Morning Movers 3/10: Citigroup (C) Up On Pandit Memo; AeroVironment (AVAV) Slammed On Guidance
StreetInsider.com Morning Movers:
Gaylord Entertainment Co. (NYSE: GET) 35% HIGHER; Reaches Agreements with Two Major Shareholders on Board Nominees and Shareholder Rights Plan. Upgraded at Wachovia
AeroVironment, Inc. (Nasdaq: AVAV) 27% LOWER; reports Q4 EPS of $0.21, 6 cents better than the analyst estimate of $0.27. Revenues for the quarter were $52.2 million, versus the consensus of $65.32. For FY09, AeroVironment is revising its guidance to reflect anticipated full year revenue growth of between 11% and 16% from last year, compared to its previous guidance of down 12-14%. Click here for the full report.
Citigroup (NYSE: C) 23% HIGHER; CEO Vikram Pandit distributed a letter to employees providing an update on Citi's position. In the letter, Pandit said the current stock price doesn't reflects the strengths of Citi and its strong tangible common equity, that could increase to as much as $81 billion. Pandit also said he is encouraged with the strength of the business so far in 2009. In fact, he said the company was profitable through the first two months of 2009 and are having their best quarter-to-date performance since the third quarter of 2007. MORE
Sotheby's (NYSE: BID) 17% HIGHER; Hedge fund guru Cohen discloses a 5.9% stake. MORE
China TechFaith Wireless (Nasdaq: CNTF) 14.2% LOWER; reports Q4 EPS of $0.02, versus 7c in same period last year.Revenues for the quarter were $51.9 million, versus the consensus of $45.7 million.
Dr Pepper Snapple (NYSE: DPS) 12% HIGHER; Goldman upgrades to Buy. MORE
Palm, Inc. (Nasdaq: PALM) 10% HIGHER; Announces Pricing and Increased Size of Public Offering
Comtech Telecommunications (Nasdaq: CMTL) 9% LOWER; reports Q2 EPS of $0.51, ex-items, 7 cents better than the analyst estimate of $0.44. Revenues for the quarter were $143.9 million, versus the consensus of $151.15 million.
The Kroger Co. (NYSE: KR) 9% HIGHER; reports Q4 EPS of $0.53, 1 cent better than the analyst estimate of $0.52. Revenues for the quarter were $17.3 billion, versus the consensus of $18.33 billion. Sees FY09 same store sales growth, ex-fuel of 3-4%. EPS for the yea rare expected to be in the range of $2.00-$2.05, versus the consensus of $1.90.
Rambus Inc. (Nasdaq: RMBS) 8% HIGHER; agreed in principle to terms for a compulsory license with Hynix Semiconductor for SDR SDRAM and DDR SDRAM memory products. MORE
Brown-Forman Corporation (NYSE: BF.A) (NYSE: BF.B) 7% LOWER; reports Q3 EPS of $0.81, 4 cents better than the analyst estimate of $0.77. Revenues for the quarter were $784.1 million, versus the consensus of $903.10 million. Lowers FY09 EPS guidance from $3.00-$3.20 to $2.70-$2.90, versus the consensus of $2.99.
United Technologies Corp. (NYSE: UTX) 6% HIGHER; announced $600 million of additional restructuring actions for 2009, which includes global employment reductions of 11,600. United Technologies is also revising its 2009 EPS to $4.00 to $4.50, including $0.30 to $0.40 for the $750 million of total 2009 restructuring costs net of anticipated one-time gains of $200 million to $350 million. The Wall Street consensus is $4.61.
Baidu, Inc. (Nasdaq: BIDU) 6% HIGHER; Positive comments from Goldman. MORE
Rohm & Haas Co. (NYSE: ROH) 5% HIGHER; Dow (DOW) and Rohm and Haas (ROH) Reach Agreement Related to Acquisition
Casey's General Stores (Nasdaq: CASY) 3.3% HIGHER; reports Q3 EPS of $0.28, versus the analyst estimate of $0.19. Revenues for the quarter were $848.8 million, versus the consensus of $963.40 million. Declares a quarterly dividend of $0.075 per common share, payable May 15, 2009 to shareholders of record on May 1, 2009.
Owens & Minor (NYSE: OMI) 3% HIGHER; to replace Chemtura (NYSE: CEM) in the S&P SmallCap 600.
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