON Semiconductor (NASDAQ: ONNN) today announced that they have sent a proposal to the Board of Directors of Atmel to acquire Atmel for $5.00 per share in cash.

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• Goldman Sachs Conviction Sell List
• Morgan Stanley
• Barclays

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