Unusual 11 Mid-Day Movers 7/24: RDN, CRUS, VITL, GSIC Higher; MTL, CDNS, DSL, TTGT Lower

July 24, 2008 12:31 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Mechel (NYSE: MTL) 39.4% LOWER; hearing reports from Russia that Prime Minister Vladimir Putin criticized the company for selling steel in Russia at twice the price it used for exports.

Cadence Design Systems (Nasdaq: CDNS) 31.8% LOWER; reports Q2 EPS of $0.14, versus the analyst estimate of $0.14. Revenues for the quarter were $329 million, versus the consensus of $316.15 million. Sees a Q3 loss of 11 to 9 cents versus consensus of a profit of 40 cents. Sees Q3 revs $235 to $245 million versus $412.8 million. Sees FY08 1 to 5 cents versus $1.16. Revenues for the year 1.12 billion to $1.14 billion versus $1.5 billion. RBC Capital has downgraded the stock from Outperform to Sector Perform.

Radian Group (NYSE: RDN) 27.4% HIGHER; continues moving higher today after gaining more than 30% yesterday.

Cirrus Logic (Nasdaq: CRUS) 27.1% HIGHER; reports Q1 EPS of $0.06, 2 cents better than the analyst estimate of $0.04. Revenues for the quarter were $44 million, versus the consensus of $43.63 million. Sees Q2 revs of $50-$54 million, versus the consensus of $50 million. The stock was also upgraded by Needham this morning from Hold to Buy.

Downey Financial Corp. (NYSE: DSL) 27.1% LOWER; reported a net loss for second quarter 2008 of $7.86 per share on a diluted basis vs. consensus for loss of $4.60. Downey separately announced today that its Board of Directors has appointed Thomas E. Prince, currently Downey's Executive Vice President and Chief Operating Officer, as the Company's interim Chief Executive Officer, replacing Daniel D. Rosenthal, who has retired.

TechTarget, Inc. (NASDAQ: TTGT) 26.8% LOWER; reports preliminary Q2 revenues of $29.4 million, versus the consensus of $30.97 million. Lowers its FY08 sales guidance from $118-$122 million to $108-$112 million, versus the consensus of $118.67 million. This morning, Friedman Billings Ramsey downgraded the stock to Underperform.

Vital Signs, Inc. (NASDAQ: VITL) 25.7% HIGHER; GE Healthcare, a unit of General Electric Company (NYSE: GE), and Vital Signs entered into a definitive merger agreement for GE to acquire Vital Signs. Under the terms of the agreement, shareholders of Vital Signs will receive $74.50 per share in cash for each Vital Signs share they own. Shares of VITL closed at $58 per share yesterday.

Sturm, Ruger and Co. (NYSE: RGR) 24.5% LOWER; reports Q2 EPS of $0.05, 6 cents lower than the analyst estimate of $0.11. Revenues for the quarter were $38.7 million, versus the consensus of $45.97 million

GSI Commerce, Inc. (Nasdaq: GSIC) 24.2% HIGHER; reports a Q2 loss of $0.40, versus the analyst estimate of ($0.26). Revenues for the quarter were $193.2 million, versus the consensus of $181.57 million. Sees Q3 revs of $188-$193 million, versus the consensus of $188 million. FY08 revs are expected to be about $1 billion, versus the consensus of $1 billion. Stifel Nicolaus has upgraded the stock to Buy this morning.

Penson Worldwide (Nasdaq: PNSN) 23.2% HIGHER; reports Q2 EPS of $0.23, 6 cents better than the analyst estimate of $0.17. Revenues for the quarter were $74.6 million, versus the consensus of $66.38 million.

Sanmina-SCI Corp. (Nasdaq: SANM) 22.6% HIGHER; reports Q3 EPS of $0.05, 1 cent better than the analyst estimate of $0.04. Revenues for the quarter were $1.9 billion, versus the consensus of $1.82 billion. Sees Q4 EPS of $0.05-$0.07, versus the consensus of $0.05. Credit Suisse and Cowen upgraded shares of Sanmina-SCI to Outperform this morning.

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Credit Suisse
• Stifel Nicolaus
• Needham & Co
• Friedman, Billings, Ramsey
• RBC Capital

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?