Pre-Open Movers 6/30: H&R Block (HRB) Up on Results/Guidance; Myriad Genetics (MYGN) Lower on Drug Failure

June 30, 2008 9:27 AM EDT

StreetInsider.com Pre-Open Movers:

Red Lion Hotels Corporation (NYSE: RLH) 27% HIGHER; received an unsolicited, non-binding and conditional preliminary indication of interest to acquire the Company from Columbia Pacific Opportunity Fund, LP. Columbia also filed a Schedule 13D disclosing the preliminary indication of interest. Columbia submitted a non-binding offer to acquire all of the outstanding shares of Red Lion at cash price of $9.50 per share, representing a 35% premium to Friday's closing price of $7.05.

Tongjitang Chinese Medicines Co. (NYSE: TCM) 20% LOWER; announced that Mr. Xiaochun Wang, Chairman of the Board of Directors and Chief Executive Officer of the Company, and Mr. Yongcun Chen, a director of the Company, have withdrawn their proposal to acquire all outstanding shares of the Company in a letter to the Board of Directors dated June 27, 2008.

NDS Group plc (Nasdaq: NNDS) 16% HIGHER; received a proposal from News Corporation (NYSE: NWS) and two newly incorporated companies formed by funds advised by Permira to acquire the shares not already owned. Under the proposed deal, all issued NDS Series A ordinary shares, including shares represented by American Depositary Shares traded on NASDAQ, would be cancelled for per share consideration of $60 in cash. Shares of NDS Group closed at $49.70 on Friday.

H&R Block (NYSE: HRB) 7% HIGHER; reports Q4 earnings of $2.11 per share, above the consensus of $2.03. Revenues came in at $2.62 billion, versus the consensus of $2.5 billion. Sees FY09 EPS of $1.60-41.70 versus the consensus of $1.58. H&R Block's Board of Directors has voted to increase the annual cash dividend by three cents per share to 60 cents per share, resulting in a quarterly dividend of 15 cents per share beginning with the dividend payable Oct. 1, 2008. H & R Block board also voted to authorize $2 billion of share repurchases during the four-year period FY09 – FY12, although the Company expects to be particularly disciplined in FY09 as it rebuilds its balance sheet. Initial purchases are not anticipated prior to the fourth quarter of fiscal 2009.

Myriad Genetics (Nasdaq: MYGN) 5% LOWER; Announced results of theAct-Earli-AD trial, an 18-month Phase 3 study of Flurizan (tarenflurbil) in patients with mild Alzheimer's disease. The study did not achieve statistical significance on either of its primary endpoints (cognition and activities of daily living). CEO Peter Meldrum said, "We are disappointed that Flurizan failed to achieve significance in this study, and we will now discontinue development of this compound."

Canadian Solar (NASDAQ: CSIQ) 4.5% HIGHER; Signs 800MW Wafer Supply Agreement With LDK Solar (LDK)

Whole Foods Market, Inc. (NASDAQ: WFMI) 4% LOWER; UBS downgrades to Neutral

Level 3 Communications Inc. (NASDAQ: LVLT) 3% LOWER; Citi downgrades to Sell

Britannia Bulk Holdings (NYSE: DWT) 3% HIGHER; Cramer highlights on Mad Money

Powerwave Technologies (NASDAQ: PWAV) 2% HIGHER; Goldman upgrades

Atheros Communications (NASDAQ: ATHR) 1.2% HIGHER; Piper upgrades to Buy

Sysco Corp. (NYSE: SYY) 1% LOWER; UBS downgrades to Neutral

Campbell Soup Company (NYSE: CPB) 1% HIGHER; announced that its Board of Directors has authorized a new share repurchase program. Under the new program, Campbell is authorized to purchase up to $1.2 billion of its outstanding shares in open market and privately negotiated transactions. The program will be in place through the end of Campbell’s 2011 fiscal year. Additionally, Campbell updated its fiscal 2008 full-year guidance. The company now expects adjusted net earnings per share growth for its fiscal year ending August 3, 2008 to be at the upper end of the 5 to 7 percent range from the fiscal 2007 adjusted base of $1.95.

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