After-Hours Movers 8/27: MBIA (MBI) Up on Reinsurance News; TiVo (TIVO) Lower After Results/Guidance

August 27, 2008 5:51 PM EDT

StreetInsider.com After-Hours Movers:

MBIA Inc. (NYSE: MBI) 11% HIGHER; announced that its insurance subsidiary, MBIA Insurance Corporation (MBIA), has agreed to reinsure a portfolio of U.S. public finance bonds insured by Financial Guaranty Insurance Company (FGIC) with total net par outstanding estimated to be approximately $184 billion as of September 30, 2008. MBIA will receive unearned upfront premiums, net of a ceding commission paid to FGIC, of approximately $741 million in connection with the reinsurance.

Radian Group Inc. (NYSE: RDN) 7% HIGHER; MBIA news (see above)

Ambac Financial (NYSE: ABK) 7% HIGHER; MBIA news (see above)

Jo-Ann Stores, Inc. (NYSE: JAS) 7% HIGHER; reports a Q2 loss of $0.47, versus the analyst estimate of ($0.66). Revenues for the quarter were $403 million, versus the consensus of $403.38 million. Raises its FY08 EPS guidance from $0.75-$0.85 to $0.95-$1.05, versus the consensus of $0.94. Same store sales growth of 2-3.5% for the year.

TiVo Inc. (Nasdaq: TIVO) 5% LOWER; reports Q2 EPS of $0.03, 5 cents better than the analyst estimate of ($0.02). Revenues for the quarter were $65.2 million, versus the consensus of $55.35 million. TiVo sees Q3 revenues of $49 million to $51 million versus $57 million consensus. Sees Q3 $7 million-$9 million net loss.

Giant Interactive (NYSE: GA) 3.5% LOWER; reports Q2 non-GAAP EPS of $0.21, 1c better than the analyst estimate of $0.20. Revenues for the quarter were $73.6 million, versus the consensus of $72.18 million.

Men's Wearhouse (NYSE: MW) 3.3% HIGHER; reports Q2 EPS of $0.72, 2 cents better than the analyst estimate of $0.70. Revenues for the quarter were $545.3 million, versus the consensus of $554.62 million. Men's Wearhouse sees Q3 36c-40c versus 53 cents consensus. Men's Wearhouse sees $1.50 to $1.60 versus $1.63.

PMI Group Inc. (NYSE: PMI) 2% HIGHER; MBIA news (see above)

Fannie Mae (NYSE: FNM) 2% LOWER; announces management restructuring. The executives include Peter Niculescu, who has assumed the duties of Chief Business Officer, as well as the appointments of David C. Hisey as Chief Financial Officer and Michael Shaw as Chief Risk Officer. Executive Vice President and current Chief Business Officer, Robert J. Levin, has announced his intention to retire from the company early next year after 27 years of service. David C. Hisey has been named Executive Vice President and Chief Financial Officer, reporting to the President and Chief Executive Officer. Michael Shaw has been named Chief Risk Officer, reporting to the President and Chief Executive Officer and the Board of Directors. David C. Benson, currently Senior Vice President and Treasurer, has been promoted to Executive Vice President-Capital Markets and Treasury, with management responsibilities for the company's retained mortgage investment portfolio, liquidity and debt issuance. Fannie Mae's current Executive Vice President and Chief Financial Officer, Stephen Swad, who joined Fannie Mae in the spring of 2007, has chosen to leave the company and will pursue other opportunities in private equity. The company's current Executive Vice President and Chief Risk Officer, Enrico Dallavecchia, has informed the company that he intends to leave the company to pursue other opportunities in finance and risk management.

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