After-Hours Movers 2/23: HIFN, JWN, DDR, C, JPM Higher; IPAS, MHK, ARP, NCTY, VRNM Lower

February 23, 2009 5:28 PM EST

Hifn, Inc. (Nasdaq: HIFN) 45% HIGHER; Exar Corporation (Nasdaq: EXAR) and Hifn signed a definitive agreement under which Exar will acquire Hifn. Under the terms of the agreement, which was unanimously approved by the board of directors of each company, Exar will acquire all of the outstanding shares of Hifn common stock pursuant to an exchange offer, followed by a second step merger. In the exchange offer, Hifn stockholders will be able to elect to receive either (i) 0.3529 shares of Exar common stock and $1.60 in cash; or (ii) $4.00 in cash.

Nordstrom (NYSE: JWN) 11% HIGHER; reports Q4 EPS of $0.31, 1 cents better than the analyst estimate of $0.30. Revenues for the quarter were $2.3 billion, versus the consensus of $2.28 billion. Sees FY09 EPS of $1.10-$1.40, versus the Street estimate of $1.22. Sees FY09 comp sales down 10-15%. Will no longer give quarterly views.

Developers Diversified Realty (NYSE: DDR) 6.8% HIGHER; today announced that it has entered into a binding purchase agreement with Mr. Alexander Otto for the sale to Mr. Otto and certain members of his family of 30 million of the Company's common shares and warrants entitling the Otto Family to purchase an additional 10 million of the Company's common shares. Click here for the full report.

iPass Inc. (Nasdaq: IPAS) 6.7% LOWER; reports Q4 loss of $0.02, 4 cents below the analyst estimate of $0.02. Revenues for the quarter were $46.4 million, versus the consensus of $49 million. Sees Q1 revs $42M to $45M versus $50 million . Sees Q1 loss of 4c to 7c versus 2 cents profit. Cutting 70 jobs.

Mohawk Industries, Inc. (NYSE: MHK) 6% LOWER; reports a Q4 loss of $1.87 vs. consensus for $0.24 profit - may not be comparable. Revenues were $1.485 billion vs. $1.54 billion consensus. Sees a Q1 loss of $0.80-$0.90, versus the consensus of a $0.28 profit.

American Reprographics Company (NYSE: ARP) 5.8% LOWER; reports Q4 EPS of $0.14, versus the analyst estimate of $0.21. Revenues for the quarter were $154 million, versus the consensus of $158.90 million. Sees FY09 EPS of $0.50-$0.75, versus the consensus of $1.00.

Citigroup (NYSE: C) 5% HIGHER; trading higher on JPM news.

The9 Limited (Nasdaq: NCTY) 4% LOWER; reports Q4 EPS of $0.24, compared to $0.43 in the same quarter and the analyst estimate of $0.49. Revenues for the quarter were $59.4 million, versus the consensus of $64.72 million.

Verenium Corporation (Nasdaq: VRNM) 3.5% LOWER; reports Q4 loss of $0.19, 8 cents better than the analyst estimate of ($0.27). Revenues for the quarter were $19 million, versus the consensus of $14.82 million. Since January 1, 2009, Verenium has reduced its temporary and permanent workforce by approximately 15%.

JPMorgan Chase (NYSE: JPM) 3% HIGHER; announced that the Board of Directors has reduced the company's quarterly common stock dividend from $0.38 to $0.05 per share, effective for the dividend payable April 30, 2009, to shareholders of record on April 6, 2009. The Board anticipates maintaining this level for the time being. This action will enable the company to retain an additional $5 billion in common equity per year.

To get this report daily, visit http://www.streetinsider.com/entities/After-Hours+Movers.

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