Pre-Open Movers 9/17: SanDisk (SNDK) Up On $26/Sh Offer; AIG (AIG) Sinks on Government Bailout

September 17, 2008 9:29 AM EDT

StreetInsider.com Pre-Open Movers:

SanDisk (NASDAQ: SNDK) 55% HIGHER; Samsung Electronics sent a letter to the Board of Directors of SanDisk reiterating its proposal to acquire SanDisk for $26 per share in cash

American International Group, Inc. (NYSE: AIG) 44% LOWER; The U.S. govenment provides the company with a $85 billion loan. The U.S. government will receive a 79.9 percent equity interest in AIG and has the right to veto the payment of dividends to common and preferred shareholders.

Morgan Stanley (NYSE: MS) 18% LOWER; Down despite better-than-expected results. MS Credit default swaps on the rise. MS reports Q3 EPS of $1.32 versus the analyst estimate of $0.78. Revenues for the quarter were $8 billion, versus the consensus of $6.32 billion.

VeraSun Energy (NYSE: VSE) 16% LOWER; lowers guidance after some of its hedging moves hurt VSE. Vera Sun expects a Q3 loss in the range of $0.40 to $0.65 per share compared to ($0.02) consensus.
VeraSun also announced a 20M share offering.

Nortel (NYSE: NT) 15% LOWER; expects revenues in the third quarter of 2008 of about $2.3 billion, below the consensus of $2.66 billion. Gross margin is currently expected to be approximately 39 percent of revenue primarily as a result of a product delivery delay into the fourth quarter and customer mix within the Carrier business.

Goldman Sachs Group Inc. (NYSE: GS) 9% LOWER; Credit defaults swaps on the rise on fears. Yesterday, GS reported better-than-expected results.

The McClatchy Company (NYSE: MNI) 8% LOWER; approved a reduction in its quarterly dividend from $0.18 to $0.09, payable October 6, 2008 to stockholders of record at the close of business on September 26, 2008. Separately McClatchy announced an additional cost restructuring to reduce its workforce by about 10%, or approximately 1,150

Micron Technology Inc. (NYSE: MU) 8% HIGHER; up on Samsung's bid for SanDisk

Axcelis Technologies Inc. (Nasdaq: ACLS) 6% HIGHER; Citi upgrades to Buy

J. Crew Group Inc. (NYSE: JCG) 5% HIGHER; will replace ChoicePoint Inc. (NYSE: CPS) in the S&P MidCap 400 after the close of trading on Thursday, September 18, 2008

Wachovia (NYSE: WB) 4% LOWER; Continued pressure in financials.

Evergreen Solar Inc. (Nasdaq: ESLR) 4% HIGHER; Director, Edward Grady, bought 10,000 shares on 09/11 at $5.18, bringing his stake to 23,500 shares.

Constellation Energy (NYSE: CEG) 4% HIGHER; bounces after today's 36% drop.

CME Group Inc. (NYSE: CME) 2% LOWER; KBW downgrades to Market Perform

BB&T (NYSE: BBT) 2% LOWER; Citi downgrades to Hold

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