After-Hours Movers 6/2: TIVO, APSG, TSRA Higher; VLO, STLD, JBLU, AET, BVF, BCSI Lower

June 2, 2009 5:36 PM EDT

TiVo Inc. (Nasdaq: TIVO) 31% HIGHER; a Judge upheld Tivo patents and said Echostar (Nasdaq: SATS) is infringing on them, according to Bloomberg. Tivo wins ruling on Echostar DVR patent case. Echostar told to stop use of TIVO technology for DVRs. Judge said Echostar in contempt of early ban on DVR use. The Judge said Echostar continues to infringe on TIVO patent.

Valero Energy Corporation (NYSE: VLO) 11.4% LOWER; announced today that the company expects to report a net loss of about $0.50 per share for its Q2, reflecting extended downtime at its Delaware City and McKee refineries and by the continuation of weak sour crude oil discounts and lower diesel margins. The Street is currently expecting a Q2 gain of $0.74. Also announced its intention to offer, subject to market and other conditions, 40 million shares of common stock. The company has also granted the underwriters an option to purchase an additional 6 million shares of common stock.

Applied Signal Technology, Inc. (NASDAQ: APSG) 11.2% HIGHER; reports Q2 EPS of $0.31, versus the analyst estimate of $0.20 and compared to $0.16 in the same quarter last year. Revenue for the quarter was $53.5 million, versus the consensus of $49.04 million.

Steel Dynamics, Inc. (Nasdaq: STLD) 10.6% LOWER; announced its intention to offer, subject to market and other conditions, 27 million shares of common stock and $150 million aggregate principal amount of convertible senior notes due 2014. The company also lowered its quarterly dividend by 25% to $0.075/share.

Tessera Technologies, Inc. (Nasdaq: TSRA) 10.2% HIGHER; announced Motorola (NYSE: MOT) has signed a pre-negotiated license agreement with Tessera, settling all outstanding litigation between the companies. The company also raised its Q2 sales guidance from $46-$49 million to $59-$61 million, which compares to the Street estimate of $47.83 million.

JetBlue Airways Corporation (Nasdaq: JBLU) 8% LOWER; reported that its traffic in May decreased 3.3% from May 2008, on a capacity decrease of 1.1%. Certainly affecting the stock more, the company also announced its intentions to offer 20 million shares of common stock and $150 million of convertible notes. Click here for the full report.

Aetna (NYSE: AET) 7% LOWER; revising its 2009 operating EPS guidance from a range of $3.85-$3.95 to a range of $3.55-$3.70. The consensus is $3.80. The primary drivers of the revised guidance are: a continuation of higher projected Commercial medical costs; and lower projected 2009 Medicare revenue, reflecting an updated view of the risk profile of the Medicare book of business.

Biovail Corporation (NYSE: BVF) 6.8% LOWER; today announced that it is considering an offering of up to $200 million aggregate principal amount of its senior convertible notes in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.

Blue Coat Systems (Nasdaq: BCSI) 4.8% LOWER; reports Q4 EPS of $0.19, 2 cents better than the analyst estimate of $0.21. Revenue for the quarter was $114 million, versus the consensus of $114.32 million. Blue Coat Systems sees Q1 EPS of $0.20-$0.25, versus the consensus of $0.21. Sees Q1 revenues of $114-$119 million, versus the consensus of $115.6 million.

Hovnanian Enterprises, Inc. (NYSE: HOV) 4.6% LOWER; reports Q2 loss of $1.50, versus the analyst estimate of ($1.26). Revenue for the quarter was $398 million, versus the consensus of $347.68 million.

Imperial Industries, Inc. (Nasdaq: IPII) 4.3% HIGHER; announced that it has amended its line of credit with its commercial lender as of May 29, 2009. Borrowings under the line of credit are collateralized by and based upon eligible accounts receivable and inventory of it subsidiaries. The amendment extended the maturity date of its line of credit from June 1, 2009 to June 10, 2009 and reduced the maximum credit amount based on eligible collateral, from $9,000,000 to $3,500,000. In addition, the amendment increased the interest rate under the line of credit to, at the Company's option; either at prime rate plus 3%, or Libor plus 4%.

Mariner Energy, Inc. (NYSE: ME) INDICATED LOWER; today announced that it intends to offer, subject to market and other conditions, 10 million shares of its common stock and $250 million in aggregate principal amount of its senior notes due 2016 through concurrent underwritten public offerings. Mariner expects to grant the underwriters a 30-day option, solely to cover over-allotments, to purchase up to an additional 1.5 million shares of its common stock.

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