Morning Movers: 2/10: Principal Financial (PFG) Lower On Results; SiRF Technology (SIRF) Jumps On Merger

February 10, 2009 9:56 AM EST

StreetInsider.com Morning Movers:

SiRF Technology Holdings, Inc. (Nasdaq: SIRF) 54% HIGHER; Announced a stock-for-stock merger agreement with CSR plc. Under the terms of the agreement, SiRF stockholders will receive 0.741 of a CSR share for each share of SiRF common stock they own. Based on the closing stock price for CSR on February 9, 2009, this consideration would be equivalent to $2.06 of CSR stock for each SiRF share, representing total consideration of $136 million. This represents a premium to SiRF stockholders of approximately 91% over SiRF's closing stock price on February 9, 2009.

The Principal Financial Group (NYSE: PFG) 20% LOWER; reports Q4 EPS of $0.69, 3 cents better than the analyst estimate of $0.66. Q4 gross unrealized losses on MBS, ABS loss widens from $1.5 billion to $3 billion. Unrealized corporate debt losses rose from $2.8 billion to $5.1 billion.

Haynes International (Nasdaq: HAYN) 20% LOWER; reports Q1 EPS of $0.38, which may or may not compare to the analyst estimate of $0.58. Revenue for the quarter was $134.3 million, versus the consensus of $131 million.

Lions Gate Entertainment (NYSE: LGF) 20% LOWER; reports Q3 loss of $0.81, which may not compare to the analyst estimate of ($0.20). Revenue for the quarter was $324 million, versus the consensus of $348.83 million.

Corrections Corp. of America (NYSE: CXW) 15% LOWER; reports Q4 earnings of $0.32 per share, above the consensus of $0.30. Revenues came in at $414.4 million, versus the consensus of $420 million. Sees Q1 EPS of $0.24-$0.26 versus the consensus of $0.30. Sees FY09 EPS of $1.10-$1.20, versus the consensus of $1.34.

Safe Bulkers, Inc. (NYSE: SB) 13% LOWER; reports Q4 EPS of $0.22, versus the analyst estimate of $0.65. Revenue for the quarter was $46.6 million, versus the consensus of $52.42 million. Cuts its quarterly dividend by 68% from $0.47 to $0.15 per common share.

Zoltek Companies, Inc. (Nasdaq: ZOLT) 12% LOWER; reports Q1 EPS of $0.02, versus the analyst estimate of $0.13. Revenue for the quarter was $38.6 million, versus the consensus of $50.31 million.
American Financial Group (NYSE: AFG) 11.6% HIGHER; reports Q4 Core EPS of $1.04 vs. the analyst estimate of $0.97. (NOTE - diluted net Q4 EPS was $0.32) Revenues were $1.1 billion compared to $1.04 billion for the same period last year.

Innophos (Nasdaq: IPHS) 11% LOWER; reports Q4 EPS of $2.40, versus the analyst estimate of $1.99 and compared to a $0.19 loss in the same quarter last year. Revenue for the quarter was $216.4 million, versus the consensus of $250.38 million.

Verigy (NASDAQ: VRGY) 11% LOWER; lowers its Q1 sales guidance from $95-$110 million to $66-$68 million, versus the consensus of $97.53 million.

Hercules Offshore (Nasdaq: HERO) 11% HIGHER; reports Q4 earnings of $0.42 per share, ex-items, above the consensus of $0.26. Revenues came in at $313.5 million, versus the consensus of $299.2 million.

JA Solar Holdings (Nasdaq: JASO) 8% HIGHER; BofA ugprade

Energy Conversion Devices, Inc. (Nasdaq: ENER) 7% HIGHER; Piper Jaffray upgrades

Qwest (NYSE: Q) 7% HIGHER; reports Q4 earnings of $0.11 per share, above the consensus of $0.10. Revenues came in at $3.31 billion, versus the consensus of $3.31 billion. Qwest sees adjusted EBITDA of $4.2-$4.4 billion.

Genworth Financial Inc. (NYSE: GNW) 7% HIGHER; reports Q4 operating loss of $0.48, including items, so may not compare to the analyst estimate of $0.37. "Genworth navigated extremely difficult market conditions in the fourth quarter of 2008 and ended the year with an improved capital base, sound liquidity and a refined specialist insurer strategy," said Michael D. Fraizer, chairman and chief executive officer. "We clearly are not satisfied with our results, but we did make substantial progress in a number of areas that support our business line strategies and lay the foundation for improved performance when economic and financial market conditions subside. In addition, while the 2009 environment will remain challenging, Genworth is positioned to maintain appropriate capital and liquidity levels, effectively serve our customers and selectively pursue options that enhance future capital cushions and flexibility."

Trina Solar Ltd. (NYSE: TSL) 6.5% HIGHER; BofA upgrades to Buy

Capstone Turbine (Nasdaq: CPST) 6.4% LOWER; reports Q3 loss of $0.06, 1 cent lower than the analyst estimate of ($0.05). Revenue for the quarter was $11.5 million, versus the consensus of $16.26 million.

Vulcan Materials (NYSE: VMC) 6% HIGHER; reports Q4 EPS of $0.14, below the analyst estimate of $0.30. Revenue for the quarter was $757 million, versus the consensus of $834.11 million.

American Science and Engineering (Nasdaq: ASEI) 5.9% HIGHER; reports Q3 EPS of $1.13, 22 cents better than the analyst estimate of $0.91. Revenue for the quarter was $65.3 million, versus the consensus of $62.82 million. “This is another record quarter — revenues increased more than 50% and gross profit margin increased more than eight points to 44% from the same period one year ago,” said Anthony Fabiano, AS&E’s President and CEO.

Safeway Inc. (NYSE: SWY) 5.6% LOWER; Citi downgrades

Encore Wire Corp. (Nasdaq: WIRE) 5% HIGHER; reports Q4 EPS of $0.72, which may not compare to the analyst estimate of $0.28. Revenue for the quarter was $180.2 million, versus the consensus of $214.27 million.

Yingli Green Energy (NYSE: YGE) 5% HIGHER; reports Q4 EPS of RMB 0.79, compared to RMB 1.07 in the same quarter last year. Revenue for the quarter was RMB 1.761 billion, versus the consensus of RMB 1.62 billion.

Time Warner Inc. (NYSE: TWX) 4.3% LOWER; Bernstein downgrades to Market Perform

Lincare Holdings (Nasdaq: LNCR) 4% LOWER; reports Q4 EPS of $0.79, 2 cents better than the analyst estimate of $0.77. Revenue for the quarter was $415.1 million, versus the consensus of $422.98 million.

Yahoo! Inc. (Nasdaq: YHOO) 3% LOWER; Needham downgrades

Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) 3% LOWER; announced the discontinuation of the current recombinant human Mannose-Binding Lectin (rhMBL) clinical program, as it did not meet the criteria established for its continued development. Sepertaly, Enzon announced the FDA accepted the Company's Investigational New Drug (IND) application for the use of its Survivin antagonist. The Company will open a Phase I study evaluating safety of the Survivin antagonist during the first quarter of 2009.

General Motors (NYSE: GM) 3% HIGHER; Will reduce salaried employment globally from a current level of 73,000 to approximately 63,000. GM also announced a temporary pay reduction for a majority of U.S. salaried employees.

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