StreetInsider.com Pre-Open Movers 05/22

May 22, 2007 9:24 AM EDT

StreetInsider.com Pre-Open Movers:

Fremont General Corporation (NYSE: FMT) 44% HIGHER; announced the sale of the Company's commercial real estate lending business, the sale of a minority interest in the Company and the appointment of new senior management. iStar Financial Inc. (NYSE: SFI) is buying the commercial real estate lending business and retaining an interest in the commercial real estate loan assets of Fremont General Corporation (NYSE: FMT) for an aggregate net purchase price of approximately $1.9 billion in an all-cash transaction.

Advancis Pharmaceutical Corp. (Nasdaq: AVNC) 27% HIGHER; announced that the Company's once-daily Amoxicillin PULSYS New Drug Application (NDA) has been accepted for filing by the U.S. Food and Drug Administration (FDA).

MGM Mirage (NYSE: MGM) 25% HIGHER; Kirk Kerkorian's Tracinda Corp, a 56% holder, announced that it intends to enter into negotiations with MGM MIRAGE to purchase the Bellagio Hotel and Casino and City Center properties. Tracinda also wishes to pursue strategic alternatives with respect to its investment in MGM MIRAGE which may include financial restructuring transactions involving all or a substantial portion of the remainder of the Company.

KongZhong Corporation (Nasdaq: KONG) 12.5% LOWER; reports Q1 EPS of $0.06, in-line with estimates. Revenues were $20.13 million vs. $20.4 million consensus. Total revenues for the first quarter decreased 28% from the same quarter of 2006 and decreased 15% sequentially to $20.13 million. US GAAP net income totaled $1.56 million in the first quarter of 2007, a decrease of 82% from the same period of last year and a 57% decrease sequentially. Diluted US GAAP earnings per ADS were $0.04 for the first quarter. Non-GAAP income in the first quarter of 2007 was $2.13 million, a 73% decrease from the same period in 2006 and a 49% decrease from the previous quarter. Diluted Non-GAAP earnings per ADS were $0.06.

Novastar Financial Inc. (NYSE: NFI) 9.9% HIGHER; Fremont General news

Accredited Home Lenders Holding Co. (Nasdaq: LEND) 9.6% HIGHER; Fremont General news

optionsXpress Holdings Inc. (Nasdaq: OXPS) 8% HIGHER; continued takeover speculation.

Omniture, Inc. (Nasdaq: OMTR) 7% LOWER; filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed public offering of 6,800,000 shares of its common stock.

Accuride Corporation (NYSE: ACW) 5% LOWER; announced the underwritten public offering of 5,400,000 shares of its common stock by KKR 1996 GP L.L.C., Albion Mezzanine Fund LP, Albion Mezzanine Fund II LP and Caravelle Investment Fund, L.L.C. Accuride will not receive any proceeds from this offering.

Pacific Sunwear of California Inc. (Nasdaq: PSUN) 4.8% HIGHER; reports Q1 loss ex-items, of $0.04, in-line with estimates. Revenues came in at $320.6 million versus the consensus of $308.1 million. Still sees Q2 EPS of $0.18-$0.20, versus the consensus of $0.18.

Wynn Resorts Ltd. (Nasdaq: WYNN) 4.8% HIGHER; Kerkorian/MGM news

Total System Services, Inc. (NYSE: TSS) 4.5% HIGHER; Cramer highlights the company as a buyout target.

Las Vegas Sands Corp. (NYSE: LVS) 4.4% HIGHER; Kerkorian/MGM news

Trump Entertainment Resorts (Nasdaq: TRMP) 3% HIGHER; Kerkorian/MGM news

Dynegy Inc. (NYSE: DYN) 3% LOWER; Chevron Corporation (NYSE:C VX) has indicated that it intends to offer for sale all 96,891,014 of its shares of Dynegy's Class A common stock in an underwritten public offering

American Science & Engineering Inc. (Nasdaq: ASEI) 2% HIGHER; reports Q4 EPS of $0.60, with $0.23 in stock expenses, versus the consensus of $0.80. Revenues came in at $45.9 million versus the consensus of $47.2 million. $35 million buyback. Also approved a stock dividend plan for fiscal year 2008 which will begin with the first quarter of fiscal year 2008 (June 2007 quarter).

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