Morning Movers 05/01: (CEBK) (PLXT) (IPSU) (PFCB) (CAR) Higher; (PBY) (ECOL) (MERU) Lower

May 1, 2012 11:46 AM EDT Send to a Friend
Central Bancorp (Nasdaq: CEBK) 71.2% HIGHER; announced a definitive agreement to merge with Independent Bank Corp. (Nasdaq: INDB). Under the terms of the agreement, 60% of outstanding Central Bancorp., Inc. shares will be exchanged for shares of Independent Bank Corp., at an exchange ratio subject to limited adjustment, and 40% of outstanding Central Bancorp., Inc. shares will be purchased for $32.00 per share in cash.

PLX Technology, Inc. (NASDAQ: PLXT) 65.8% HIGHER; announced it will be acquired by Integrated Device Technology (Nasdaq: IDTI) for $7 per share in cash and stock. Reported Q1 EPS of ($0.17), $0.11 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $25.4 million versus the consensus estimate of $26.84 million.

Imperial Sugar Company (Nasdaq: IPSU) 56.2% HIGHER; and Louis Dreyfus Commodities LLC announced a definitive agreement under which a subsidiary of Louis Dreyfus Commodities LLC will acquire Imperial Sugar through a cash tender offer and second step merger at $6.35 per share.

P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) 29.7% HIGHER; agreed to be acquired by private equity firm Centerbridge Partners, L.P. for $51.50 per share in cash, or $1.1 billion. The deal comes at a 30 percent premium to Monday's closing price.

Pep Boys (NYSE: PBY) 24.1% LOWER; reports preliminary Q1 earnings breakeven to a gain of 4 cents on sales of $524-$526 million. The Street is currently expecting a quarterly gain of 26 cents per share on sales of $558.3 million. On April 26, 2012, Gores requested that Pep Boys delay mailing this proxy statement by 30 days. In response, Pep Boys offered to extend the period of time within which the closing of the Merger is required to occur following Pep Boys’ notice to Parent that all conditions to the Merger have been satisfied from five business days to 15 business days. In turn, Gores rejected this counterproposal and reiterated its request to delay the mailing of the proxy statement by 30 days. In addition, Gores stated its belief that this proxy statement is no longer accurate. Click here to see the full report.

US Ecology, Inc. (NASDAQ: ECOL) 21.4% LOWER; reported Q1 EPS of $0.21, $0.04 better than the analyst estimate of $0.17. Revenue for the quarter came in at $33 million versus the consensus estimate of $36.45 million. Sees FY2012 EPS of $0.92-$1.02, versus prior guidance of $1.07-$1.17 and the consensus of $1.13.

Avis Budget (NYSE: CAR) 19.7% HIGHER; issued preliminary Q1 sales of $1.6 billion. Sees FY12 sales of $7.3-$7.6 billion and EPS of $2.35-$2.65. Analysts on the Street are looking for FY12 sales of $7.42 billion and EPS of 1.59.

Nuvasive, Inc. (NASDAQ: NUVA) 17.3% HIGHER; reported Q1 EPS of $0.20, $0.02 better than the analyst estimate of $0.18. Revenue for the quarter came in at $151.7 million versus the consensus estimate of $143.64 million. Reaffirmed FY2012 guidance.

SunPower (Nasdaq: SPWR) 16.2% HIGHER; upgraded to Buy at Citi this morning.

Advanced Energy Industries, Inc. (NASDAQ: AEIS) 15.5% HIGHER; reported Q1 EPS of $0.06, $0.05 better than the analyst estimate of $0.01. Revenue for the quarter came in at $105.8 million versus the consensus estimate of $100.33 million. Sees Q2 2012 EPS of $0.11-$0.14, versus the consensus of $0.13. Sees Q2 2012 revenue of $114-$120 million, versus the consensus of $113.4 million.

IPG Photonics Corp. (NASDAQ: IPGP) 15.5% HIGHER; reported Q1 EPS of $0.61, $0.02 better than the analyst estimate of $0.59. Revenue for the quarter came in at $123 million versus the consensus estimate of $121.32 million. Sees Q2 2012 EPS of $0.60-$0.70, versus the consensus of $0.67. IPG Photonics Corp. sees Q2 2012 revenue of $128-$138 million, versus the consensus of $134.5 million.

Meru Networks, Inc. (NASDAQ: MERU) 15.3% LOWER; reported Q1 EPS of ($0.50), $0.01 better than the analyst estimate of ($0.51). Revenue for the quarter came in at $19.4 million versus the consensus estimate of $19.59 million. Also downgraded at Baird earlier.

Central European Media (Nasdaq: CETV) 14.8% HIGHER; reported Q1 loss of 21 cents per share on sales of $167.4 million. Also announced a $500 million common shelf. Jefferies upgraded the stock to Buy earlier.

Veeco Instruments, Inc. (NASDAQ: VECO) 14.8% HIGHER; reported Q1 EPS of $0.49, $0.30 better than the analyst estimate of $0.19. Revenue for the quarter came in at $139.9 million versus the consensus estimate of $126.03 million. Sees Q2 2012 EPS of $0.29-$0.48, versus the consensus of $0.23. Sees Q2 2012 revenue of $120-$145 million, versus the consensus of $128 million. Credit Agricole upgraded the stock earlier.

Sears Holdings Corporation (Nasdaq: SHLD) 14.7% HIGHER; said it sees first-quarter 2012 operating EPS of $1.46 - $1.84, versus the consensus calling for a loss of $1.69 per share. Sears noted: "The...range includes approximately $235 million, after tax and minority interest, of gains from the sale of certain U.S. and Canadian stores. These transactions generated $440 million of cash proceeds." Notably first-quarter comps fell 1.3 percent.

Quinstreet, Inc (NASDAQ: QNST) 14.2% LOWER; reported Q3 EPS of $0.23, $0.01 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $93 million versus the consensus estimate of $102.77 million. Sees FY2012 revenue of $360-$370 million, versus the consensus of $396 million.

Universal American (NYSE: UAM) 13.9% HIGHER; reported Q1 EPS of $0.27, $0.17 better than the analyst estimate of $0.10. Revenue for the quarter came in at $532 million versus the consensus estimate of $519.64 million. Universal American sees FY2012 EPS of $0.64-$0.68, versus prior guidance of $0.52-$0.58 and the consensus of $0.54

Intevac, Inc. (NASDAQ: IVAC) 13.8% HIGHER; reported Q1 EPS of ($0.14), $0.10 better than the analyst estimate of ($0.24). Revenue for the quarter came in at $17.3 million versus the consensus estimate of $17.55 million.

Genco Shipping & Trading Ltd. (NYSE: GNK) 13% LOWER; reported Q1 EPS of ($0.87), $0.17 worse than the analyst estimate of ($0.70). Revenue for the quarter came in at $59 million versus the consensus estimate of $69.3 million.

Herbalife (NYSE: HLF) 12.8% LOWER; shares were halted on a mid-day circuit breaker, however we have yet to hear of any news.

Sourcefire, Inc. (NASDAQ: FIRE) 12.4% HIGHER; reported Q1 EPS of $0.11, $0.03 better than the analyst estimate of $0.08. Revenue for the quarter came in at $46.3 million versus the consensus estimate of $41.61 million. Sees Q2 2012 EPS of $0.12-$0.14, versus the consensus of $0.13. Sees Q2 2012 revenue of $46.5-$48.5 million, versus the consensus of $46.5 million.

Exceed Co. (Nasdaq: EDS) 12.3% LOWER; traders are taking profits following a 75 percent surge yesterday.

Central European Distribution Corp. (Nasdaq: CEDC) 12.1% HIGHER; breaking out above several key technical indicators this morning.

Forest Oil Corp. (NYSE: FST) 11.8% LOWER; reported Q1 EPS of $0.11, $0.09 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $158.9 million versus the consensus estimate of $188.09 million.

Medidata Solutions, Inc. (NASDAQ: MDSO) 11.7% HIGHER; reported Q1 EPS of $0.22, in-line with the analyst estimate of $0.22. Revenue for the quarter came in at $50.4 million versus the consensus estimate of $49.21 million. Sees FY2012 revenue of $213-$217 million, versus the consensus of $211.54 million. Sees Q2 2012 revenue of $51.5-$52.5 million, versus the consensus of $52.82 million.

Integrated Device Technology (NASDAQ: IDTI) 11.4% LOWER; reported Q4 EPS of $0.05, $0.02 better than the analyst estimate of $0.03. Revenue for the quarter came in at $119.1 million versus the consensus estimate of $117.31 million.

Texas Roadhouse, Inc. (NASDAQ: TXRH) 11.3% HIGHER; reported Q1 EPS of $0.31, $0.01 better than the analyst estimate of $0.30. Revenue for the quarter came in at $324.9 million versus the consensus estimate of $323.87 million. Texas Roadhouse, Inc. sees FY2012 EPS of $0.91-$0.93, versus the consensus of $0.93.

Bruker Corp. (NASDAQ: BRKR) 11.1% HIGHER; reported Q1 EPS of $0.14, $0.02 better than the analyst estimate of $0.12. Revenue for the quarter came in at $405.6 million versus the consensus estimate of $388.27 million.


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