Morning Movers 7/10: ANTP, DAN, ENTU, NZ, AXL Higher; CIT, STV, TSON, AIB, PSMT Lower

July 10, 2009 9:39 AM EDT

PHAZAR CORP (Nasdaq: ANTP) 25.1% HIGHER; announced today that Antenna Products Corp., a wholly owned subsidiary, has been awarded an Indefinite Delivery, Indefinite Quantity contract from the Federal Aviation Administration for the production of Mark 20 log periodic dipole antennas for replacement of existing Mark 20A LPD antennas. The antennas are used in the localizer portion of an Instrument Landing System. The localizer provides aircraft a reference to the centerline of a runway during an approach for landing. The contract is for a base year with four option years with a potential value of $3,000,000.

CIT Group (NYSE: CIT) 24.5% LOWER; sinking on fears that the FDIC will not guarantee the company's bond auction.

Dana (NYSE: DAN) 20% HIGHER; Barclays upgrades the stock from Equalweight to Overweight.

China Digital TV Holding Co., Ltd. (NYSE: STV) 11.3% LOWER; today announced that it shipped about 2.13 million smart cards as compared to the previously provided range of 2.35-2.55 million.

TranS1 (Nasdaq: TSON) 10.4% LOWER; continuing lower today following mid-day news that the company sees lower Q2 sales, moving guidance from $8.7-$9 million to $7.9-$8 million, which compares to the Street estimate of $8.80 million. Cowen also downgraded the stock to Neutral this morning.

Allied Irish Banks (NYSE: AIB) 9.4% LOWER; hearing concerns that legislation setting up the National Asset Management Agency, or "bad bank", could be delayed.

PriceSmart, Inc. (NASDAQ: PSMT) 8.9% LOWER; reports Q3 EPS of $0.30, 3 cents lower than the analyst estimate of $0.33. Revenue for the quarter was $306.5 million, versus the consensus of $308.99 million.

Entrust (Nasdaq: ENTU) 8.2% HIGHER; today announced it has entered into an amendment to its merger agreement with an affiliate of Thoma Bravo, LLC. Under the terms of the amended merger agreement, an affiliate of Thoma Bravo will acquire all of the outstanding shares of Entrust common stock for $2.00 per share in cash, in a transaction valued at approximately $124 million. This is an increase of over 8% over the $1.85 per share cash purchase price contemplated by the parties' original merger agreement previously announced on April 13, 2009. Entrust's Board of Directors unanimously approved the amended merger agreement, with one director abstaining.

Bank of Ireland (NYSE: IRE) 8.1% LOWER; see AIB.

Shaw Group, Inc. (NYSE: SGR) 7.5% LOWER; reports Q3 EPS of $0.57, ex-items, 3 cents lower than the analyst estimate of $0.60. Revenue for the quarter was $1.8 billion, versus the consensus of $1.80 billion. Sees FY09 EPS of about $2.00, versus the consensus of $2.22. Increasing FY09 guidance for operating cash flow to about $525 million.

Susquehanna Bancshares (NASDAQ: SUSQ) 6.4% LOWER; anticipates that second quarter 2009 diluted earnings per common share will be below market expectations. This difference is primarily due to an expected increase in the provision for loan losses from $35.0 million in the first quarter of 2009 to $50.0 million in the second quarter of 2009, a FDIC insurance special assessment of $6.2 million, consolidation pre-tax charges of $2.9 million and an other than temporary impairment pre-tax charge of $0.9 million. The increase in provision for loan losses is primarily due to an increase in nonperforming loans from $156.0 million in the first quarter of 2009 to $230.2 million in the second quarter of 2009 and an increase in net charge-offs from $16.6 million to $24.6 million for the same periods.

Netezza (NYSE: NZ) 6.3% HIGHER; William Blair initiates coverage on Netezza with an Outperform rating.

American Axle (NYSE: AXL) 6.2% HIGHER; auto suppliers are rising modestly today as GM (OTC: GMGMQ) has officially emerged from bankruptcy after just 40 days.

Franklin Covey Co. (NYSE: FC) 5.5% LOWER; reports Q2 loss of $0.38 versus the analyst estimate of $0.01. Revenue for the quarter was $30.6 million, versus the consensus of $34.58 million.

Kennametal Inc. (NYSE: KMT) 4.3% HIGHER; announced today that the public offering of 7,000,000 shares of its common stock has priced at today's market close of $15.75 per share. The offering includes a 30-day option for the underwriters to purchase up to an additional 1,050,000 shares to cover over-allotments, if any. Kennametal will use the net proceeds from the offering to pay down outstanding bank debt. Also upgraded to Buy at BB&T Capital.

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