Morning Movers 11/18: HP (HPQ) Up on Strong Prelim Results/Guidance; Yahoo! (YHOO) Jumps After Yang Exits

November 18, 2008 9:39 AM EST

StreetInsider.com Morning Movers:

IDM Pharma, Inc. (Nasdaq: IDMI) 53% HIGHER; announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency has issued a positive opinion, recommending grant of a centralized marketing authorization for mifamurtide (L-MTP-PE), known as MEPACT(R) in Europe, for the treatment of patients with non-metastatic, resectable osteosarcoma, a rare and often fatal bone tumor that typically affects children and young adults. The CHMP recommendation will be adopted at the next CHMP meeting in December with final European Commission approval expected within 60 to 90 days thereafter.

XFMedia (Nasdaq: XFML) 26% LOWER; reports Q3 EPS of $0.10, ex-items, 2 cents lower than the analyst estimate of $0.12. Revenue for the quarter was $51.1 million, versus the consensus of $53.36 million. Sees Q4 sales in the range of $48-$50 million, versus the consensus of $61.67 million, and adj-EPS of $0.04-$0.06, versus the Street estimate of $0.11. Lowers its FY08 sales guidance from $198-$208 million to $185-$187 million, versus the consensus of $200.96 million. FY08 adj-EPS move from $0.33-$0.35 to $0.28-$0.30, versus the consensus of $0.34.

ReneSola (NYSE: SOL) 17% LOWER; reports Q3 earnings of $0.46 per share, above the consensus of $0.36. Revenues came in at $215.8 million, versus the consensus of $203.2 million. ReneSola sees FY08 revenues of $640-$670 million, versus the consensus of $698 million.

HP (NYSE: HPQ) 14% HIGHER; reports preliminary Q4 sales of $33.6 billion, versus the consensus of $33.09 billion. Preliminary non-GAAP EPS were $1.03, which compares to the Street estimate of $1.00. Sees Q1 sales of $32-$32.5 billion, versus the consensus of $33.72 billion, and non-GAAP EPS of $0.93-$0.95, versus the consensus of $0.93. For FY09, HP sees sales of $127.5-$130 billion and non-GAAP EPS of $3.88-$4.03, versus the Street estimates of $117.78 billion and EPS of $3.59.

Yahoo! Inc. (Nasdaq: YHOO) 12% HIGHER; CEO Jerry Yang steps down. Investors now have renewed hope of a buyout.

DivX, Inc. (Nasdaq: DIVX) 11% LOWER; announced a revision to its revenue and earnings estimates for the fiscal year ending December 31, 2008, following notification from a major advertising customer, Yahoo!, Inc. (Nasdaq: YHOO) that it intends to breach the two-year advertising services agreement announced in September 2007 between the two companies and discontinue making payments required under the agreement. Lowers its FY08 sales guidance from $95-$97 million to $90-$92 million, versus the consensus of $98.50 million, and non-GAAP EPS from $0.58-$0.60 to $0.49-$0.51, versus the Street estimate of $0.59.

Host Hotels & Resorts, Inc. (NYSE: HST) 11% LOWER; said as a result of the worsening economy, which is significantly slowing travel and negatively impacting the Company's operations, the Company is revising its fourth quarter and full year 2008 comparable hotel RevPAR guidance, and withdrawing its remaining 2008 guidance.

Sigma Designs, Inc. (NASDAQ: SIGM) 10% LOWER; lowers guidance. Net revenue for the third quarter of fiscal 2009 is now expected to be approximately $46.5 million, a decline of approximately 20 percent from net revenue of $58.2 million reported for the second quarter of fiscal 2009. Prior outlook for the third quarter of fiscal 2009 was for revenue to be in a range comparable to the second quarter. At this time, the outlook for the fourth quarter is for revenue to be flat to down 10% from the third fiscal quarter of 2009.

Corning (NYSE: GLW) 7% LOWER; announced today that the company has withdrawn its previously disclosed financial guidance for Q4 and FY09. Sees Q4 sales below its previously issued guidance of $1.1-$1.2 billion, with EPS at the low end or below its guidance of $0.20-$0.28. The Street is estimating Q4 sales and EPS of $1.33 billion and $0.25, respectively.

Alpha Natural Resources Inc. (NYSE: ANR) 6% LOWER; Cliffs Natural (NYSE: CLF) and Alpha Natural Resources Announce Litigation Settlement and Termination of Definitive Merger Agreement

MEMC Electronic Materials, Inc. (NYSE: WFR) 4% LOWER; lowers its Q4 sales guidance from $540-$600 million to $475-$525 million, versus the consensus of $565.36 million. Gross margins are expected to be about 48%, which compares to the company's previous guidance for margins over 50%. Additionally, the company sees opearting expenses of about $27 million, compared to its prior guidance for $41 million in expenses. The decrease in targeted operating expenses is due to the decrease in stock compensation expense resulting from the forfeiture of option grants in connection with the decision of the company's former Chief Executive Officer, Nabeel Gareeb, to step down from his positions with the Company.

Coca-Cola Co. (NYSE: KO) 3.8% LOWER; UBS downgrades to Neutral

Home Depot (NYSE: HD) 3.5% HIGHER; reports Q3 earnings of $0.45 per share, above the consensus of $0.38. Revenues came in at $17.78 billion, versus the consensus of $17.74 billion. Given the continued softness in the housing and home improvement markets as well as negative macro economic conditions, Home Depot now believes that fiscal 2008 sales could be down as much as 8 percent for the year. The Company expects that earnings per share from continuing operations will decline by approximately 24 percent, consistent with previous guidance.

Kellogg Co. (NYSE: K) 3% LOWER; UBS downgrades to Neutral

Southern Copper (NYSE: PCU) 3% LOWER; Morgan Stanley downgrades to Underweight

Stericycle Inc. (NASDAQ: SRCL) 2.6% HIGHER; will replace Anheuser-Busch in the S&P 500.

Pepsico, Inc. (NYSE: PEP) 2% LOWER; UBS downgrades to Neutral

ArvinMeritor (NYSE: AMR) 2% LOWER; reports Q4 earnings of $0.38 per share, above the consensus of $0.35. Revenues came $1.72 billion, versus the consensus $1.76 billion. Sees FY09 EPS of $0.80-$1.00, ex-items, versus the consensus of $1.36. Sees FY09 revenues of $4.9-$5.2 billion, versus the consensus of $6.79 billion.

Ford (NYSE: F) 2% HIGHER; Senate Democrats proposed and auto bailout bill. The bill will provide $25 billion in loans to automakers, with 5% interest in first five year and 9% thereafter. The bill also mandates limits on senior executive pay, bans bonuses for executives making more than $250,000. The bill also bans dividend payments during the period of loan repayments.

Diamond Foods Inc. (NASDAQ: DMND) 2% HIGHER; will replace Flowers Foods in the S&P SmallCap 600

Wyeth (NYSE: WYE) 1% HIGHER; will replace Anheuser-Busch Companies Inc. (NYSE: BUD) in the S&P 100.

GM (NYSE: GM) 4% LOWER; Senate Democrats proposed and auto bailout bill. The bill will provide $25 billion in loans to automakers, with 5% interest in first five year and 9% thereafter. The bill also mandates limits on senior executive pay, bans bonuses for executives making more than $250,000. The bill also bans dividend payments during the period of loan repayments.

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