Morning Movers 12/12: General Growth (GGP) Up On Refinancing, Waters (WAT) Lower On Guidance

December 12, 2008 10:16 AM EST

StreetInsider.com Morning Movers:

General Growth Properties Inc. (NYSE: GGP) 31% HIGHER; Refinances some debt

Waters Corporation (NYSE: WAT) 16% LOWER; is revising its Q4 sales and non-GAAP EPS outlook due to weaker than expected orders for new instruments resulting from deterioration in global economic conditions. Water previously had anticipated sales revenue of approximately $454 million, representing growth of 4% versus prior year, including a negative foreign currency translation impact of 2%. Current expectations are for sales revenue in a range of $410 million to $420 million, a decline of 4-6% versus prior year, including a negative foreign currency translation impact of approximately 4%. The Wall Street consensus is $449.8 million. Quarterly non-GAAP E.P.S. that the Company had previously estimated at $1.08 - $1.12 per fully diluted share are now expected to be between $0.94 and $0.99 per fully diluted share. The Wall Street consensus is $1.08.

Exelixis, Inc. (Nasdaq: EXEL) 14% HIGHER; Bristol-Myers Squibb Company (NYSE: BMY) and Exelixis, Inc. announced a global collaboration covering two novel molecules for cancer with their associated development programs: Exelixis' XL184, a small molecule inhibitor of MET, VEGFR2 and RET, which is currently in Phase III development for medullary thyroid cancer; and Exelixis’ XL281, a small molecule inhibitor of RAF kinase, which is currently in Phase I development for the treatment of patients with advanced solid tumor malignancies. Under the terms of the collaboration, Bristol-Myers Squibb agreed to pay Exelixis an upfront cash payment of $195 million for the development and commercialization rights to both programs and to make additional license payments of $45 million in 2009.

TRW Automotive (NYSE: TRW) 13% LOWER; Senate fails to pass auto bailout. Bush admin said they would considering using TARP. Downgraded at Deutsche Bank

Chicago Bridge & Iron (NYSE: CBI) 13% LOWER; Goldman downgrades

Lear Corp. (NYSE: LEA) 12% LOWER; withdraws its 2008 outlook.

Lattice Semiconductor (NASDAQ: LSCC) 9% HIGHER; lowers Q4 sales guidance from 0% to down 4% to down 12%-16% seqentially. Gross margin is expected to be in-line with previous guidance of 54%-55%. Total operating expenses for Q4 are now expected to be about $29.5 million which is a revision from previous guidance of $30.5 million.

General Motors (NYSE: GM) 8% LOWER; Senate fails to pass auto bailout. Bush admin said they would considering using TARP.

DryShips, Inc. (NASDAQ: DRYS) 7% LOWER; Continues lower after sliding 17% intra-day.

Ford Motor Co. (NYSE: F) 6% LOWER; Senate fails to pass auto bailout. Bush admin said they would considering using TARP.

Sauer-Danfoss Inc. (NYSE: SHS) 6% LOWER; today announced that it has entered into an agreement to sell its AC motor business, primarily operating out of Odense, Denmark, to Schabmuller GmbH in Berching, Germany. The company's Q4 results will be impacted by a loss on the sale of its AC motor business related to the Material Handling market with a pre-tax charge of approximately $10.0 million, or $0.17 per share. The company also slashed its FY08 EPS guidance from $1.15-$1.25 to $0.75-$0.85, versus the consensus of $1.17.

Foster Wheeler, Ltd. (NASDAQ: FWLT) 5% LOWER; downgrade at Goldman

Caterpillar Inc. (NYSE: CAT) 4% LOWER; downgrade at Goldman

Johnson Controls Inc. (NYSE: JCI) 4% LOWER; Senate fails to pass auto bailout. Bush admin said they would considering using TARP.

Bank of America (NYSE: BAC) 3.6% HIGHER; Announced the reduction of approximately 30,000 to 35,000 positions over the next three years

Equitable Resources Inc. (NYSE: EQT) 3.3% HIGHER; will replace Transocean Inc. (NYSE: RIG) in the S&P 500.

ArvinMeritor Inc. (NYSE: ARM) 2.2% LOWER; Senate fails to pass auto bailout. Bush admin said they would considering using TARP.

Forrester Research Inc. (NASDAQ: FORR) 2% HIGHER; will replace Woodward Governor in the S&P SmallCap 600

Steel Dynamics (Nasdaq: STLD) 2% LOWER; lowers its FY08 EPS guidance from about $3.25 to $2.35-$2.40. The Street is expecting EPS of $2.97 for the year. For Q4, the company sees a loss of $0.35-$0.40, versus the consensus of a $0.15 gain.

Woodward Governor Co. (NASDAQ: WGOV) 1% HIGHER; will replace Equitable Resources in the S&P MidCap 400

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