Pre-Open Movers 9/10: Lehman (LEH) Up After Release/Asset Sales; GFI Group (GFIG) Sinks As Merger Talks End

September 10, 2008 9:28 AM EDT

StreetInsider.com Pre-Open Movers:

GFI Group Inc. (Nasdaq: GFIG) 24% LOWER; terminated its discussions with Tullett Prebon plc regarding a possible business combination because the two companies failed to reach acceptable economic terms for a transaction.

Lehman Brothers (NYSE: LEH) 13% HIGHER; rebounds a bit after dropping 45% today after releasing Q3 results early. The company reported a Q3 loss of $5.92/share. They also reduced their real estate portfolio, agreed to sell a majority of of its investment management unit and cut its dividend.

ImClone Systems (NASDAQ: IMCL) 10% HIGHER; Tells Bristol-Myers (BMY) $60/Sh offer is inadequate; says it has a $70/Sh offer on the table from a large pharmaceutical company.

International Rectifier Corporation (NYSE: IRF) 9% HIGHER; Vishay Intertechnology, Inc. (NYSE: VSH) increased the price of its all-cash proposal to acquire all of the outstanding shares of International Rectifier common stock to $23.00 per share.

Hooker Furniture Corp. (Nasdaq: HOFT) 8% LOWER; reports Q2 EPS of $0.18, 6 cents lower than the analyst estimate of $0.24. Revenues for the quarter were $64.6 million, versus the consensus of $66.1 million.

Texas Instruments Incorporated (NYSE: TXN) 6% HIGHER; today narrowed its expected ranges for Q3 revenue and EPS. Sees sales of $3.33-$3.47 billion, narrowed from $3.26-$3.54 billion, versus the consensus of $3.4 billion and EPS in the range of $0.42-$0.46, narrowed from $0.41-$0.47, versus the consensus of $0.44.

Salesforce.com Inc. (NYSE: CRM) 4.5% HIGHER; will replace Freddie Mac (NYSE: FRE) in the S&P 500.

FedEx Corporation (NYSE: FDX) 4% HIGHER; expects to report earnings of $1.23 per diluted share for the first quarter ended August 31. Previous earnings guidance was $0.80 to $1.00 per diluted share. The Wall Street consensus is $0.95. For fiscal 2009, the company reaffirmed its earnings guidance of $4.75 to $5.25 per diluted share, as weaker macroeconomic conditions offset better-than-expected first quarter results.

Fastenal Co. (Nasdaq: FAST) 3.5% HIGHER; will replace Fannie Mae (NYSE: FRE) in the S&P 500.

Tyson Foods Inc. (NYSE: TSN) 3% LOWER; Prices 20M Shares at $12.75

United Parcel Service, Inc. (NYSE: UPS) 3% HIGHER; Raised guidance from FedEx

American Eagle Outfitters Inc. (NYSE: AEO) 3% HIGHER; BofA upgrades to Buy

Xcel Energy Inc. (NYSE: XEL) 2.2% LOWER; 15M share offering

Norfolk Southern Corp. (NYSE: NSC) 2% HIGHER; UBS upgrades to Buy

American Community Bancshares, Inc., (Nasdaq: ACBA) INDICATED HIGHER; Yadkin Valley Financial Corporation (Nasdaq: YAVY) to acquire the company in a transaction with a total value of approximately $92 million.

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