Morning Movers 1/28: Bank Stock Up On "Bad Bank" Plan (BAC, C, JPM, WFC)
StreetInsider.com Morning Movers:
Allied Capital Corporation (NYSE: ALD) 47% LOWER; announced that it has re-opened discussions with the lenders under its revolving credit facility and the holders of its outstanding private notes.
Lloyds Banking Group plc (NYSE: LYG) 41% HIGHER; Less fears of nationalization. Upgraded at Citi
Quest Energy Partners, L.P. (NASDAQ: QELP) 39% LOWER; Suspends Quarterly Distribution On Common Units
VistaPrint (Nasdaq: VPRT) 34% HIGHER; reports Q2 EPS of $0.53, ex-items, versus the analyst estimate of $0.39. Revenue for the quarter was $138.9 million, versus the consensus of $127.91 million. Sees Q3 sales of $121-$130 million, with non-GAAP EPS of $0.34-$0.39. The Street is currently expecting Q3 sales of $122.53 million and EPS of $0.35. For FY09, VistaPrint sees sales of $495-$515 million, versus the consensus of $491.03 million, and EPS of $1.52-$1.61, versus the Street estimate of $1.41.
Avanex Corporation (NASDAQ: AVNX) 32% HIGHER; agreement to merge with Bookham, Inc. (NASDAQ: BKHM). Avanex shareholders will receive 5.426 shares of Bookham common stock for every share of Avanex common stock and will own approximately 46.75% of the combined company. Based on the closing price of Bookham on January 26, 2009 the total consideration to Avanex shareholders would be equivalent to $35.4 million or $2.17 per share.
Barclays plc (NYSE: BCS) 20% HIGHER; Less fears of nationalization. Upgraded at Citi
Century Aluminum Company (NASDAQ: CENX) 20% LOWER; intends to offer $100 million of new shares of its common stock under an effective shelf registration statement on file with the Securities and Exchange Commission. The Company also intends to grant to the underwriters of the proposed offering a thirty day option to purchase up to an additional 15% of such newly issued shares of its common stock to cover over-allotments, if any. The company intends the net proceeds received from the offering will be used for general corporate purposes.
Colonial Bank (NYSE: CNB) 20% LOWER; reports Q4 adj-loss of $1.45, versus the analyst estimate of ($0.33).
Legg Mason, Inc. (NYSE: LM) 17% LOWER; reports Q3 loss of $10.55, which does not compare to the analyst estimate of ($4.02). Revenue for the quarter was $719.988 million, versus the consensus of $826.35 million.
Citigroup (NYSE: C) 17% HIGHER; news that the Obama administration may be close to unveiling a "bad bank" plan.
Wells Fargo (NYSE: WFC) 16% HIGHER; reports Q4 loss of $0.79, or earnings of $0.41 excluding all items, versus the analyst estimate of $0.33. Revenue for the quarter was $9.82 billion, versus the consensus of $11.65 billion. Maintains $0.34 quarterly dividend. Said not looking for more TARP funds. Also higher on expected "Bad Bank" plan.
AFLAC Inc. (NYSE: AFL) 14% HIGHER; Upgraded at Merrill Lynch to Buy
RF Micro Devices, Inc. (Nasdaq: RFMD) 14% LOWER; reports Q4 adj-loss of $0.05, 6 cents lower than the analyst estimate of $0.01. Revenue for the quarter was $202 million, versus the consensus of $205.89 million.
Kensey Nash Corporation (Nasdaq: KNSY) 13% HIGHER; reports Q2 EPS of $0.44, 4 cents better than the analyst estimate of $0.40 and compared to $0.21 in Q208. Revenue for the quarter was $20.8 million, versus the consensus of $20.43 million, and compared to $19.6 in the same quarter last year. Sees Q3 sales of $13.5-$14 million, with EPS in the range of $0.40-$0.42. The Street is currently expecting Q3 sales of $21.36 million and EPS of $0.40. Reaffirms its previously issued FY09 EPS guidance of $1.62-$1.69, versus the consensus of $1.66. Sales are expected to be $55-$55.5 million for the year.
Bank of America (NYSE: BAC) 11% HIGHER; trading up on news that the Obama administration may be close to unveiling a "bad bank" plan.
Sun Microsystems (Nasdaq: JAVA) 11% HIGHER; reports Q2 loss of $0.28, and a profit of $0.15 ex-items, versus the analyst estimate of ($0.10). Revenue for the quarter was $3.22 billion, versus the consensus of $3.16 billion.
JPMorgan Chase & Co. (NYSE: JPM) 8% HIGHER; trading up on news that the Obama administration may be close to unveiling a "bad bank" plan.
Baker Hughes (NYSE: BHI) 7% HIGHER; reports Q4 earnings of $1.41 per share, above the consensus of $1.26. Revenues came in at $3.19 billion, versus the consensus of $3.05 billion. Says outlook for 2009 has continued to deteriorate.
Plantronics, Inc. (NYSE: PLT) 7% LOWER; reports Q3 EPS of $0.08, 6 cents lower than the analyst estimate of $0.14. Revenue for the quarter was $182.8 million, versus the consensus of $187.92 million. Sees Q4 revs of $125-$135 million, versus the consensus of $172 million.
Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) 7% LOWER; reports Q4 loss of $0.36, 13 cents better than the analyst estimate of ($0.49). Revenue for the quarter was $202.5 million, versus the consensus of $224.60 million.
Yahoo, Inc. (Nasdaq: YHOO) 6% HIGHER; reports Q4 EPS of $0.17, 4 cents better than the analyst estimate of $0.13. Revenue for the quarter was $1.375 billion, versus the consensus of $1.37 billion. Sees Q1 revenues of $1.53-$1.725 billion, which includes TAC and does not compare to the consensus of $1.29 billion.
Dish Network Corp. (Nasdaq: DISH) 6% HIGHER; Goldman upgrades to Buy
Morgan Stanley (NYSE: MS) 4% HIGHER; trading up on news that the Obama administration may be close to unveiling a "bad bank" plan.
Comerica (NYSE: CMA) 4% HIGHER; declared a quarterly cash dividend for common stock of five cents ($0.05) per share. This is down from last quarter's dividend of $0.33 per share, and the $0.66 per share dividend before that.
Websense (Nasdaq: WBSN) 3.3% LOWER; reports Q4 EPS of $0.31, 2 cents better than the analyst estimate of $0.29. Revenue for the quarter was $79.3 million, versus the consensus of $84.26 million.
Emulex (NYSE: ELX) 3% LOWER; reports Q2 EPS of $0.23, 3 cents better than the analyst estimate of $0.20. Revenue for the quarter was $108.7 million, versus the consensus of $107.59 million. Sees Q3 revs of $78-$85 million, versus the consensus of $101.5 and adj-EPS of $0.02-$0.05, versus the consensus of $0.17.
General Electric (NYSE: GE) 3% HIGHER; Moody's placed the long-term ratings of GE (Aaa senior unsecured) and General Electric Capital Corporation (GECC; Aaa senior unsecured) on review for possible downgrade. The firms' Prime-1 short-term ratings were affirmed. =
Gilead Sciences (Nasdaq: GILD) 3% HIGHER; reports Q4 EPS of $0.63, 8 cents better than the analyst estimate of $0.55. Revenue for the quarter was $1.43 billion, versus the consensus of $1.44 billion.
Microchip Technology (Nasdaq: MCHP) 2.6% HIGHER; Barclays upgrades to Overweight
Boeing Co. (NYSE: BA) 2% HIGHER; reports a Q4 loss $0.08, may not compare to the consensus of a $0.78 profit. Revenues came in at $12.7 billion, versus the consensus of $13.4 billion. Sees 2009 EPS of $5.05-$5.35, versus the consensus of $5.65. Sees 2009 revs of $68-$69 billion, versus the consensus of $68.6 billion.
Clorox Corporation (NYSE: CLX) 2% HIGHER; Citi Upgrade
AT&T, Inc. (NYSE: T) 1% LOWER; reports Q4 EPS of $0.64, 1 cent below the consensus of $0.65. Revenues came in at $31.1 billion, versus the consensus of $31.35 billion. Sees 2009 stable reported EPS, ex-pension/retiree costs. Sees 2009 stable free cash flow.
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