Special Reports

StreetInsider.com After-Hours Movers:

Hoku Scientific, Inc. (NASDAQ: HOKU) 15% HIGHER; Hoku and Solargiga Sign Contract Worth Up to $455 Million

Martek Biosciences Corporation (Nasdaq: MATK) 8% HIGHER; reports Q3 EPS of $0.28, 4 cents better than the analyst estimate of $0.24. Revenues for the quarter were $88.4 million, versus the consensus of $86.47 million. Martek Biosciences sees Q4 EPS 24-27 cents versus 26 cents consensus. Martek Biosciences sees Q4 revenue $87M-$91M versus $89 million. Martek Biosciences sees FY08 EPS $1.06 to $1.09 versus $1.04. Martek Biosciences sees FY08 $349M-$353M versus $349 million.

Cascade Corporation (NYSE: CAE) 5% LOWER; reports Q2 EPS of $0.94, 9 cents better than the analyst estimate of $1.03. Revenues for the quarter were $150.1 million, versus the consensus of $156.03 million.

Smith & Wesson Holding (Nasdaq: SWHC) 5% LOWER; reports Q2 EPS of $0.05, 2 cents better than the analyst estimate of $0.03. Revenues for the quarter were $78 million, versus the consensus of $75.38 million.

ADC Telecommunications (Nasdaq: ADCT) 5% HIGHER; reports Q3 EPS of $0.27, 1 cent better than the analyst estimate of $0.26. Revenues for the quarter were $390 million, versus the consensus of $388.55 million. Sees Q4 sales below Q3, versus the consensus of $381 million and FY08 sales of $1.5-$1.52 billion, versus the consensus of $1.51 billion.

Take-Two Interactive Software (Nasdaq: TTWO) 0.5% LOWER; reports Q3 adj-EPS of $0.93, versus the analyst estimate of $0.54. Revenues for the quarter were $433.8 million, versus the consensus of $381.27 million. Sees Q4 revs of $285-$335 million, versus the consensus of $350 million and EPS of $0.01-$0.05, versus the consensus of $0.19. For the year revs are expected to be $1.5-$1.55 billion, versus $1.5 billion and EPS of $2.08-$2.12, versus the Street estimate of $1.83.

Get This Report E-Mailed To You Daily and Much, Much More With StreetInsider.com Premium - FREE TRIAL

Before Market Opens:
Economics:
8:30 AM ET

• Nonfarm Payrolls for August - Street expects down 75K, compared to down 51K in July
  
• Unemployment Rate for August - Street expects 5.7%

Ciena (Nasdaq: CIEN) 25% LOWER; reports Q3 earnings of $0.37 per share, ex-items, in-line with estimates. Revenues came in at $253.2 million, versus the consensus of $253.7 million. Sees Q4 revenues $190-$210 million, versus the consensus of $263 million.

Captaris, Inc. (NASDAQ: CAPA) 24% HIGHER; Open Text Corporation (NASDAQ: OTEX) agreed to acquire Captaris, Inc. for $131 million in total, or $4.80 per share.

Volt Information Sciences, Inc. (NYSE: VOL) 23.2% LOWER; reports Q3 EPS of $0.18, versus the analyst estimate of $0.34. Revenues for the quarter were $590.6 million, versus the consensus of $645.24 million.

Triad Guaranty (Nasdaq: TGIC) 23.1% HIGHER; after climbing more than 46% intraday yesterday, the stock sold off just before the close and ended the trading session up just 26%. The stock has regained that lost ground today and is trading back over the $2.50 level.

Blyth, Inc. (NYSE: BTH) 22% LOWER; reports Q2 EPS of $0.09, ex-items, versus the analyst estimate of $0.15. Revenues for the quarter were $236.8 million, versus the consensus of $236.75 million. Cuts its FY09 EPS guidance from $1.26-$1.31 to $1.16-$1.21, versus the consensus of $1.28.

Terex Corporation (NYSE: TEX) 19.3% LOWER; lowered guidance, citing changing market conditions. Full year 2008 earnings per share are expected to be between $6.35 and $6.65, versus prior guidance of $6.85 to $7.15 and the consensus of $7.08. Net sales for 2008 are expected to be in the range of $10.2 to $10.6 billion, versus prior guidance of $10.5 to $10.9 billion and the consensus of $10.61 billion. Earnings per share are expected to be between $1.26 and $1.38 for the third quarter of 2008, versus the consensus of $1.57, and between $1.20 and $1.33 in the fourth quarter versus the consensus of $1.60.

Hayes Lemmerz International, Inc. (Nasdaq: HAYZ) 14.9% HIGHER; raises its adj-EBITDA guidance for FY08 from $205-$220 million to $225-$240 million. Capex for the year has been lowered from $95-$105 million to $90-$100 million. The company also reaffirmed its sales guidance of $2.1-$2.3 billion.

Collective Brands Inc. (NYSE: PSS) 12.5% HIGHER; reports Q2 EPS of $0.54, versus the analyst estimate of $0.31. Revenues for the quarter were $911.7 million, versus the consensus of $885.24 million.

Thermage, Inc. (Nasdaq: THRM) 12.2% LOWER; determined to reject the previously announced unsolicited, non-binding proposal to acquire Thermage for $5.50 per share and that Thermage will not enter into discussions with the third party regarding its alternative acquisition proposal to the pending merger with Reliant Technologies, Inc. The Thermage Board determined to pursue closing the Reliant transaction as soon as possible.

Navistar International (NYSE: NAV) 9.8% HIGHER; reports Q3 EPS of $3.68. Raises its FY08 EPS guidance to $6.35-$7.45.

Ultrashort FTSE/Xinhua China 25 ProShares (AMEX: FXP) 7.6% HIGHER; this ETF is seeing very interesting activity today on in-line to strong volume. An ultrashort is a bet to the downside, meaning the tradings buying this fund today are betting that the FTSE/Xinhua China 25 will move lower.

UPGRADES:
Wachovia Securities upgrades SAIC (NYSE: SAI) to Outperform. Valuation range between $23-25.

Goldman Sachs upgrades Steel Dynamics Inc. (Nasdaq: STLD) from Neutral to Buy.

For daily real-time Upgrades go to http://www.streetinsider.com/Upgrades

DOWNGRADES:
Deutsche Bank downgrades Marvell Technology (Nasdaq: MRVL) from Buy to Hold, saying no near-term upside likely.

Credit Suisse downgrades Legg Mason (NYSE: LM) from Neutral to Underperform.

UBS downgrades Forest Laboratories (NYSE: FRX) from Buy to Neutral.

For daily real-time Downgrades go to http://www.streetinsider.com/Downgrades

NEW COVERAGE:
Credit Suisse initiates coverage on Broadcom (Nasdaq: BRCM) with an Outperform.

Dahlman Rose starts Norfolk Southern (NYSE: NSC) at Buy

Collins Stewart initiates coverage on Texas Instruments Inc. (NYSE: TXN) with a Hold rating, citing risk/reward.

UBS initiates coverage on GT Solar International (Nasdaq: SOLR) with a Buy rating.

For daily real-time New Coverage go to http://www.streetinsider.com/New+Coverage

• Open Text Corporation (NASDAQ: OTEX) agreed to acquire Captaris, Inc. (NASDAQ: CAPA) for 131 million in total, or $4.80 per share.
  
  The companies expect the transaction to close by the end of the calendar year, subject to customary closing conditions, including approval by Captaris's shareholders and anti-trust approvals.
  
  
• Thermage, Inc. (Nasdaq: THRM) determined to reject the previously announced unsolicited, non-binding proposal to acquire Thermage for $5.50 per share and that Thermage will not enter into discussions with the third party regarding its alternative acquisition proposal to the pending merger with Reliant Technologies, Inc. The Thermage Board determined to pursue closing the Reliant transaction as soon as possible.
  
  
• Red Hat, Inc. (NYSE: RHT) announced the acquisition of Qumranet, Inc. The acquisition includes Qumranet's virtualization solutions, including its Kernal Virtual Machine platform and SolidICE offering, a virtual desktop infrastructure, which together present a comprehensive virtualization platform for enterprise customers. In addition, Qumranet's talented team of professionals that develop, test and support Qumranet solutions, and its leaders of the open source community KVM project, will join Red Hat.
  
  This acquisition advances Red Hat's efforts to transform the virtualization market and drive comprehensive virtualization technology and management solutions into every system, from servers to desktops, on both Linux and Windows.