Morning Movers 11/22: (BWEN) (BRCD) (ZLC) Higher; (FRO) (OSG) (SFL) (ALU) (CPST) Lower
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Frontline (NYSE: FRO) 40.9% LOWER; reported Q3 EPS of ($0.57), $0.14 better than the analyst estimate of ($0.71). The Board of Directors has decided not to declare a dividend for the third quarter of 2011. The company said it could run out of cash sometime in Q1.
Broadwind Energy, Inc. (Nasdaq: BWEN) 19.2% HIGHER; will manufacture welded sub-assemblies for Caterpillar’s lines of large draglines, crawlers and excavating equipment. These components will be produced in Broadwind’s facilities in Abilene, Texas and Manitowoc, Wisconsin. This work, along with the expansion of Broadwind’s wind tower business in 2012, should create approximately 50 new jobs.
Overseas Shipholdings (NYSE: OSG) 18% LOWER; trader lower on concerning results and comments out of Frontline.
Ship Finance International (NYSE: SFL) 15.9% LOWER; see OSG.
Alcatel-Lucent (NYSE: ALU) 14% LOWER; traders selling following a cautious Morgan Stanley note on the heels of a presentation by ALU at the firm's TMT conference. Analysts reduced Q4 and FY11 earnings estimates, citing pressure on margins from "very difficult" telecom capex environment last quarter.
Capstone Turbine Corporation (Nasdaq: CPST) 13.7% LOWER; has entered into warrant exercise agreements with various holders to further bolster its balance sheet and simplify the capital structure. The transaction was consummated with two holders of warrants issued by the Company in September 2009, four holders of warrants issued by the Company in September 2008 and six holders of warrants issued by the Company in January 2007.
CNinsure, Inc. (NASDAQ: CISG) 13.4% LOWER; reported Q3 non-GAAP EPS of $0.33, $0.15 better than the analyst estimate of $0.18. Revenue for the quarter came in at $60.2 million versus the consensus estimate of $60.94 million. CNinsure expects its total net revenues from continuing operations to grow by approximately 10-15% for the fourth quarter of 2011 compared to the corresponding period of 2010.
Collective Brands (NYSE: PSS) 12.9% LOWER; reported Q3 EPS of $0.61, $0.10 better than the analyst estimate of $0.51. Revenue for the quarter came in at $894.4 million versus the consensus estimate of $908.08 million.
Perfect World Co.,Ltd. (NASDAQ: PWRD) 12.1% LOWER; reported Q3 EPS of $0.53, $0.14 worse than the analyst estimate of $0.67. Revenue for the quarter came in at $111.2 million versus the consensus estimate of $111.73 million. Based on the Company's current operations, total revenues for the fourth quarter of 2011 are expected to be between RMB695 million and RMB737 million, representing a range similar to the revenues in the third quarter of 2011, but still an increase of 18% to 26% on a year-over-year basis.
Fusion-io (NYSE: FIO) 10.6% LOWER; announced today the pricing of its follow-on public offering of 8,843,739 shares of common stock at a price to the public of $33.00 per share. A total of 3,000,000 shares are being offered by Fusion-io, and a total of 5,843,739 shares are being offered by selling stockholders. In addition, the underwriters have an option to purchase up to an additional 1,326,560 shares from selling stockholders on the same terms and conditions. Fusion-io will not receive any proceeds from the sale of shares by the selling stockholders.
Brocade Communications Systems (NASDAQ: BRCD) 10.5% HIGHER; reported Q4 adjusted EPS of $0.16, $0.06 better than the analyst estimate of $0.10. Revenue for the quarter came in at $550 million versus the consensus estimate of $527.38 million. Sees Q1 adj-EPS of 12-14 cents on sales of $530-$550 million. The Street is currently looking for Q1 EPS of 11 cents on sales of $535.29 million.
E-House (China) Holdings Ltd. (NYSE: EJ) 10.4% LOWER; reported Q3 EPS of ($0.01), $0.10 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $109.3 million versus the consensus estimate of $103.26 million. Sees Q4 2011 revenue of $102-$104 million, versus the consensus of $137.64 million.
Zale Corp. (NYSE: ZLC) 9.3% HIGHER; reported Q1 EPS of ($0.99), $0.43 better than the analyst estimate of ($1.42). Revenue for the quarter came in at $351 million versus the consensus estimate of $338.62 million. Comparable store sales up 5.8%.
Valspar Corp. (NYSE: VAL) 8.8% HIGHER; reported Q4 EPS of $0.84, $0.14 better than the analyst estimate of $0.70. Revenue for the quarter came in at $1.05 billion versus the consensus estimate of $1.04 billion. Valspar sees FY2012 EPS of $2.87-$3.07, versus the consensus of $2.81.
Broadwind Energy, Inc. (Nasdaq: BWEN) 19.2% HIGHER; will manufacture welded sub-assemblies for Caterpillar’s lines of large draglines, crawlers and excavating equipment. These components will be produced in Broadwind’s facilities in Abilene, Texas and Manitowoc, Wisconsin. This work, along with the expansion of Broadwind’s wind tower business in 2012, should create approximately 50 new jobs.
Overseas Shipholdings (NYSE: OSG) 18% LOWER; trader lower on concerning results and comments out of Frontline.
Ship Finance International (NYSE: SFL) 15.9% LOWER; see OSG.
Alcatel-Lucent (NYSE: ALU) 14% LOWER; traders selling following a cautious Morgan Stanley note on the heels of a presentation by ALU at the firm's TMT conference. Analysts reduced Q4 and FY11 earnings estimates, citing pressure on margins from "very difficult" telecom capex environment last quarter.
Capstone Turbine Corporation (Nasdaq: CPST) 13.7% LOWER; has entered into warrant exercise agreements with various holders to further bolster its balance sheet and simplify the capital structure. The transaction was consummated with two holders of warrants issued by the Company in September 2009, four holders of warrants issued by the Company in September 2008 and six holders of warrants issued by the Company in January 2007.
CNinsure, Inc. (NASDAQ: CISG) 13.4% LOWER; reported Q3 non-GAAP EPS of $0.33, $0.15 better than the analyst estimate of $0.18. Revenue for the quarter came in at $60.2 million versus the consensus estimate of $60.94 million. CNinsure expects its total net revenues from continuing operations to grow by approximately 10-15% for the fourth quarter of 2011 compared to the corresponding period of 2010.
Collective Brands (NYSE: PSS) 12.9% LOWER; reported Q3 EPS of $0.61, $0.10 better than the analyst estimate of $0.51. Revenue for the quarter came in at $894.4 million versus the consensus estimate of $908.08 million.
Perfect World Co.,Ltd. (NASDAQ: PWRD) 12.1% LOWER; reported Q3 EPS of $0.53, $0.14 worse than the analyst estimate of $0.67. Revenue for the quarter came in at $111.2 million versus the consensus estimate of $111.73 million. Based on the Company's current operations, total revenues for the fourth quarter of 2011 are expected to be between RMB695 million and RMB737 million, representing a range similar to the revenues in the third quarter of 2011, but still an increase of 18% to 26% on a year-over-year basis.
Fusion-io (NYSE: FIO) 10.6% LOWER; announced today the pricing of its follow-on public offering of 8,843,739 shares of common stock at a price to the public of $33.00 per share. A total of 3,000,000 shares are being offered by Fusion-io, and a total of 5,843,739 shares are being offered by selling stockholders. In addition, the underwriters have an option to purchase up to an additional 1,326,560 shares from selling stockholders on the same terms and conditions. Fusion-io will not receive any proceeds from the sale of shares by the selling stockholders.
Brocade Communications Systems (NASDAQ: BRCD) 10.5% HIGHER; reported Q4 adjusted EPS of $0.16, $0.06 better than the analyst estimate of $0.10. Revenue for the quarter came in at $550 million versus the consensus estimate of $527.38 million. Sees Q1 adj-EPS of 12-14 cents on sales of $530-$550 million. The Street is currently looking for Q1 EPS of 11 cents on sales of $535.29 million.
E-House (China) Holdings Ltd. (NYSE: EJ) 10.4% LOWER; reported Q3 EPS of ($0.01), $0.10 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $109.3 million versus the consensus estimate of $103.26 million. Sees Q4 2011 revenue of $102-$104 million, versus the consensus of $137.64 million.
Zale Corp. (NYSE: ZLC) 9.3% HIGHER; reported Q1 EPS of ($0.99), $0.43 better than the analyst estimate of ($1.42). Revenue for the quarter came in at $351 million versus the consensus estimate of $338.62 million. Comparable store sales up 5.8%.
Valspar Corp. (NYSE: VAL) 8.8% HIGHER; reported Q4 EPS of $0.84, $0.14 better than the analyst estimate of $0.70. Revenue for the quarter came in at $1.05 billion versus the consensus estimate of $1.04 billion. Valspar sees FY2012 EPS of $2.87-$3.07, versus the consensus of $2.81.
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