Morning Movers 6/18: PIR, NNI, SLM, NPBC, ARM, MITI Higher; SOA, IMGN, HPT, LIZ, CLC Lower

June 18, 2009 9:35 AM EDT

Pier 1 Imports, Inc. (NYSE: PIR) 18.6% HIGHER; reports Q1 EPS of $0.32, versus the analyst estimate of ($0.36) and compared to ($0.37) reported in the same quarter last year. Revenue for the quarter was $281.13 million, versus the consensus of $276.21 million. Same store sales fell 7.5% during the quarter.

Nelnet Inc. (NYSE: NNI) 16.3% HIGHER; indicated to open much higher today after the company received Department of Education student loan servicing contracts. The news alleviated some concerns about the company's role with the new administration. Click here for the full report.

SLM Corp. (NYSE: SLM) 14.6% HIGHER; see Nelnet.

Solutia Inc. (NYSE: SOA) 14.2% LOWER; today announced it has initiated a public offering of up to 18.5 million shares of new common stock. Solutia would use the proceeds to fully repay its $74 million German term loan and for general corporate purposes.

National Penn Bancshares, Inc. (Nasdaq: NPBC) 14% HIGHER; announced that it has raised over $70 million in a temporary revision of its dividend reinvestment and stock buyback program. Click here for the full report.

ArvinMeritor Inc. (NYSE: ARM) 13.8% HIGHER; Goldman Sachs upgrades from Neutral to Buy with a $5 price target, providing upside of up to 43%. Click here for more color.

Micromet (Nasdaq: MITI) 13.1% HIGHER; continuing higher today following yesterday's commentment of a Phase 1 study for Anti-GM-CS Human Antibody MT203.

Maguire Properties, Inc. (NYSE: MPG) 11.5% HIGHER; today announced that it has extended the debt maturity on a construction loan for the Lantana Media Entertainment Campus located in Santa Monica, California. Click here for the full report.

ImmunoGen, Inc. (Nasdaq: IMGN) 11.1% LOWER; priced a public offering of 5,000,000 shares of its common stock at a price of $7.00 per share.

Vical Incorporated (Nasdaq: VICL) 10.8% HIGHER; announced that the company has successfully completed second-year milestones under a three-year, $6.0 million grant awarded in 2007, and is advancing with the development of a DNA vaccine manufacturing process with the potential to produce several million doses of vaccines in a matter of days.

Old Dominion (Nasdaq: ODFL) 10.6% HIGHER; Baird upgrades from Neutral to Outperform. Price increased from $26 to $40.

Hospitality Properties Trust (NYSE: HPT) 9.8% LOWER; today announced that it has commenced a proposed public offering of 15,000,000 common shares. HPT expects to use the net proceeds to repay debt and for general business purposes. It is contemplated that the underwriters will also be granted a 30-day option to purchase up to an additional 2,250,000 shares to cover over allotments, if any.

Liz Claiborne, Inc. (NYSE: LIZ) 9.7% LOWER; announced that it intends to offer, subject to market and other conditions, $75 million principal amount of convertible senior notes due 2014. The Company expects to grant the initial purchasers in the offering an option to purchase up to an additional $15 million of notes to cover over-allotments, if any.

J.M. Smucker (NYSE: SJM) 9.3% HIGHER; reports Q4 earnings of $1.02 per share, ex-items, above the consensus of $0.63. Revenues came in at $1.07 billion, versus the consensus of $1 billion. Net sales were up 81 percent in the fourth quarter of 2009 compared to 2008, primarily due to the addition of Folgers. J.M. Smucker sees FY10 EPS of $3.65-$3.80 up from previous guidance of $3.62-$3.72 and the consensus of $3.37. Sees FY10 revenues of $4.5 billion, versus the consensus fo $4.7 billion.

CLARCOR Inc. (NYSE: CLC) 8.2% LOWER; reports Q2 EPS of $0.33, 5 cents lower than the analyst estimate of $0.38 but down 31.25% from the same quarter last year. Revenue for the quarter was $229.4 million, versus the consensus of $242.66 million. Sees FY09 EPS of $1.40-$1.60, which compares to the Street estimate of $1.56. Sees 2H09 sales up 13-15%. Sees Q3 sales, operating profit sequentially better than Q2 and sees a better Q4 than Q3.

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