Morning Movers 2/24: Rambus (RMBS) Jumps On Ruling; MAP Pharma (MAPP) Slammed On Drug Results

February 24, 2009 10:30 AM EST

StreetInsider.com Morning Movers:

MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) 75% LOWER; Phase 3 Study of Budesonide in Children With Asthma Doesn't Meet Primary Endpoints

Hifn, Inc. (Nasdaq: HIFN) 59% HIGHER; Exar Corporation (Nasdaq: EXAR) and Hifn signed a definitive agreement under which Exar will acquire Hifn. Under the terms of the agreement, which was unanimously approved by the board of directors of each company, Exar will acquire all of the outstanding shares of Hifn common stock pursuant to an exchange offer, followed by a second step merger. In the exchange offer, Hifn stockholders will be able to elect to receive either (i) 0.3529 shares of Exar common stock and $1.60 in cash; or (ii) $4.00 in cash.

Rambus Inc. (Nasdaq: RMBS) 36% HIGHER; announced that the U.S. District Court for the Northern District of California has granted its request for supplemental damages following an earlier jury verdict finding nine Rambus patents valid and infringed by Hynix SDRAM products.

Developers Diversified Realty (NYSE: DDR) 22% HIGHER; today announced that it has entered into a binding purchase agreement with Mr. Alexander Otto for the sale to Mr. Otto and certain members of his family of 30 million of the Company's common shares and warrants entitling the Otto Family to purchase an additional 10 million of the Company's common shares.

RadioShack (NYSE: RSH) 17% LOWER; reports Q4 earnings of $0.50 per share, well below the consensus of $0.70. Revenues came in at $1.26 billion, versus the consensus of $1.36 billion.

Royal Caribbean Cruises Ltd. (NYSE: RCL) 15% HIGHER; Goldman removes from Sell list

Foster Wheeler AG (Nasdaq: FWLT) 15% LOWER; reports Q4 EPS of $1.03 (ex-items), 8 cents better than estimates. Revenues were $1.64 billion vs. $1.78 billion consensus.

Marvel Enterprises (NYSE: MVL) 13.7% HIGHER; reports Q4 earnings of $0.80 per share, above the consensus of $0.70. Revenues came in at $224.3 million, versus the consensus of $213.5 million. Sees FY09 EPS of $1.00-$1.35 versus the consensus of $1.19. Sees FY09 revenues of $415-$460 million, versus the consensus of $448.18 million.

Nordstrom (NYSE: JWN) 12% HIGHER; reports Q4 EPS of $0.31, 1 cents better than the analyst estimate of $0.30. Revenues for the quarter were $2.3 billion, versus the consensus of $2.28 billion. Sees FY09 EPS of $1.10-$1.40, versus the Street estimate of $1.22. Sees FY09 comp sales down 10-15%. Will no longer give quarterly views.

Mohawk Industries, Inc. (NYSE: MHK) 11% LOWER; reports a Q4 loss of $1.87 vs. consensus for $0.24 profit - may not be comparable. Revenues were $1.485 billion vs. $1.54 billion consensus. Sees a Q1 loss of $0.80-$0.90, versus the consensus of a $0.28 profit.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) 10% HIGHER; reports Q4 EPS of $0.81, 5 cents better than the analyst estimate of $0.76. Revenues for the quarter were $630.2 million, versus the consensus of $626.59 million. Sees FY09 EPS of $2.65-$3.00, versus the consensus of $2.65.

Marvell Technology Group Ltd. (Nasdaq: MRVL) 8% HIGHER; Barclays upgrades

Taser (Nasdaq: TASR) 8% HIGHER; reports Q4 EPS of $0.06, 5 cents better than the analyst estimate of $0.01. Revenues for the quarter were $26.4 million, versus the consensus of $23.8 million.

iPass Inc. (Nasdaq: IPAS) 5% LOWER; reports Q4 loss of $0.02, 4 cents below the analyst estimate of $0.02. Revenues for the quarter were $46.4 million, versus the consensus of $49 million. Sees Q1 revs $42M to $45M versus $50 million . Sees Q1 loss of 4c to 7c versus 2 cents profit. Cutting 70 jobs.

Home Depot (NYSE: HD) 6% HIGHER; reports Q4 earnings of $0.19 per share, ex-items, above the consensus of $0.15. Revenues came in at $14.61 billion, versus the consensus of $14.67 billion. Home Depot sees 2009 EPS from cont ops down 7%. Sees 2009 sales down 9%. Sees 2009 sales down high single digits.

American Reprographics Company (NYSE: ARP) 5.8% LOWER; reports Q4 EPS of $0.14, versus the analyst estimate of $0.21. Revenues for the quarter were $154 million, versus the consensus of $158.90 million. Sees FY09 EPS of $0.50-$0.75, versus the consensus of $1.00.

Under Armour, Inc. (NYSE: UA) 5% LOWER; Goldman starts at Sell

Allscripts-Misys Healthcare Solutions, Inc. (Nasdaq: MDRX) 5% LOWER; Deutsche Bank downgrades to Sell

The9 Limited (Nasdaq: NCTY) 4% LOWER; reports Q4 EPS of $0.24, compared to $0.43 in the same quarter and the analyst estimate of $0.49. Revenues for the quarter were $59.4 million, versus the consensus of $64.72 million.

Ceradyne (Nasdaq: CRDN) 4% LOWER; reports Q4 earnings of $0.81 per share, or $0.87 ex-items, versus the consensus of $0.81. Revenues came in at $138.9 million, versus the consensus of $144.6 million. Ceradyne was cautious on its guidance saying, "because the situation is unclear, we believe it is advisable to revise the 2009 guidance we provided in December 2008 of $2.30 per fully diluted share on sales of approximately $600 million to a range of sales of $465 million to $500 million with earnings of $1.60 to $2.00 per fully diluted share."

Verenium Corporation (Nasdaq: VRNM) 4% LOWER; reports Q4 loss of $0.19, 8 cents better than the analyst estimate of ($0.27). Revenues for the quarter were $19 million, versus the consensus of $14.82 million. Since January 1, 2009, Verenium has reduced its temporary and permanent workforce by approximately 15%.

Columbia Sportswear (Nasdaq: COLM) 3% LOWER; Goldman starts at Sell

JPMorgan Chase (NYSE: JPM) 3% HIGHER; announced that the Board of Directors has reduced the company's quarterly common stock dividend from $0.38 to $0.05 per share, effective for the dividend payable April 30, 2009, to shareholders of record on April 6, 2009. The Board anticipates maintaining this level for the time being. This action will enable the company to retain an additional $5 billion in common equity per year.

HJ Heinz (NYSE: HNZ) 3% HIGHER; reports Q3 earnings of $0.76 per share, above the consensus of $0.64. Revenues came in at $2.41 billion, versus the consensus of $2.55 billion. HJ Heinz sees FY09 EPS of $2.87-$2.91 versus the consensus of $2.89.

Target Corp. (NYSE: TGT) 1.3% LOWER; reports Q4 EPS of $0.81, versus the consensus of $0.83. Revenues came in at $19.56 billion, versus the consensus of $19.53 billion.

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