Morning Movers 10/30: First Solar (FSLR) Results Takes Solar Stocks Higher; GE (GE) Bounces After Late-Day Sell-Off

October 30, 2008 9:39 AM EDT

StreetInsider.com Morning Movers

First Solar, Inc. (Nasdaq: FSLR) 19% HIGHER; reports Q3 EPS of $1.20, versus the analyst estimate of $1.01. Revenue for the quarter was $348.7 million, versus the consensus of $339.29 million. Sees FY08 sales of $1.22-$1.24 billion, versus the Street estimate of $1.21 billion. Sees FY09 sales of $2-$2.1 billion, versus the consensus of $2.13 billion.

Foundry Networks, Inc. (Nasdaq: FDRY) 16% HIGHER; Brocade (Nasdaq: BRCD) and Foundry Networks, Inc. reached an agreement in principle to amend the Agreement and Plan of Merger previously announced on July 21, 2008 between the two companies relating to Brocade's proposed acquisition of Foundry. Under the agreement in principle, Foundry's shareholders would be entitled to receive $16.50 of cash for each share of Foundry common stock. The revised transaction would have an aggregate purchase price of approximately $2.6 billion.

PC MALL, Inc. (Nasdaq: MALL) 16% HIGHER; reports Q3 EPS of $0.18, 3 cents below the analyst estimate of $0.21. Revenue for the quarter was $325.9 million, versus the consensus of $339.38 million. PC Mall announces a $10 million buyback.

Brocade (Nasdaq: BRCD) 15% HIGHER; (Nasdaq: BRCD) and Foundry Networks, Inc. reached an agreement in principle to amend the Agreement and Plan of Merger previously announced on July 21, 2008 between the two companies relating to Brocade's proposed acquisition of Foundry. Under the agreement in principle, Foundry's shareholders would be entitled to receive $16.50 of cash for each share of Foundry common stock. The revised transaction would have an aggregate purchase price of approximately $2.6 billion.

Elan Corp. plc (NYSE: ELN) 12% LOWER; On October 29, 2008, relevant regulatory agencies were notified of a confirmed case of progressive multifocal leukoencephalopathy (PML) in a multiple sclerosis (MS) patient treated with TYSABRI in the commercial setting in the United States. Additional information about this case is set forth below.

Omnicare, Inc. (NYSE: OCR) 12% HIGHER; reports Q3 adj-EPS of $0.61, 12c better than the analyst estimate of $0.49. Revenue for the quarter was $1.603 billion, versus the consensus of $1.57 billion. Raises its FY08 EPS guidance to $2.09-$2.11, versus the consensus of $1.90.

Evergreen Solar Inc. (Nasdaq: ESLR) 11% HIGHER; First Solar earnings

Trina Solar Ltd. (NYSE: TSL) 10% HIGHER; First Solar earnings

Newmont Mining Corp. (NYSE: NEM) 10% HIGHER; JP Morgan upgrades to Overweight

Mylan Inc. (NYSE: MYL) 10% HIGHER; reports Q3 EPS of $0.23, 12 cents better than estimates. Revenues were $1.66 billion vs. $1.15 billion consensus. Increases 2008 Adjusted EPS Guidance to $0.64 - $0.67 from Prior Range of $0.47 - $0.53 (Consensus is $0.50). Reaffirms Adjusted EPS Guidance of $0.90 - $1.10 for 2009 vs. consensus of $0.98. MYL sees 2010 EPS between $1.50 - $1.70

O-I (NYSE: OI) 10% HIGHER; reports Q3 EPS of $0.90, 5 cents better than the analyst estimate of $0.85. Revenue for the quarter was $2.01 billion, versus the consensus of $2.02 billion.

Suntech Power Holdings Co. Ltd. (NYSE: STP) 9% HIGHER; First Solar earnings

SunPower Corporation (SPWRA) 8% HIGHER; First Solar earnings

ReneSola Ltd. (NYSE: SOL) 7% HIGHER; First Solar earnings

Akeena Solar, Inc. (Nasdaq: AKNS) 7% HIGHER; First Solar earnings

Solarfun Power Holdings Co. Ltd. (Nasdaq: SOLF) 7% HIGHER; First Solar earnings

International Coal Group, Inc (NYSE: ICO) 7% LOWER; reports Q3 EPS of $0.06, 4 cents better than the analyst estimate of $0.02. Revenue for the quarter was $309.2 million, versus the consensus of $294.22 million.

Symantec (Nasdaq: SYMC) 7% LOWER; reports Q3 EPS of $0.37, 2 cents better than the analyst estimate of $0.35. Revenue for the quarter was $1.52 billion, versus the consensus of $1.54 billion. Sees Q3 revenues $1.45B to 1.55B versus 1.61 billion. Sees Q3 EPS 30-33 cents versus 36 cents.

Cognex (Nasdaq: CGNX) 7% LOWER; reports Q3 EPS of $0.18, 2 cents better than the analyst estimate of $0.16. Revenue for the quarter was $63.3 million, versus the consensus of $63.55 million. Cognex sees Q4 EPS 3c to 10c versus 18c. Sees Q4 revenues $53-$58M versus $64.5M.

Sauer-Danfoss (NYSE: SHS) 6% LOWER; reports Q3 EPS of $0.22, 3 cents below the analyst estimate of $0.25. Revenue for the quarter was $490.2 million, versus the consensus of $456.30 million. Sauer-Danfoss sees FY08 EPS $1.15 to $1.25 versus $1.46 consensus.

Maxim Integrated Products (Nasdaq: MXIM) 6% HIGHER; reports Q1 EPS of $0.21, 1 cent below the analyst estimate of $0.22. Revenue for the quarter was $501.2 million, versus the consensus of $501.79 million. Sees Q2 revenue $410M to $440M versus $497.3 million.

AstraZeneca plc (NYSE: AZN) 5% HIGHER; reports Q3 EPS of $1.32, above the consensus of $1.18. Revenues came in at $7.78 billion, versus the consensus of $7.6 billion. Sees FY EPS of $4.90-$5.05, versus the consensus of $4.66.

Steris Corp. (NYSE: STE) 5% HIGHER; reports Q2 EPS of $0.48, versus the consensus of $0.31. Revenues came in at $323.1 million, versus the consensus of $310.5 million. Says EPS may exceed high end of range by 15 cents per share for the year.

Investment Technology Group (NYSE: ITG) 5% LOWER; reports Q3 EPS of $0.62, 2 cents below the analyst estimate of $0.64. Revenue for the quarter was $188.3 million, versus the consensus of $191.36 million.

JDSU (Nasdaq: JDSU) 5% LOWER; reports Q1 EPS of $0.11, 2 cents better than the analyst estimate of $0.09. Revenue for the quarter was $387 million, versus the consensus of $386.06 million. Sees Q2 revs of $360-$390 million, versus the consensus of $417 million.

Motorola Inc. (NYSE: MOT) 4% LOWER; reports Q3 EPS of $0.05, ex-items, versus the consensus of $0.02. Q3 revenues came in at $7.5 billion, versus the consensus of $7.8 billion. Motorola no longer sees separating company in Q3 of 2009.

Blackboard, Inc. (Nasdaq: BBBB) 4% LOWER; reports Q3 EPS of $0.25, 5 cents better than the analyst estimate of $0.20. Revenue for the quarter was $83.1 million, versus the consensus of $83.06 million. Sees Q4 EPS of $0.22-$0.25, versus the consensus of $0.28 and revs of $82.9-$84.9 million, versus the consensus of $86.7 million.

General Electric Co. (NYSE: GE) 3.7% HIGHER; Recovering from yesterday's late day sell-off on 'out of context' CEO comments

Biogen Idec Inc. (Nasdaq: BIIB) 3% LOWER; On October 29, 2008, relevant regulatory agencies were notified of a confirmed case of progressive multifocal leukoencephalopathy (PML) in a multiple sclerosis (MS) patient treated with TYSABRI in the commercial setting in the United States. Additional information about this case is set forth below.

Energizer Holdings Inc. (NYSE: ENR) 3% HIGHER; reports Q4 EPS of $1.67, above the consensus of $1.18. Revenues came in at $1.12 billion, versus the consensus of $1.05 billion. Energizer sees 2009 EPS growth target unlikely.

Tesoro Corporation (NYSE: TSO) 2% HIGHER; reports Q3 EPS of $1.86, 38 cents better than the analyst estimate of $1.48. Revenue for the quarter was $8.7 billion, versus the consensus of $7.81 billion.

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