Pre-Open Movers 7/14: Fannie (FNM), Freddie (FRE) Up On U.S. Back-Stop Plan; Republic Services (RSG) Up on Waste Management Offer

July 14, 2008 9:27 AM EDT

StreetInsider.com Pre-Open Movers:

IndyMac Bank (NYSE: IMB) 35% LOWER; IndyMac Shut Down Due To Bank Run, FDIC Takes Over
Cardiome Pharma Corp. (NASDAQ: CRME) 30% HIGHER; announced positive clinical results from its 90-day Phase 2b study of vernakalant (oral). Cardiome Pharma said the final analysis demonstrated statistically significant efficacy for the patient group receiving 500mg b.i.d. of vernakalant (oral) as compared to placebo. The safety data from the final analysis also shows that vernakalant (oral) was well-tolerated in the atrial fibrillation population studied.

Fannie Mae (NYSE: FNM) 21% HIGHER; The U.S. Treasury plans to temporary increase in the line of credit the GSEs, give temporary authority for Treasury to purchase equity in either of the two GSEs "if needed", and give the Federal Reserve a consultative role in the new GSE regulator's process for setting capital requirements and other prudential standards.

Freddie Mac (NYSE: FRE) 20% HIGHER; The U.S. Treasury plans to temporary increase in the line of credit the GSEs, give temporary authority for Treasury to purchase equity in either of the two GSEs "if needed", and give the Federal Reserve a consultative role in the new GSE regulator's process for setting capital requirements and other prudential standards.

Republic Services, Inc. (NYSE: RSG) 18% HIGHER; Waste Management, Inc. (NYSE: WMI) made a proposal to the Board of Directors of Republic Services to acquire all of Republic's outstanding common stock for $34.00 per share in cash.

Lehman Brothers Holdings Inc. (NYSE: LEH) 12% HIGHER; Treasury department's plan to back Fannie Mae and Freddie Mac and reports the SEC will crack down on rumor mongering.

Allegheny Technologies Incorporated (NYSE: ATI) 11% HIGHER; expects Q2 earnings to be in the range of $1.65 to $1.67 per share, including a $0.11 per share one-time net tax benefit. ATI had previously said that it expected second quarter earnings to be somewhat higher than the $1.40 per share achieved in the first quarter 2008. The Wall Street consensus is $1.53.

Canadian Solar Inc. (Nasdaq: CSIQ) 10% HIGHER; said preliminary net revenues for the second quarter 2008 are expected to range from $210 to $214 million, compared to the forecasted range of $185 to $190 million. The Wall Street consensus is $186.6 million.

Solarfun Power Holdings Co. Ltd. (Nasdaq: SOLF) 7% HIGHER; announced that one of its wholly owned subsidiaries has entered into a 47.0 MW sales contract with Schüco International KG, a leading PV system provider in Europe.

ATMI, Inc. (Nasdaq: ATMI) 7% LOWER; announced second quarter revenues will be approximately $89 million with diluted earnings per share of approximately $0.30. The consensus is $98.9 million and the consensus of $0.33. The Company now anticipates full year revenues between $375 and $400 million, and diluted earnings per share of $1.25 to $1.40, compared to its prior guidance of revenues between $400-$420 million and diluted EPS between $1.32-$1.48. The consensus is $405.1 million and $1.42.

Zions Bancorp. (Nasdaq: ZION) 5% LOWER; Goldman cuts to Sell

Citigroup Inc. (NYSE: C) 5% HIGHER; Treasury department's plan to back Fannie Mae and Freddie Mac

Macy's, Inc. (NYSE: M) 4% HIGHER; JPMorgan upgrades to Neutral

Merrill Lynch (NYSE: MER) 4% HIGHER; Treasury department's plan to back Fannie Mae and Freddie Mac

Genzyme Corp. (Nasdaq: GENZ) 3% HIGHER; Citi upgrades to Buy

Alcoa, Inc. (NYSE: AA) 3% HIGHER; Goldman upgrades to Buy

Manpower Inc. (NYSE: MAN) 2% LOWER; Goldman cuts to Sell

Anheuser-Busch (NYSE: BUD) 1.5% HIGHER; InBev and Anheuser-Busch entered into an agreement to combine the two companies, forming the world's leading global brewer. Anheuser-Busch shareholders will receive $70 per share in cash, for an aggregate equity value of $52 billion.

Yahoo! Inc. (Nasdaq: YHOO) 1% LOWER; rejected a joint proposal from Microsoft (Nasdaq: MSFT) and Carl Icahn which included the acquisition of Yahoo!'s search business by Microsoft and the immediate replacement of the current Board and removal of the top management team at the company.

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