After-Hours Movers 7/21: Apple (AAPL), American Exp (AXP), Texas Inst (TXN), SanDisk (SNDK) Sink on Results

July 21, 2008 6:26 PM EDT

StreetInsider.com After-Hours Movers:

Bluegreen Corporation (NYSE: BXG) 108% HIGHER; signed a non-binding letter of intent relating to the acquisition of the Company at a price of $15.00 per share by Diamond Resorts International, which would value this transaction at approximately $500 million, exclusive of Bluegreen’s outstanding debt.

Foundry Networks, Inc. (Nasdaq: FDRY) 32% HIGHER; Brocade (Nasdaq: BRCD) announced a definitive agreement to purchase Foundry Networks. Under the agreement, Brocade will pay a combination of $18.50 of cash plus 0.0907 shares of Brocade common stock in exchange for each share of Foundry common stock, representing a total value of $19.25 (based on Brocade's closing stock price on Friday, July 18, 2008 of $8.27).

SanDisk Corp. (Nasdaq: SNDK) 13% LOWER; reports a Q2 loss of $0.10, ex-items, versus the analyst estimate of $0.13. Revenues for the quarter were $816 million, versus the consensus of $906.08 million. Delays start of FAB 4 production. Pushing decision to invest in FAB 5 until market conditions improve.

Texas Instruments (NYSE: TXN) 12% LOWER; reports Q2 EPS of $0.44, 2 cents lower than the analyst estimate of $0.46. Revenues for the quarter were $3.35 billion, versus the consensus of $3.39 billion. Sees Q3 EPS of $0.41-$0.47, versus the consensus of $0.51 and sales of $3.26-$3.54 billion, versus the consensus of $3.56 billion.

Eagle Materials Inc. (NYSE: EXP) 12% LOWER; reports Q2 EPS of $0.18, 11 cents worse than the analyst estimate of $0.29. Revenues for the quarter were $176.8 million, versus the consensus of $198.10 million.

American Express Company (NYSE: AXP) 11% LOWER; reports Q2 EPS of $0.56, which includes charges and so may not compare to the analyst estimate of $0.83. Revenues for the quarter were $7.5 billion, versus the consensus of $7.60 billion. No longer tracking on prior view of 4-6% EPS growth. Earnings decline due to additional credit reserves.

Apple (Nasdaq: AAPL) 10% LOWER; Apple reported Q3 EPS of $1.19, 11 cents better than the analyst estimate of $1.08. Revenues for the quarter were $7.46 billion, versus the consensus of $7.37 billion. Looking into Q4, Apple sees Q4 EPS of $1.00, versus the consensus of $1.24. Sees Q4 revenues of $7.8 billion, versus the consensus of $8.3 billion (NOTE: Apple is usually very conservative on guidance, but maybe this is too conservative). Lower gross margins, iPhone shortages, lower average selling prices on iPod's and the health of Steve Jobs are the main investor concerns.

Merck & Co., Inc. (NYSE: MRK) 6.7% LOWER; reports Q2 EPS of $0.86, 3 cents better than the analyst estimate of $0.83. Revenues for the quarter were $6.1 billion, versus the consensus of $6.05 billion. Company said it is not providing FY08 view

Discover Financial Services (NYSE: DFS) 6% LOWER; Disappointing results from American Express.

Capital One Financial Corp. (NYSE: COF) 5% LOWER; Disappointing results from American Express.

Boston Scientific Corporation (NYSE: BSX) 5% LOWER; reports Q2 EPS of $0.20, 9 cents better than the analyst estimate of $0.11. Revenues for the quarter were $2.02 billion, versus the consensus of $2.01 billion. Sees Q3 EPS of $0.14-$0.19 and sales of $1.95-$2.06 billion. The Street estimates are currently $0.12 for EPS and $1.99 billion for sales.

Wachovia (NYSE: WB) 3.7% LOWER; down ahead of earnings due before the open tomorrow.

Schering-Plough (NYSE: SGP) 3.6% LOWER; reports Q2 EPS of $0.45, 3 cents better than the analyst estimate of $0.42. Revenues for the quarter were $4.9 billion, versus the consensus of $4.77 billion.

Mohawk Industries, Inc. (NYSE: MHK) 3.5% LOWER; reports Q2 EPS of $1.29, 2 cents better than the analyst estimate of $1.27. Revenues for the quarter were $1.84 billion, versus the consensus of $1.84 billion. Sees Q3 EPS of $1.06-$1.15, versus the consensus of $1.40.

Volterra Semiconductor (Nasdaq: VLTR) 3% HIGHER; reports Q2 EPS of $0.25, 7 cents better than the analyst estimate of $0.18. Revenues for the quarter were $28.7 million, versus the consensus of $27.47 million.

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