Morning Movers 6/2: NAVR, HLND, DDUP, NTG Higher; EXFO, KAI, MOD, BCS, BKD, DAKT Lower

June 2, 2009 9:54 AM EDT

Navarre (Nasdaq: NAVR) 45.6% HIGHER; reports Q4 GAAP EPS of $0.09, versus the analyst estimate of $0.00. Revenue for the quarter was $147.1 million, versus the consensus of $129.23 million. Sees FY10 sales of $550-$600 million, versus the consensus of $613.13 million.

Hiland Partners, LP (Nasdaq: HLND) 31.5% HIGHER; today announced that each of the Hiland companies has signed a separate definitive merger agreement with an affiliate of Harold Hamm, pursuant to which affiliates of Mr. Hamm have agreed to acquire for cash all of the outstanding common units of each of the Hiland companies that are not owned by Mr. Hamm, his affiliates or Hamm family trusts. In the mergers, Hiland Partners' unitholders will receive $7.75 in cash for each common unit they hold and Hiland Holdings' unitholders will receive $2.40 in cash for each common unit they hold.

Data Domain, Inc. (Nasdaq: DDUP) 18% HIGHER; EMC Corporation (NYSE: EMC) proposed to acquire all of the outstanding common stock of Data Domain for $30.00 per share in cash, in a transaction with a total enterprise value of approximately $1.8 billion, net of Data Domain's cash. EMC's all-cash offer represents a 20% premium to the cash and stock offer made by NetApp for Data Domain on May 20, 2009.

NATCO Group Inc. (NYSE: NTG) 18% HIGHER; Cameron (NYSE: CAM) and NATCO have entered into an agreement under which Cameron will acquire NATCO in an all-stock transaction that values NATCO at approximately $780 million, based on Cameron's closing stock price on June 1, 2009. Under the agreement, NATCO shareholders would receive 1.185 shares of Cameron common stock in return for each of NATCO's approximately 20.3 million shares outstanding. The transaction is worth $38.45 per NATCO share based on yesterday's closing price of Cameron, versus a close of $31.03 yesterday.

EXFO Electro-Optical Engineering Inc. (NASDAQ: EXFO) 18% LOWER; lowers its Q3 GAAP earnings guidance from $0.01-$0.05 to a loss of $0.06-$0.07, versus the consensus looking for a gain of $0.05. Sales for the quarter are expected to be $43-$44 million, versus the consensus of $46.87 million.

Hiland Holdings (Nasdaq: HPGP) 17.7% HIGHER; see Hiland Partners.

Antigenics Inc. (NASDAQ: AGEN) 12.4% HIGHER; continuing higher today following yesterday's 22% surge on news out of ASCO on Oncophage(R).

Valence Technology, Inc. (NASDAQ: VLNC) 11.4% HIGHER; has signed a memorandum of understanding with Siemens Drive Technologies Division (NYSE: SI), to develop modular and scalable energy storage systems compatible with a standard interface of Siemens' ELFA(R) Hybrid drive marine propulsion system.

Kadant (NYSE: KAI) 12.3% LOWER; J.P. Morgan downgrades from Overweight to Neutral.

Modine Manufacturing Company (NYSE: MOD) 12.2% LOWER; reports Q4 loss of $1.47, versus the analyst estimate of ($0.82). Revenue for the quarter was $254.8 million, versus the consensus of $264.06 million. Sees FY10 sales up slightly from the Q409 run rate resulting from incremental volume from several new program launches globally.

Barclays (NYSE: BCS) 11.5% LOWER; some of the European bank's top investors from Abu Dhabi disclosed that they will be selling 4.12 billion pounds, or $6.8 billion, of Barclays shares.

Brookdale Senior Living Inc. (NYSE: BKD) 10.9% LOWER; plans to raise $150 million in a public offering of its common stock. The Company expects to grant the underwriters an option for 30 days to purchase up to an additional $22.5 million of its common stock to cover over-allotments, if any. Goldman, Sachs & Co., Merrill Lynch & Co. and Barclays Capital Inc. will serve as Joint Book-Running Managers for the offering.

Clinical Data, Inc. (NASDAQ: CLDA) 10.7% HIGHER; announced positive top-line results from the second of two Phase III trials of its investigational compound, vilazodone, for the treatment of major depressive disorder (MDD). In the study, vilazodone achieved statistically significant results on the primary endpoint and secondary efficacy endpoints related to MDD. Click here for the full report.

Daktronics, Inc. (Nasdaq: DAKT) 10.5% LOWER; reports Q4 EPS of $0.01, 8 cents lower than the analyst estimate of $0.09. Revenue for the quarter was $121.8 million, versus the consensus of $125 million.

Lions Gate Entertainment (NYSE: LGF) 10.2% LOWER; reports FY09 loss of $1.40, versus the analyst estimate of ($1.27). Revenue for the year was $1.47 billion, versus the consensus of $1.45 billion, with Q4 sales of $463.2 million, versus the consensus of $445.62 million.

hhgregg, Inc. (NYSE: HGG) 10.2% LOWER; reports Q4 EPS of $0.42, 1 cent better than the analyst estimate of $0.41. Revenue for the quarter was $364.9 million, versus the consensus of $364.79 million. Same store sales fell 6.5% during the quarter. Based on projected net sales growth of 3-7% for FY10, hhgregg sees EPS in the range of $0.85-$1.00. The Street is currently expecting FY10 EPS of $1.09.

MasTec, Inc. (NYSE: MTZ) 10% LOWER; today announced that it has successfully priced its convertible note offering and secondary offering of common stock for certain selling shareholders. MasTec announced the pricing of its public offering of $100,000,000 aggregate principal amount of senior convertible notes due 2014. The Company has also granted the underwriters an option to purchase up to an additional $15,000,000 aggregate principal amount of convertible notes on the same terms and conditions to cover over-allotments, if any. Click here for the full report.

Amtech Systems, Inc. (NASDAQ: ASYS) 9.6% HIGHER; today provided further comment on the significance of its previously announced three-party research collaboration agreement between Amtech's Tempress(R) Systems Inc, subsidiary, Yingli Green Energy Holding Company Limited (NYSE: YGE), one of the world's leading vertically integrated photovoltaic product manufacturers, and the Energy Research Centre of the Netherlands, a leading solar research center in Europe. Click here for the full report.

Cardinal Health (NYSE: CAH) 9.3% LOWER; traders are using today's news to sell the stock. Cardinal announced a 25% increase in its regular quarterly dividend to $0.175 per share, or $0.70 per share on an annualized basis.

Delcath Systems, Inc. (Nasdaq: DCTH) 8.5% HIGHER; announced that the US FDA granted Delcath's application for orphan-drug designation for the drug melphalan for the treatment of patients with neuroendocrine tumors. Click here for the full report.

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