After-Hours Movers 5/26: BGP, CREE, NED Higher; CSA, HIW, MDVN, DCI, ADS, RWT Lower

May 26, 2009 5:27 PM EDT

Cogdell Spencer Inc. (NYSE: CSA) 16.8% LOWER; commenced an underwritten public offering of 18,000,000 shares of common stock. Cogdell Spencer also plans to grant the underwriters an option to purchase up to an additional 2,700,000 shares of common stock. Citi and KeyBanc Capital Markets are acting as joint book-running managers. The Company intends to use the net proceeds from the offering to fund a $50 million repayment under Erdman's senior secured term loan, to reduce borrowings under the secured revolving credit facility and for working capital purposes.

Borders Group Inc. (NYSE: BGP) 12% HIGHER; reports Q1 loss of $0.27, versus the analyst estimate of ($0.50). Revenue for the quarter was $641.5 million, versus the consensus of $637.32 million. Same store sales for the quarter fell 13.5% at Borders stores, with comps down 5.5% at Waldenbooks.

Cree, Inc. (Nasdaq: CREE) 8.6% HIGHER; raises its Q4 sales guidance from $137-$143 million to $143-$150 million, which compares to the Street estimate of $139.43 million. Q4 GAAP EPS move from $0.05-$0.07 to $0.07-$0.09. Non-GAAP EPS for the quarter move to $0.15-$0.17, versus the consensus of $0.14.

Highwoods Properties, Inc. (NYSE: HIW) 6.9% LOWER; has commenced an underwritten public offering of 5,800,000 shares of common stock. In addition, the Company expects to grant to the underwriters for the public offering an option for 30 days to purchase up to 870,000 additional shares of common stock to cover overallotments, if any. Merrill Lynch & Co., Wachovia Securities and Morgan Stanley & Co. Incorporated will serve as the joint book-running managers. The Company intends to use the net proceeds from the offering to repay borrowings and for general corporate purposes.

Noah Education Holdings Ltd. (NYSE: NED) 5.3% HIGHER; reports Q3 non-GAAP EPS of $0.13, 1 cent better than estimates. Revenues were $31.4 million vs. $30.60 million consensus. Sees Q4 sales of RMB114-RMB116 million.

Medivation, Inc. (Nasdaq: MDVN) 5.1% LOWER; today announced that it will initiate, subject to market conditions, an offering of 2,750,000 shares of common stock under a shelf registration statement on file with the Securities and Exchange Commission. It is currently anticipated that the underwriters will be granted an over-allotment option for an additional 412,500 shares.

Donaldson Company, Inc. (NYSE: DCI) 5% LOWER; reports Q3 EPS of $0.34, 4 cents better than estimates. Revenues were $413.4 million vs. $435.31 million consensus. Click here for the full report.

Alliance Data Systems Corporation (NYSE: ADS) 4.9% LOWER; announced that it proposes to offer, subject to market conditions and other factors, $300 million aggregate principal amount of convertible senior notes due 2014 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Alliance Data also intends to grant to the initial purchasers of the Notes an option to purchase up to an additional $45 million aggregate principal amount of the Notes solely to cover over-allotments, if any.

Redwood Trust, Inc. (NYSE: RWT) 4.5% LOWER; today announced the filing of a prospectus supplement with the Securities and Exchange Commission in connection with our proposed underwritten public offering of 13 million shares of our common stock. The underwriters in the offering will have a 30-day option to purchase up to an additional 1.95 million shares of our common stock to cover over-allotments, if any.

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