Morning Movers 11/17: ZOOM, SMTL, AGO, ABCW, XJT Higher; INOC, QUIK, PSUN, ERI, FTK, TBUS Lower

November 17, 2009 10:32 AM EST

Innotrac Corporation (NASDAQ: INOC) 36.7% LOWER; reports Q3 loss of $0.01, compared to $0.07 in the same quarter last year. Revenue for the quarter was $22.26 million, versus $32.00 million in Q308.

QuickLogic Corporation (NASDAQ: QUIK) 33.8% LOWER; today announced that it has entered into definitive agreements with a select group of institutional investors to sell an aggregate of 4,305,929 shares of common stock and warrants to purchase up to an aggregate of 3,229,446 shares of common stock in a registered direct offering. The common stock and warrants will be sold in units, with each Unit consisting of (i) one share of common stock and (ii) a warrant to purchase 0.75 of a share of common stock, at a negotiated purchase price of $1.45 per Unit. The Company expects to receive gross proceeds from the offering of approximately $6.24 million, before deducting placement agent's fees and estimated offering expenses. The Company's costs in connection with the offering are expected to be approximately $0.7 million.

Pacific Sunwear of California, Inc. (NASDAQ: PSUN) 31.1% LOWER; reports Q3 loss of $0.17, 3 cents better than the analyst estimate of ($0.20). Revenue for the quarter was $268 million, which compares to the estimate of $260.08 million. SSS down 18%. Loss Q4 loss of $0.28-$0.35, versus the consensus of a $0.11 loss.

ZOOM Technologies Inc. (Nasdaq: ZOOM) 30.4% HIGHER; reports Q3 EPS of $0.73 and revenue for the quarter was $55.3 million. Sees FY sales of $185-$195 million.

Semitool, Inc. (Nasdaq: SMTL) 30.4% HIGHER; Applied Materials, Inc. (Nasdaq: AMAT) and SMTL today announced a definitive agreement for Applied to acquire the outstanding shares of Semitool for $11 per share in an all-cash tender offer. Under terms of an agreement approved by the boards of directors of both companies, Applied Materials will pay an aggregate purchase price of approximately $364 million based on the fully diluted capitalization of Semitool.

Emrise Corp. (NYSE: ERI) 29.4% LOWER; reports Q3 loss of $0.18, compared to a profit of $0.03 in the same quarter last year. Revenue for the quarter was $14.32 million, versus $13.08 million in Q308.

Flotek Industries Inc. (NYSE: FTK) 27.5% LOWER; reports Q3 loss of $1.18, versus the analyst estimate of ($0.14). Revenue for the quarter was $23.8 million, which compares to the estimate of $34.36 million.

DRI Corporation (NASDAQ: TBUS) 24.7% LOWER; reports Q3 EPS of $0.08, versus the analyst estimate of $0.11. Revenue for the quarter was $21.61 million, which compares to the estimate of $22.87 million.

Assured Guaranty (NYSE: AGO) 22.9% HIGHER; reports Q3 loss of $0.22, versus the analyst estimate of $0.31.

Anchor BanCorp Wisconsin, Inc. (Nasdaq: ABCW) 21.3% HIGHER; AnchorBank today announced that it has entered into a definitive agreement for the sale of 11 AnchorBank branches in Northwestern Wisconsin to Royal Credit Union of Eau Claire, Wis. The transaction is subject to regulatory approval and customary closing conditions and is expected to be completed in the first quarter of calendar 2010. Financial terms of the transaction were not disclosed. Under the terms of the agreement, RCU will assume approximately $177 million in deposits and receive a corresponding amount in loans, real estate, and other assets.

SunPower Corp. (Nasdaq: SPWRA) 17.4% LOWER; today announced that based upon an internal review of its Philippine manufacturing operations, the company believes there may have been unsubstantiated accounting entries made in the first three quarters of 2009, some of which relate to the company's fiscal year ended December 28, 2008. Management informed the Audit Committee of the Board of Directors of these entries and the Audit Committee immediately commenced an investigation of the matter, which is ongoing. The company's Audit Committee and management have discussed these issues with the company's independent auditors. Based upon the preliminary findings of the ongoing investigation, the Audit Committee to date has identified accounting entries in the Philippines that may have overstated expenses in its cost of goods sold of approximately $1 million in the first quarter ending March 29, 2009, and understated expenses in its cost of goods sold of approximately $14 million in the second quarter ending June 28, 2009 and approximately $2 million in the third quarter ending September 27, 2009. The stock was downgraded at Piper Jaffray, FBR Capital and Raymond James.

ExpressJet Holdings, Inc. (NYSE: XJT) 15.5% HIGHER; continuing higher today following news yesterday that UAL Corporation (Nasdaq: UAUA) today announced that ExpressJet Airlines will operate 22 ERJ-145 aircraft under the United Express brand.

CVD Equipment Corp. (NYSE: CVD) 14.7% LOWER; reports Q3 EPS of $0.02, compared to $0.03 in the same quarter last year. Revenue for the quarter was $3.56 million, versus $4.89 million in Q308.

InterMune, Inc. (Nasdaq: ITMN) 14.2% LOWER; announced that the on-going Phase 2b study conducted by Roche of ITMN-191 combined with standard of care PEGASYS and COPEGUS in HCV treatment-naive patients has been modified.

Poniard Pharma (Nasdaq: PARD) 12% HIGHER; correcting today following a 76% drop yesterday on news that its SPEAR phase III trial of Picoplatin did not meet its survival endpoint. We have downgrades from Rodman & Renshaw and Wedbush this morning.

Jacobs Engineering Group Inc. (NYSE: JEC) 11.3% LOWER; reports Q4 EPS of $0.63, versus the analyst estimate of $0.68. Revenue for the quarter was $2.55 billion, which compares to the estimate of $2.64 billion. Sees FY10 EPS of $2.00 - $2.60. Consensus is $2.83.

The Allied Defense Group, Inc. (NYSE: ADG) 11.1% LOWER; reports Q3 loss of $0.39, versus a loss of $0.77 in the same quarter last year. Revenue for the quarter was $36.2 million, which compares to the estimate of $37.91 million.

Playboy Enterprises, Inc. (NYSE: PLA) 10.4% LOWER; In response to press inquiries, Golden Gate Capital announced that it is not and will not be involved in any way with any potential acquisition of Playboy. Playboy's CFO resigned last night.

Saks Incorporated (NYSE: SKS) 10% HIGHER; reports Q3 EPS of $0.01, versus the analyst estimate of ($0.12). Revenue for the quarter was $631.43 million, which compares to the estimate of $624.54 million. Comps were down 10.1%. Sees Q4 same store sales down high single digits

Smith International, Inc. (NYSE: SII) 9.9% LOWER; commenced a public offering of 28,000,000 shares of its common stock. The Company intends to use the net proceeds from this offering for debt repayment, general corporate purposes, and funding of potential acquisitions or investments

Tween Brands, Inc. (NYSE: TWB) 9.8% HIGHER; reports Q3 EPS of $0.58, ex-items, versus the analyst estimate of $0.26. Revenue for the quarter was $259.3 million, which compares to the estimate of $232.43 million. Same store sales were down 2%.

Alkermes (Nasdaq: ALKS) 9.7% HIGHER; continuing higher today following yesterday's positive preliminary results from a phase III trial of naltrexone. Leerink Swann upgrades from Market Perform to Outperform.

SINA Corporation (NASDAQ: SINA) 9.3% HIGHER; reports Q3 EPS of $0.34, ex-items, 3 cents better than the analyst estimate of $0.31. Revenue for the quarter was $96.4 million, which compares to the estimate of $94.39 million. Sees Q4 advertising sales of $61-$63 million and non-advertising sales of $32-$33 million. The stock was upgraded at Deutsche Bank.

Dillard's Inc. (NYSE: DDS) 8.8% HIGHER; reports Q3 loss of $0.03, ex-items, versus the analyst estimate of ($0.51). Revenue for the quarter was $1.36 billion, which compares to the estimate of $1.38 billion. Comps fell 9%.

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