Pre-Open Movers 5/12: Radyne (RADN) Jumps On Buyout, Cheniere Energy (LNG) Sinks As Analysts Downgrade

May 12, 2008 9:27 AM EDT

StreetInsider.com Pre-Open Movers:

Radyne Corporation (Nasdaq: RADN) 45% HIGHER; signed a definitive merger agreement to be acquired by Comtech Telecommunications Corp (Nasdaq: CMTL) for $11.50 per share in cash.

Cheniere Energy Inc. (NYSE: LNG) 11% LOWER; Citi downgrades to Hold, RBC cuts to Underperform

AnnTaylor Stores Corporation (NYSE: ANN) 9.6% HIGHER; now expects Q1 EPS to exceed its previous guidance range, due primarily to stronger results at LOFT and better overall expense and inventory management. Based upon preliminary figures, the Company's net sales in the fiscal first quarter ended May 3, 2008 increased 2% to approximately $592 million, versus net sales of $580 million in the first quarter ended May 5, 2007. (Q1 revenue consensus is $586.66 million) The Company indicated that it currently expects earnings per diluted share for the quarter, excluding previously-announced restructuring costs, to be approximately $0.45-0.47, versus its previous guidance range of $0.35-0.40 per diluted share. (Q1 EPS consensus is $0.36) "...at this juncture, as we head into the second quarter, we are maintaining our previous EPS guidance range of $1.80 to $1.90, excluding restructuring costs, for the year." (FY EPS consensus is $1.83)

Network Equipment Technologies Inc. (NYSE: NWK) 7.8% HIGHER; B. Murray upgrades to Buy

The Valspar Corporation (NYSE: VAL) 6.3% LOWER; reports Q1 adj-EPS of $0.41, 1 cent lower than the analyst estimate of $0.42. Revenues for the quarter were $836.4 million, versus the consensus of $865.57 million. Sees FY08 EPS of $1.55-$1.65, versus prior guidance of $1.65-$1.75 and the consensus of $1.69.

Visteon Corp. (NYSE: VC) 6% HIGHER; Cramer highlights on Mad Money

EnCana Corp. (NYSE: ECA) 5.6% HIGHER; Plans To Split Into Two Separate Energy Companies

MBIA Inc. (NYSE: MBI) 5.3% LOWER; reports a Q1 non-GAAP loss of $3.03, which does not compare to the analyst estimate of ($0.19). Revenues for the quarter were $741.7 million, versus the consensus of $718.62 million.

Zoran Corp. (Nasdaq: ZRAN) 5% HIGHER; Piper upgrades to Buy

Pacific Sunwear of California Inc. (Nasdaq: PSUN) 5% LOWER; Citi cuts to Sell

Sovereign Bancorp Inc. (NYSE: SOV) 4.7% LOWER; To Offer $1B Shares, $500M Notes

Imclone Systems Inc. (Nasdaq: IMCL) 4.6% LOWER; M. Stanley downgrades to Underweight

Sprint-Nextel (NYSE: S) 3.5% LOWER; reports Q1 EPS ex-items of $0.04, versus the consensus of $0.02. Revenues came in at $9.3 billion, versus the consensus of $9.41 billion.

FedEx Corp. (NYSE: FDX) 2.7% LOWER; announced that earnings for the fourth quarter ending May 31, 2008 are expected to be in the range of $1.45 to $1.50 per diluted share, compared to the previous forecast of $1.60 to $1.80. (Consensus is $1.69)

XM Satellite Radio Holdings Inc. (Nasdaq: XMSR) 2.5% HIGHER; reports a Q1 loss of $0.42, 3 cents worse than the analyst estimate of ($0.39). Revenues for the quarter were $308 million, versus the consensus of $313 million.

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