Morning Movers 11/21: Citigroup (C) Bounces After Relentless Selling, Autodesk (ADSK) Lower On Results

November 21, 2008 9:34 AM EST

StreetInsider.com Morning Movers

Image Entertainment, Inc. (NASDAQ: DISK) 209% HIGHER; has entered into a definitive merger agreement with Nyx Acquisitions, Inc. to sell Image in a transaction valued at approximately $100 million, including the assumption of the company's outstanding debt under its credit facility, replication advance obligation and convertible note. Under the terms of the merger agreement, Image stockholders will receive $2.75 per share in cash. The agreed-upon acquisition price represents a 299% premium to Image's closing share price of $0.69 on November 20, 2008, and a 267% premium to the 30-day average closing price of $0.75 ended November 20, 2008.

Ligand Pharmaceuticals, Inc. (NASDAQ: LGND) 40% HIGHER; Partner GlaxoSmithKline's Granted Accelerated Approval of PROMACTA

The Bank of Ireland (NYSE: IRE) 24% HIGHER; received approaches from a number of parties wishing to make an investment in the company.

Aruba Networks, Inc. (Nasdaq: ARUN) 20% HIGHER; reports Q3 EPS of $0.02, ex-items, 1 cent better than the analyst estimate of $0.01. Revenue for the quarter was $52.4 million, versus the consensus of $50.95 million.

Autodesk, Inc. (Nasdaq: ADSK) 17% LOWER; reports Q3 EPS of $0.56, 3 cents better than the analyst estimate of $0.53. Revenue for the quarter was $607 million, versus the consensus of $605.91 million. Autodesk sees Q4 EPS 28c-34c versus consensus of 51 cents. Autodesk sees Q4 revenue $525M to $550M versus consensus of $611.17 million.

DryShips, Inc. (Nasdaq: DRYS) 13% HIGHER; Dry bulk shippers rebound after massive selling

ReneSola Ltd. (NYSE: SOL) 13% HIGHER; Solar stocks rebound after massive selling

Citigroup (NYSE: C) 12% HIGHER; Reports the company is weighing the sale of pieces of the organization or the company as a whole as it deals with a plunging stock price.

Hartford Financial Services Group Inc. (NYSE: HIG) 10% HIGHER; Talks About Its Highly Rated CMBS Portfolio

Gap Inc. (NYSE: GPS) 10% HIGHER; reports Q3 EPS of $0.35, 1 cent better than the analyst estimate of $0.34. Revenue for the quarter was $3.6 billion, versus the consensus of $3.57 billion. Q3 same store sales fell 12%, compared to a 5% decline during the same quarter last year. Reaffirms FY08 guidance.

Salesforce.com, Inc. (NYSE: CRM) 9% HIGHER; reports Q3 EPS of $0.08, 1 cent better than the analyst estimate of $0.07. Revenue for the quarter was $276.5 million, versus the consensus of $273.56 million. Sees FY10 revs of $1.35-$1.36 billion, versus the consensus of $1.36 and Q4 revs of $284-$285 million, versus the consensus of $285.7 million and GAAP EPS of $0.06-$0.07, versus the Street estimate of $0.07.

Evergreen Solar Inc. (Nasdaq: ESLR) 8% HIGHER; Solar stocks rebound after massive selling

Dell, Inc. (Nasdaq: DELL) 6% HIGHER; reports Q3 EPS of $0.37, 6 cents better than the analyst estimate of $0.31. Revenue for the quarter was $15.2 billion, versus the consensus of $16.22 billion.

Canadian Solar (Nasdaq: CSIQ) 5% LOWER; reports Q3 earnings of $0.41 per share, below the consensus of $0.54. Revenues came in at $252.4 million, versus the consensus of $248 million. Canadian Solar sees Q4 revenues of $70-$85 million, versus the consensus of $270.06 million. Canadian Solar sees FY08 revenues $650-$750 million, versus the consensus of $901.87 million

Microsoft Corporation (Nasdaq: MSFT) 4% HIGHER; Oppenheimer upgrades

Heinz (NYSE: HNZ) 3.9% HIGHER; reports Q2 earnings of $0.87 per share, above the consensus of $0.76. Revenues came in at $2.61 billion, versus the consensus of $2.7 billion. Heinz still sees FY09 EPS of $2.87-$2.91 versus the consensus of $2.90. Still seese '09 organic sales up at least 6%.

Brocade Communications (Nasdaq: BRCD) 2.5% HIGHER; reports Q4 EPS of $0.20, 3cents better than the analyst estimate of $0.17. Revenue for the quarter was $398.5 million, versus the consensus of $389.24 million.

Novatel Wireless (Nasdaq: NVTL) 2.2% HIGHER; reports Q3 non-GAAP EPS of $0.01, 6 cents lower than the analyst estimate of $0.07. Revenue for the quarter was $78.398 million, versus the consensus of $88.63 million. Sees Q4 sales of $60-$70 million, versus the consensus of $84.99 million, and non-GAAP loss of $0.01 to a gain of $0.02, versus the Street estimate of $0.05.

Wal-Mart Stores, Inc. (NYSE: WMT) 2% HIGHER; elected Mike Duke to succeed Lee Scott as president and CEO, effective February 1, 2009. Duke was also elected to the company's board of directors, effective immediately. Scott will continue serving as chairman of the executive committee of the board.

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