Morning Movers 10/06: Citigroup (C) Lower on Wachovia Battle; Imclone (IMCL) Up After Eli Lilly Takeover

October 6, 2008 9:30 AM EDT

StreetInsider.com Morning Movers:

National City Corporation (NYSE: NCC) 23% LOWER; Fitch downgrade

Arcelor Mittal (NYSE: MT) 13% LOWER; Deutsche Bank downgrade

OSI Pharmaceuticals (Nasdaq: OSIP) 11% LOWER; Genentech, Inc. (NYSE: DNA) and OSI Pharmaceuticals announced that a randomized Phase III study (BeTa Lung) evaluating Avastin in combination with Tarceva in patients with advanced non-small cell lung cancer whose disease had progressed following platinum-based chemotherapy did not meet its primary endpoint of improving overall survival compared to Tarceva in combination with placebo.

Citigroup Inc. (NYSE: C) 7% LOWER; Battles Wells Fargo for Wachovia

Standard Pacific (NYSE: SPF) 7% LOWER; JP Morgan downgrades to Underweight

Netflix Inc. (Nasdaq: NFLX) 6% LOWER; sees Q3 GAAP EPS in the range of $0.26-$0.35 and non-GAAP sales of $343-$348 million, versus the consensus of $345.83 million. For Q4, Netflix lowers its previously issued sales guidance from $357-$367 million to $353-$359 million, versus the consensus of $364.83 million. Ending subscribers for the quarter go from 9.1-9.7 million to 8.95-9.25 million. GAAP EPS for the quarter are raised from $0.29-$0.37 to $0.30-$0.38.

Exide Technologies (Nasdaq: XIDE) 5% LOWER; said second quarter net sales are expected to increase 6% to $910 million, below the consensus of $987.6 million. Adjusted EBITDA for the second quarter is expected to be in the range of $61.0 million to $63.0 million. In addition, the Company expects Free Cash Flow for the second quarter to be approximately $37.0 million.

Flextronics International Ltd. (NASDAQ: FLEX) 5% LOWER; Collins Stewart downgrades to Hold

Imclone Systems (NASDAQ: IMCL) 4.5% HIGHER; Eli Lilly (NYSE: LLY) To Acquire Imclone for $70/Share

Unisys Corp. (NYSE: UIS) 4% HIGHER; Lichtenstein's Steel Partners II Discloses 5.4% Stake in Unisys

Double-Take Software, Inc. (NASDAQ: DBTK) 4% LOWER; now expects third quarter revenue to be in the range of $23.8 million to $24.0 million, compared to its previous guidance of $25.7 million to $26.3 million. The Company expects net income per diluted share to be $0.10 to $0.11 per share and adjusted, non-GAAP net income per diluted share to be $0.14 to $0.15 per share. Previous guidance for adjusted, non-GAAP net income per diluted share was $0.15 to $0.16 per share.

eBay Inc. (NASDAQ: EBAY) 3% LOWER; Buys Bill Me Later and dba.dk. The company also announced plans to reduce its global workforce by approximately 10 percent. The company also stated it expects to hit the low end of its Q3 2008 revenue guidance and exceed GAAP and non-GAAP earnings per share guidance.

Coca-Cola Co. (NYSE: KO) 2.8% LOWER; Deutsche Bank downgrades

IDEX Corporation (NYSE: IEX) INDICATED LOWER; sees Q3 revenues to be approximately $365 million, below the consensus of $384.5 million. Excluding restructuring expenses, third quarter EPS is expected to be $0.52 to $0.53 versus previous guidance of $0.53 to $0.56, and below the consensus of $0.55.

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Related Entities

• Deutsche Bank
• JPMorgan
• Steel Partners
• Warren Lichtenstein
• Citi
• Wachovia
• Collins Stewart

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