Morning Movers 4/8: SPSN, CTX, HIG, LNC, CTB, RT, BBBY Higher; SCSC, R, SIMO, ELX Lower

April 8, 2009 9:38 AM EDT

Spansion Inc. (Nasdaq: SPSN) 122% HIGHER; announced that it has settled its patent litigation lawsuits with Samsung Electronics. As part of the settlement, Samsung will pay Spansion $70 million and Spansion and Samsung Electronics Company have exchanged rights in their patent portfolios in the form of licenses and covenants subject to a confidential settlement agreement. The settlement ends the patent disputes between the two companies and is a significant step forward in Spansion's reorganization process, demonstrating the company's intense focus on improving its financial position in the current economic climate.

Centex Corporation (NYSE: CTX) 31% HIGHER; announced that it and Pulte Homes (NYSE: PHM) will combine in a stock-for-stock transaction valued at $3.1 billion, including $1.8 billion of net debt. Click here for the full report.

Hartford Financial (NYSE: HIG) 28% HIGHER; insurance stocks are spiking this morning on reports that the Treasury could extend TARP funds to life insurers.

Lincoln National (NYSE: LNC) 27.9% HIGHER; see Hartford.

Principal Financial Group (NYSE: PFG) 27% HIGHER; see Hartford.

Cooper Tire & Rubber (NYSE: CTB) 22.2% HIGHER; upgraded to Overweight at JP Morgan. The firm cites industry volumes are likely to stabilize and improve in coming quarters.

Ruby Tuesday (NYSE: RT) 19.5% HIGHER; reports Q3 EPS of $0.09, versus the analyst estimate of $0.11. Revenue for the quarter was $317.5 million, versus the consensus of $311.07 million. Same store sales fell 6.8% during the quarter. Raises its FY09 same store sales guidance from down 9-10% to 8-9%. Also raises its FY09 GAAP loss guidance from $0.45-$0.55 to $0.40-$0.50. The Street is currently looking for a FY09 EPS of $0.28. The stock was also upgraded at KeyBanc.

Bed Bath & Beyond Inc. (Nasdaq: BBBY) 13.6% HIGHER; reports Q4 EPS of $0.55, 11 cents better than the analyst estimate of $0.44. Revenue for the quarter was $1.92 billion, versus the consensus of $1.92 billion. The stock was also upgraded from Underweight to Neutral at JP Morgan.

Websense, Inc. (Nasdaq: WBSN) 12.1% HIGHER; reports preliminary Q1 sales in the range of $86-$87 million, versus the consensus of $84.66 million. Non-GAAP EPS should be $0.35-$0.38, which compares to the Street estimate of $0.30. Cash flow from operations is expected to exceed $30 million, compared to $18.9 million in Q108. Also reiterated its FY09 non-GAAP sales outlook of $342-$350 million, versus the consensus of $345.67 million.

Lennar (NYSE: LEN) 10.8% HIGHER; see Centex.

ScanSource, Inc. (NASDAQ: SCSC) 10.8% LOWER; reports preliminary sales results for Q3 of $387-$393 million, versus the consensus of $459.33 million, and compared to $514 million in the same quarter last year.

Goodyear (NYSE: GT) 10.4% HIGHER; upgraded to Overweight at JP Morgan. The firm cites industry volumes are likely to stabilize and improve in coming quarters.

Ryder System, Inc. (NYSE: R) 10.3% LOWER; lowers its Q1 EPS guidance from $0.40-$0.50 to $0.22-$0.24, versus the Street estimate of $0.46.

JoS. A. Bank Clothiers, Inc. (NASDAQ: JOSB) 9% HIGHER; reports FY08 EPS of $3.17, compared to $2.72 reported in '07. Revenue for the quarter was $695.9 million, versus $604 million last year.

Juniper Networks, Inc. (NASDAQ: JNPR) 8.5% HIGHER; lowers its Q1 sales guidance from $800-$830 million to $760-$765 million, versus the consensus of $794.32 million. Non-GAAP EPS outlook is narrowed from $0.15-$0.17 to $0.16-$0.17, which compares to the Street estimate of $0.17. Brean Murry also started coverage on the stock with a Buy.

Silicon Motion Technology Corporation (Nasdaq: SIMO) 8.4% LOWER; lowers its Q1 sales outlook from down 20-30% to down 30-35%, sequentially. Gross margin for the quarter move from 48-50% to 43-44%.

MGM MIRAGE (NYSE: MGM) 7.3% HIGHER; momentum in this name is continuing, but to the upside today. The stock fell nearly 20% yesterday and appears to be the only casino operator (of the big 3) that is rebounding sharply this morning.

KB Home (NYSE: KBH) 7.4% HIGHER; surging with the rest of the homebuilders.

Capstone Turbine Corporation (NASDAQ: CPST) 6.7% HIGHER; today announced that, based on preliminary results for Q409, it lowered cash used substantially from Q3. The company also announced the elimination of 22 additional professional positions during March 2009. Click here for the full report.

Toll Brothers (NYSE: TOL) 6.4% HIGHER; see Centex.

Emulex (NYSE: ELX) 6% LOWER; J.P. Morgan downgrades Emulex all the way from Overweight to Underweight.

F5 Networks Inc. (Nasdaq: FFIV) 5.8% HIGHER; sees second quarter revenue of $154.1 million, below the company’s guidance of $157-$164 million. The Wall Street consensus is $157.2 million. F5 Networks' Non-GAAP EPS is expected to be $0.37-$0.38 per diluted share, within the company’s guided range of $0.36-$0.38 per diluted. The Wall Street consensus is $0.36.

DR Horton (NYSE: DHI) 5.6% HIGHER; see Centex.

The Mosaic Company (NYSE: MOS) 5% LOWER; reports Q3 EPS of $0.13, versus the analyst estimate of $0.24. Revenue for the quarter was $1.4 billion, versus the consensus of $1.89 billion. Phosphate market appears to have stabilized. Q4 potash sales to remain weak.

DryShips (Nasdaq: DRYS) 4.6% HIGHER; slightly rebounding today following nearly 3 straight weeks of a sinking Baltic Dry Index.

King Pharmaceuticals Inc. (NYSE: KG) 4.4% HIGHER; Goldman Sachs added KG to its Conviction Buy List.

ProLogis (NYSE: PLD) 4.3% HIGHER; announced the pricing of 152 million common shares in a public offering at a price of $6.60 per share. The company has granted the underwriters a 30-day option to purchase up to an additional 22.8 million shares to cover overallotments, if any.

BigBand Networks (Nasdaq: BBND) 4.3% LOWER; Jefferies & Co downgrades from Hold to Underperform. Price target increased to $4.75.

CarMax (NYSE: KMX) 4% LOWER; Credit Suisse downgrades from Neutral to Underperform.

Computer Sciences Corporation (NYSE: CSC) 3.2% LOWER; Citi initiates coverage on with a Sell. Price target $30. Click here for more color on the coverage.

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