Pre-Open Movers 6/12: Lehman (LEH) Sinks After CFO and COO Fired; Applied Biosystems (ABI) Up on Buyout

June 12, 2008 9:30 AM EDT

StreetInsider.com Pre-Open Movers:

Air T, Inc. (Nasdaq: AIRT) 20% HIGHER; announces record consolidated net earnings of $3,402,000 ($1.40 per diluted share) for fiscal 2008, which ended March 31, 2008, compared to net earnings of $2,486,000 ($0.94 per diluted share) for fiscal 2007. Consolidated revenue for fiscal 2008 was $78,399,000 compared to $67,303,000 for fiscal 2007

CytRx Corporation (Nasdaq: CYTR) 15% HIGHER; Brean Murray starts at Buy

China Medical Tech (Nasdaq: CMED) 14% HIGHER; reports Q4 earnings of $0.53 per share, above the consensus of $0.44. Revenues came in at $40.5 million, versus the consensus of $37 million. China Medical sees FY09 EPS of $2.87-$2.96, versus the consensus of $2.10. Sees FY09 revenues of $169.7-$175.4 million, versus the consensus of $167.15 million.

KeyCorp (NYSE: KEY) 11% LOWER; Discloses $1.1-$1.2B Charge; To Raise $1.5B, and Reduce Dividend

Cyberonics (Nasdaq: CYBX) 11.7% HIGHER; reports Q2 EPS of $0.04, 4 cents better than the analyst estimate of $0.00. Revenues for the quarter were $33.9 million, versus the consensus of $31.60 million. Sees FY09 sales in the range of $134-$138 million, versus the consensus of $134.40 million. Cyberonics sees positive earnings next year, but did not give specific guidance.

99 CENTS Only (NYSE: NDN) 9.4% LOWER; reports a Q4 loss of $0.06, 7 cents worse than the analyst estimate of $0.01. Revenues for the quarter were $290.5 million, versus the consensus of $291.90 million. Announced a $30 million buyback. Will temporarily suspend its expansion plan in Texas while it evaluates the Texas market.

National CineMedia, Inc. (NASDAQ: NCMI) 8% LOWER sees Q2 revenues between $83-$86 million vs. consensus of $90.98 million.

Applied Biosystems Group (NYSE: ABI) 8% HIGHER; Invitrogen and Applera Corporation today announced that their Boards of Directors have approved a definitive merger agreement, under which Invitrogen will acquire all of the outstanding shares of Applera's Applied Biosystems in a cash and stock transaction valued at $6.7 billion.

Verasun Energy, Corp. (NYSE: VSE) 8% LOWER; Citi downgrade

Anheuser-Busch Cos. Inc. (NYSE: BUD) 7.6% HIGHER; has received an unsolicited, non-binding proposal from InBev to acquire all of the outstanding shares of Anheuser-Busch for $65 per share in cash.

Invitrogen (NASDAQ: IVGN) 7% LOWER; Invitrogen and Applera Corporation today announced that their Boards of Directors have approved a definitive merger agreement, under which Invitrogen will acquire all of the outstanding shares of Applera's Applied Biosystems in a cash and stock transaction valued at $6.7 billion.

Rockwood Holdings, Inc. (NYSE: ROC) 7% LOWER; funds affiliated with Kohlberg Kravis Roberts & Co. L.P and DLJ Merchant Banking Partners III, as well as certain management stockholders, have agreed to sell 10,000,000 shares of its common stock.

Lehman Brothers (NYSE: LEH) 5.9% LOWER; CFO, Erin M. Callan, and President/COO, Joseph M. Gregory, are both out.

Teekay Offshore Partners LP (NYSE: TOO) 5.6% LOWER; Announces Public Offering of 7,000,000 Common Units

Tenet Healthcare Corp. (NYSE: THC) 4% HIGHER; Lehman upgrades to Overweith

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) 4% LOWER; Citi downgrade

Casey's General Stores (Nasdaq: CASY) 4% HIGHER; reports Q4 EPS of $0.28, 3 cents better than the analyst estimate of $0.25. Revenues for the quarter were $1.2 billion, versus the consensus of $1.19 billion. Raises its quarterly dividend to $0.075 per common share.

Spartech (NYSE: SEH) 3.6% HIGHER; reports Q2 EPS of $0.14, 2 cents better than the analyst estimate of $0.12. Revenues for the quarter were $367.3 million, versus the consensus of $385.25 million.

Qualcomm (Nasdaq: QCOM) 2.3% HIGHER; raises its Q3 non-GAAP EPS guidance from $0.50-$0.52 to $0.54-$0.55, versus the consensus of $0.52. Qualcomm sees Q2 revs "just above high end of forecast" of $2.5-$2.7 billion, versus the consensus of $2.61 billion. For FY08, Qualcomm sees EPS in the range of $2.09-$2.13, versus the consensus of $2.11.

Nortel Networks Corp. (NYSE: NT) 2% HIGHER; JPMorgan upgrades to Overweight

Archer-Daniels-Midland Co. (NYSE: ADM) 1.5% LOWER; Citi downgrade

Compton Petroleum Corp. (NYSE: CMZ) INDICATED HIGHER; determined to commence a process to seek a buyer for all of the outstanding common shares of the Company

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