Morning Movers 1/27: CV Therapeutics (CVTX) Surges On Takeover Bid, Verizon (VZ) Lower After Results

January 27, 2009 9:56 AM EST

StreetInsider.com Morning Movers:

CV Therapeutics, Inc. (Nasdaq: CVTX) 40% HIGHER; Japanese drugmaker Astellas Phama has offered to acquire CV Therapeutics, Inc. (Nasdaq: CVTX) for $16 per share, which is a nice premium to yesterday's $11.35 per share closing. CV Therapeutics rejected the overture.

Phoenix Technologies (Nasdaq: PTEC) 29% LOWER; reports Q4 loss of $0.18, 8 cents below the analyst estimate of ($0.10). Revenue for the quarter was $17.4 million, versus the consensus of $18.75 million.

Zions Bancorp (Nasdaq: ZION) 19% HIGHER; reports Q4 loss of $0.32, 2 cents lower than the analyst estimate of ($0.30).

Netflix (Nasdaq: NFLX) 17% HIGHER; reports Q4 EPS of $0.41, 7 cents better than the analyst estimate of $0.34. Revenue for the quarter was $359.6 million, versus the consensus of $354.18 million. Netflix sees Q1 EPS 25c to 33c versus 30c consensus. Sees Q1 revenue $387M to $393M versus $371.5M. Sees FY09 EPS $1.43 to $1.59 versus $1.49. Sees FY09 revenue $1.58B to $1.635B versus consensus $1.54 billion. To buyback $175 million worth of shares in 2009.

LECG Corporation (NASDAQ: XPRT) 12% LOWER; reports preliminary Q4 sales of about $70 million and a loss of $0.21-$0.23. The Street is currently expecting Q4 sales of $88.40 million and a profit of $0.11.

Energizer Holdings, Inc., (NYSE: ENR) 12% HIGHER; reports Q1 EPS of $1.93, 20 cents better than the analyst estimate of $1.73. Revenue for the quarter was $1.042 billion, versus the consensus of $1.08 billion.

Whiting Petroleum Corporation (NYSE: WLL) 11% LOWER; announced today that it has commenced a public offering of 8,000,000 shares of common stock. Whiting will grant the underwriters for the offering an option to purchase up to an additional 1,200,000 shares to cover over-allotments, if any.

Steris Corp. (NYSE: STE) 9% HIGHER; reports Q3 EPS of $.48, or $0.53 ex-items, above consensus of $0.35. Revenues came in at $319.5 million, versus the consensus of $317.3 million. Steris sees 2009 EPS toward high end of $1.65-$1.80, versus the consensus of $1.65.

Geron Corporation (Nasdaq: GERN) 8% LOWER; pulls back after 36% Friday and 15% yesterday on news of FDA clerance for the first human stem cell trial.

United States Steel Corporation (NYSE: X) 7.6% HIGHER; reports Q4 EPS of $2.65, versus the analyst estimate of $0.71 and compared to $0.29 in the same quarter last year. Revenue for the quarter was $4.57 million, versus the consensus of $4.27 million. The company expect an operating loss in the first quarter.

McKesson Corporation (NYSE: MCK) 6.4% HIGHER; reports Q3 EPS of $1.05, versus the analyst estimate of $0.86. Revenue for the quarter was $27.1 billion, versus the consensus of $27.16 billion. Sees FY09 EPS of $4.15-$4.30, versus the consensus of $4.03.

American Express (NYSE: AXP) 6% HIGHER; reported Q4 EPS from continuing operations of $0.21, 1 cent lower than the analyst estimate of $0.22 and down 71% from last year's $0.73 per share profit. Q4 revenues fell 11% to $6.5 billion, below the consensus of $7.22 billion.

ARM Holdings plc (NASDAQ: ARMH) 6% HIGHER; UBS upgrade to Buy

PLX Technology, Inc. (NASDAQ: PLXT) 5% HIGHER; reports a Q4 loss of $2.08 vs. a consensus for a loss of $0.09. Revenues were $14.2 million vs. $14.05 million consensus. Based on customer and channel data, PLX believes that it will have revenues of at least $14 million. However, there are identified and estimated opportunities that may come into the first quarter that could increase this number to as much as $18 million. (Consensus is $13.30M)

Lexmark (NYSE: LXK) 5% HIGHER; reports Q4 earnings of $0.75 per share, ex-items, in-line with the consensus. Revenues came in at $1.08 billion, versus the consensus of $1.1 billion. Sees Q1 EPS of $0.65-$0.75, ex-items, versus the consensus of $0.62

Hershey Foods (NYSE: HSY) 5% HIGHER; reports Q4 earnings of $0.59 per share, ex-items, above the consensus of $0.54. Revenues came in at $1.38 billion, versus the consensus of $1.37 billion. Hershey Foods outlook for 2009 growth in net sales 2-3%, with earnings per share-diluted from operations to increase, but less than long-term objective of 6-8%.

Verizon Communications Inc. (NYSE: VZ) 5% LOWER; reports Q4 EPS of $0.61, ex-items, in-line with the consensus. Revenues came in at $24.6 billion, versus the consensus of $24.74 billion.

iBasis, Inc. (NASDAQ: IBAS) 5% LOWER; reports a Q4 loss of $0.25 vs. cosensus of $0.01 profit. Revenue for the fourth quarter of 2008 was $299.8 million vs. $338.00 million consensus. (NOTE - only 1 analyst) Sees its business relatively flat in '09.

Texas Instruments (NYSE: TXN) 5% HIGHER; reports Q4 EPS of $0.21, ex-items, versus the analyst estimate of $0.12. Revenue for the quarter was $2.49 billion, versus the consensus of $2.37 billion. Will reduce its workforce by 12%. Sees Q1 loss of $0.11 to a profit of $0.03, versus the consensus of a $0.04 gain. Sees Q1 sales of $1.62-$2.12 billion, versus the Street estimate of $2.10 billion.

Layne Christensen Co. (Nasdaq: LAYN) 4% LOWER; UBS downgrades to Sell

Regions Financial Corp. (NYSE: RF) 4% HIGHER; just before the close, Director David Cooper disclosed a purchase of 15,000 shares on 1/22 at $4.30-$4.32, bringing his stake to 57,179 shares.

Corning (NYSE: GLW) 4% LOWER; reports Q4 earnings of $0.13 per share, ex-items, below the consensus of $0.20. Revenues came in at $1.1 billion, versus the consensus of $1.16 billion. Corning sees Q1 EPS "about breakeven" versus the consensus of $0.19.

Tellabs (Nasdaq: TLAB) 4% HIGHER; reports Q4 earnings of $0.09 per share, above the consensus of $0.05. Revenues came in at $408 million, versus the consensus of $409.8 million. Tellabs sees $345-$375 million, versus the consensus of $384.7 million.

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