Pre-Open Movers 7/16: Alpha Natural Resources (ANR) Higher on Cleveland-Cliffs Buyout; CB&I (CBI) Sinks On Cost Overruns

July 16, 2008 9:27 AM EDT

StreetInsider.com Pre-Open Movers:

Orion Energy Systems, Inc. (Nasdaq: OESX) 42% LOWER; sees Q1 revs in the range of $16.1-$16.3 million, versus the consensus of $21.85 million. Given softer than anticipated Q1 revenues, Orion is revising its previously issued FY09 guidance to $101-$103 million, versus the consensus of $119.63 milli

Asyst Technologies, Inc. (Nasdaq: ASYT) 30% HIGHER; received an unsolicited letter from Aquest Systems Corp. expressing an interest in exploring a potential acquisition of Asyst for $6.50 in cash per share. Consistent with its fiduciary duties, Asyst's Board of Directors is reviewing the expression of interest in consultation with its financial and legal advisors.

Alpha Natural Resources, Inc. (NYSE: ANR) 23% HIGHER; Cleveland-Cliffs is buying the company in a cash and stock transaction valued at approximately $10 billion.

Intervoice, Inc. (NASDAQ: INTV) 21% HIGHER; Convergys Corporation (NYSE: CVG) and Intervoice approved a definitive merger agreement under which Convergys will acquire Intervoice for $335 million in cash or $8.25 per share.

CB&I (NYSE: CBI) 19% LOWER; will recognize a pre-tax charge of approximately $317 million or $2.38 per share in the second quarter for forecasted cost overruns associated with two major LNG projects in the UK. CB&I updated annual earnings guidance is $0.40 to $0.60 per share, which may not compare to the consensus is $2.41.

Wells Fargo (NYSE: WFC) 12.7% HIGHER; reports Q2 EPS of $0.53, versus the consensus of $0.50. Revenues came in at $11.46 billion, versus the consensus of $10.65 billion. Reports $2.3 billion of higher provision expense. As a result of the Company’s performance and confidence in long-term growth, the Board of Directors increased the Company’s third quarter common stock dividend to $0.34 per share, an increase of 10 percent from the second quarter dividend of $0.31 per share.

Trina Solar Limited (NYSE: TSL) 10% HIGHER; announced that for Q2 of 2008, Trina Solar expects its net revenues to be in the range of approximately $200 million to $205 million, exceeding its forecasted range of $169 million to $177 million. Based on customer commitments in signed contracts and the Company’s current operating and market conditions, the Company believes it is on track to meet or exceed its 2008 targeted total net revenues of between $770 million and $808 million.

Seagate Technology (NYSE: STX) 9% LOWER; reports Q4 EPS of $0.37, which includes a restructuring charge of $0.07, so may not compare to the analyst estimate of $0.42. Revenues for the quarter were $2.9 billion, versus the consensus of $2.89 billion. Sees Q1 EPS of $0.22-$0.26, which may not compare to the consensus of $0.58. Sees Q1 revs of $3.15-$3.3 billion, versus the consensus of $3.23 billion.

CoStar Group (Nasdaq: CSGP) 8% HIGHER; reports Q2 EPS of $0.28, 4 cents better than the analyst estimate of $0.24. Revenues for the quarter were $53.5 million, versus the consensus of $53.78 million. Sees Q3 EPS of $0.28-$0.30, versus the consensus of $0.27.

Altera Corporation (Nasdaq: ALTR) 7.5% HIGHER; reports Q2 EPS of $0.32, 5 cents better than the analyst estimate of $0.27. Revenues for the quarter were $359.9 million, versus the consensus of $346.66 million. Sees Q3 sales unchanged to down 3% sequentially.

St. Jude Medical Inc. (NYSE: STJ) 7% HIGHER; reports Q2 EPS of $0.60, ex-items, 5 cent better than estimates of $0.55. Revenues came in at $1.136 billion, versus the consensus of $1.06 billion. Sees Q3 EPS of $0.56-$0.58, versus the consensus of $0.53. Sees FY EPS of $2.28-$2.23, versus the consensus of $2.19.

Sun Microsystems, Inc. (NASDAQ: JAVA) 7% HIGHER; expects Q4 revenue for of fiscal 2008 in the range of $3.725 to $3.800 billion, versus consensus estimate of $3.80 billion. On a non-GAAP basis, Sun expects to report net income per diluted share in the range of $0.25 to $0.35 versus analysts' estimate of $0.27.

Knight Capital Group, Inc. (Nasdaq: NITE) 7% LOWER; reports Q2 EPS of $0.32, 2 cents lower than the analyst estimate of $0.34. Revenues for the quarter were $219.1 million, versus the consensus of $224.58 million.

Cleveland-Cliffs Inc. (NYSE: CLF) 7% LOWER; Buying Alpha Natural Resources in $10 billion deal.

Western Digital (NYSE: WDC) 6% LOWER; Lower on results/guidance from rival Seagate Technology.

First Solar, Inc. (Nasdaq: FSLR) 5% HIGHER; Selected By Southern California Edison for Two Projects

CIENA Corp. (Nasdaq: CIEN) 4% LOWER; Credit Suisse cuts to Underperform

Spansion (Nasdaq: SPSN) 3.5% LOWER; reports a Q2 loss of $0.63, versus the analyst estimate of ($0.75). Revenues for the quarter were $613 million, versus the consensus of $580.23 million. Sees Q3 revs up slightly from prior quarter. Sees FY08 sales unchanged to slightly up versus 2007.

Arena Resources Inc. (NYSE: ARD) 3% HIGHER; SunTrust upgrades to Buy

Boyd Gaming Corp. (NYSE: BYD) 3% LOWER; Merrill downgrades to Underperform

Furniture Brands International (NYSE: FBN) 2% LOWER; accelerates its strategic plan and revises its 2008 lower to charges and unusually weak economic conditions.

AGCO Corp. (NYSE: AG) 2% HIGHER; Merrill upgrades to Buy

Research In Motion Ltd. (Nasdaq: RIMM) 1.7% LOWER; Needham downgrades to Underperform

Intel Corporation (Nasdaq: INTC) 1% HIGHER; reports Q2 EPS of $0.28, 3 cents better than the analyst estimate of $0.25. Revenues for the quarter were $9.5 billion, versus the consensus of $9.32 billion. Sees Q3 revs of $10-$10.6 billion, versus the consensus of $10.07 billion.

Cisco Systems, Inc. (Nasdaq: CSCO) 1% LOWER; Credit Suisse cuts to Neutral

BlueLinx Holdings Inc. (NYSE: BXC) INDICATED HIGHER; expects to report second-quarter earnings per diluted share in the range of $0.18 to $0.24 on revenue of approximately $835 million, above the consensus of a $0.23 loss and revenues of $806 million.

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