StreetInsider.com Pre-Open Movers 04/03

April 3, 2007 9:16 AM EDT

StreetInsider.com Pre-Open Movers:

Accredited Home Lenders (Nasdaq: LEND) 20% HIGHER; Closes Farallon Financing; Updates Liquidity Position. Accredited has obtained a new $500 million warehouse facility from a large commercial bank and renewed one of its existing warehouse facilities with an investment banking firm for $600 million. The Company is also in discussions with another investment banking firm regarding the possible renewal of an existing $650 million warehouse facility.

Cell Genesys (Nasdaq: CEGE) 15% HIGHER; Provides Positive Final Median Survival Data from GVAX Trial. The final median survival of 35.0 months compared favorably to a predicted median survival of 22.0 months for 22 patients.

Merix Corporation (Nasdaq: MERX) 9.6% LOWER; reports Q3 EPS of $0.09, versus the consensus of $0.13. Revenues came in at $100.3 million versus the consensus of $101.57 million. Sees Q4 revenues of $93-$97 million versus the consensus of $102.11 million. Sees Q4 EPS of $0.00, versus the consensus of $0.15.

Evergreen Solar, Inc. (Nasdaq: ESLR) 9% HIGHER; announced a major extension of its sales agreement with SunEdison. The extension increases the total value of the contract to over $510 million, boosting the total value of Evergreen sales agreements announced in the past 16 months to more than $1 billion.

Marshall & Ilsley Corp. (NYSE: MI) 8% HIGHER; reports from the Wall Street Journal, the company is near a sponsored spin off of its Metavante Corp. unit, with private equity firm Warburg Pincus taking a minority stake in the spin-off. The deal is expected to be announced in the next few days.

Napster (Nasdaq: NAPS) 8% HIGHER; expects to report results that are ahead of its prior guidance for the fourth fiscal quarter. The company anticipates reporting more than $28 million in revenue and over 830,000 paid subscribers (revenue consensus is $26.6 million).

Genelabs Technologies, Inc. (Nasdaq: GNLB) 7% HIGHER; reached agreement with the FDA on a Special Protocol Assessment for a Phase III clinical trial of Prestara for treatment of systemic lupus erythematosus (lupus).

Mindspeed Technologies, Inc. (NASDAQ: MSPD) 7% LOWER; expects second quarter revenues to increase approximately 2 percent sequentially over fiscal first quarter revenues of $30.2 million, compared to its prior expectations of a 7 to 13 percent sequential increase (consensus is $33.12 million)

Layne Christensen Company (Nasdaq: LAYN) 7% HIGHER; said Q4 revenues were up 31.6% to $193.1 million. EPS for the quarter more than doubled to $0.42 and for the year up 60% to $1.68 per share (includes gain of $920,000). The consensus was $158.85 million and $0.21, respectively.

iRobot Corp. (NASDAQ: IRBT) 6.9% HIGHER; announced a delivery order from the U.S. Navy to build additional bomb-disposal robots for shipment to the U.S. forces overseas. This latest award of $14 million from the Naval Sea Systems Command (NAVSEA) brings the total value of the orders placed to date to $66 million.

TASER International, Inc. (Nasdaq: TASR) 6% LOWER; announced that preliminary sales for first quarter 2007 are estimated at $15 million, the Company's largest first quarter sales in its history, exceeding Q1 2006 by over $1.1 million. However, three large customer purchase orders that were expected in the first quarter of 2007 were delayed. The Q1 consensus was $19.03 million.

Lawson Software, Inc. (Nasdaq: LWSN) 5.8% HIGHER; will require more time to complete its Q3 financial results. Lawson also announced that preliminary unaudited company estimates for third quarter revenues are expected to be in the range of $190 million and $192 million (consensus is $187.2 million). On a non-GAAP basis, earnings per share are expected to exceed the forecasts provided on the company's conference call on Jan. 9, 2007.

Giant Industries Inc. (NYSE: GI) 5% LOWER; reports FTC could block merger deal.

Frontier Financial Corp. (NASDAQ: FTBK) 5% HIGHER; will replace Altiris Inc. (NASDAQ: ATRS) in the S&P SmallCap 600 after the close of trading on a date to be announced. Altiris is being acquired by S&P 500 constituent Symantec Corp. (NASDAQ: SYMC).

Fremont General Corporation (NYSE: FMT) 4% LOWER; auditor Grant Thornton resigned. Auditor saw need for to expand audit scope.

Assurant Inc. (NYSE: AIZ) 3.8% HIGHER; will replace Realogy Corporation (NYSE: H) in the S&P 500 after the close of trading on Monday, April 9. Realogy is being acquired by an affiliate of Apollo Management L.P.

Bunge Limited (NYSE: BG) 2.7% LOWER; expects first quarter 2007 results to be weaker than the same period last year and below the current analyst consensus estimate, primarily due to lower than expected agribusiness results. Net income for the quarter is expected to be near breakeven. Reaffirms full year.

Theravance, Inc. (Nasdaq: THRX) 1% HIGHER; GSK642444, a GSK-discovered compound, and GSK159797, a Theravance-discovered compound, each given once daily, achieved clinically significant increases in bronchodilation at least equivalent to salmeterol given twice daily. Both compounds exhibited a pharmacodynamic profile similar to other inhaled LABAs, with little impact on heart rate.

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