Pre-Open Movers 5/20: Netflix (NFLX) Higher On Upgrade, SMART Modular (SMOD) Sinks on Warning

May 20, 2008 9:20 AM EDT

StreetInsider.com Pre-Open Movers:

Jazz Technologies, Inc. (AMEX: JAZ) 82% HIGHER; Tower Semiconductor Ltd. (NASDAQ: TSEM) and Jazz Technologies signed a definitive agreement by which Tower will acquire all of the outstanding shares of Jazz in a stock-for-stock transaction valuing Jazz at a fully diluted equity value of approximately $40 million.

SMART Modular Technologies (Nasdaq: SMOD) 20% LOWER; revised its previously issued Q3 earnings guidance: the company now expects sales of $150-$155 million, versus the consensus of $164.93 million and compared to $160 million in revs during the same quarter last year. SMART Mod. now sees Q3 non-GAAP EPS of $0.05-$0.07, versus the consensus of $0.17.

Loral Space & Communications, Inc. (Nasdaq: LORL) 19% LOWER; reports a Q1 loss of $3.83. Revenues for the quarter were $386 million.

China TechFaith Wireless Com Tech (Nasdaq: CNTF) 14.5% LOWER; reports Q1 EPS of $0.07, 1 cent lower than the analyst estimate of $0.08. Revenues for the quarter were $49.6 million, versus the consensus of $48.67 million. Sees Q2 revs of $52-$54 million, versus the consensus of $52 million.

The9 Limited (Nasdaq: NCTY) 9% HIGHER; reports Q1 EPS of $0.46, 8 cents better than estimates. Revenues were $65.9 million vs. $58.1 million consensus.

Smith & Wesson Holding Corporation (Nasdaq: SWHC) 7.8% LOWER; announced that it has priced a public offering of 6,250,000 shares of its common stock.

Pacific Ethanol, Inc. (Nasdaq: PEIX) 7% HIGHER; Continued momentum after yesterday's 60% move higher

Netflix, Inc. (Nasdaq: NFLX) 6% HIGHER;  Announced the introduction of The Netflix Player by Roku. Lehman upgrades to Overweight

Corinthian Colleges Inc. (Nasdaq: COCO) 6% LOWER; BofA downgrades to Neutral

Career Education Corp. (Nasdaq: CECO) 5% LOWER; BofA downgrades to Sell

Sealed Air Corp. (NYSE: SEE) 3% LOWER; Merrill downgrades to Sell

Elbit Systems (Nasdaq: ESLT) 3% HIGHER; reports Q1 earnings of $0.75 per share, above the consensus of $0.56. Revenues came in at $616.1 million, versus the consensus of $520 million. The Company's backlog of orders as of March 31, 2008 totaled $4,922 million, as compared with $4,624 million as of December 31, 2007. Approximately 68% of the backlog relates to orders outside of Israel.

Home Depot (NYSE: HD) 2.8% LOWER; reports Q1 earnings of $0.41 per share, ex-items, 4 cents better than estimates. Revenues came in at $17.91 billion, versus the consensus of $17.61 billion.

EMC Corporation (NYSE: EMC) 2.6% LOWER; Bernstein downgrades to Market Perform

Exelon Corp. (NYSE: EXC) 1.5% HIGHER; Deutsche Bank and Credit Suisse upgrade

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