Morning Movers 4/13: RRR, DNDN, INFS, MGM, WLP Higher; GNW, GM, SPW, WFR, TUES Lower

April 13, 2009 9:43 AM EDT

RSC Holdings (NYSE: RRR) 25.8% HIGHER; highlighted in Barron's this week. Click here for the full report.

Genworth Financial (NYSE: GNW) 22.9% LOWER; was informed on Thursday by the U.S. Department of the Treasury that the deadline it set for approval by the Office of Thrift Supervision of Genworth's application to become a savings and loan holding company passed before OTS completed its review of Genworth's application and Treasury will not extend the deadline. Genworth will therefore not complete its intended acquisition of InterBank, fsb of Maple Grove, Minnesota, nor will it be eligible to participate in Treasury's Capital Purchase Program established for companies that own a thrift. Click here for the full report.

Dendreon (Nasdaq: DNDN) 22% HIGHER; we are not hearing any news, but investors are likely buying Dendreon because they are anticipating positive news from the latest Provenge tests.

InFocus® Corporation (NASDAQ: INFS) 14.3% HIGHER; today announced that it has entered into a definitive merger agreement with Image Holdings Corporation. Under the terms of the agreement IHC and its wholly-owned subsidiary, IC Acquisition Corp., will make an all cash tender offer to acquire all outstanding shares of InFocus stock at $0.95 per share, or approximately $39 million in total. Click here for the full report.

MGM Mirage (NYSE: MGM) 12.5% HIGHER; moving higher on a WSJ article which discusses plans between the casino and Dubai World which would lock-in the completion of the partnership's City Center project.

General Motors (NYSE: GM) 12.3% LOWER; moving lower on reports from the New York Times that the Treasury department is directing GM to lay the groundwork for a bankruptcy filing by June 1st, even if such a plan is not needed as the company has contented publicly. The Obama administration wants plans prepared for a fast “surgical” bankruptcy, if necessary. The administration wants the bankruptcy plan in place if the company is unable to reach an agreement with bondholders to exchange roughly $28 billion in debt into equity and a deal with the UAW.

SPX Corporation (NYSE: SPW) 11.7% LOWER; sees Q1 sales down about 14% compared to Q108. Organic revenues for the quarter are expected to decline 7%, while the impact of currency fluctuations is expected to reduce reported revenues by an additional 7%. Sees Q1 EPS at the low end of its previously guided range of $0.75-$0.85, versus the consensus of $0.77. For FY09, sales are expected to decline 12-16% from the prior year, to a range of $4.9-$5.1 billion. The Street is expecting FY09 sales of $ billion. EPS from continuing operations are expected to be $4.40-$4.80, versus the Street estimate of $5.11.

MEMC Electronic Materials, Inc. (NYSE: WFR) 10.2% LOWER; late Thursday, reported preliminary Q1 sales of about $214 million, versus the consensus of $225.03 million. As a result of lower pricing and additional underutilization charges, gross margin for the quarter is now expected to be approximately 9% of sales, compared to the company's previous outlook of gross margins declining to the 20% range.

WellPoint (NYSE: WLP) 8.3% HIGHER; Express Scripts will acquire WellPoint's NextRx subsidiaries for $4.675 billion. Click here for the full report.

Entrust (Nasdaq: ENTU) 7.8% HIGHER; today announced it has entered into a definitive agreement to be acquired by an affiliate of Thoma Bravo, LLC in a transaction with a total equity value of $114 million. Under the terms of the agreement, Entrust's shareholders will receive $1.85 in cash for each share of Entrust common stock they hold, representing a premium of approximately 22.4 percent over Entrust's average closing share price of $1.51 during the 30 trading days ending April 9, 2009 and 25.8 percent over Entrust's average closing share price of $1.47 during the 90 trading days ending April 9, 2009.

Tuesday Morning Corporation (Nasdaq: TUES) 7.1% LOWER; reported net sales for Q309 were $167.0 million vs. consensus of $161.11 million. Based on Q3 sales results, the Company sees a Q3 loss of $0.15-$0.17. (Consensus is a loss of $0.16)

Autoliv (NYSE: ALV) 7% LOWER; Baird downgrades the stock from Neutral to Underperform. Price target $17.

Express Scripts, Inc. (Nasdaq: ESRX) 6.4% HIGHER; announced plans to acquire WellPoint's NextRx subsidiaries for $4.675 billion. Click here for the full report.

lululemon athletica (Nasdaq: LULU) 6.2% HIGHER; William Blair & Co upgrades lululemon from Market Perform to Outperform.

Kona Grill, Inc. (Nasdaq: KONA) 6.1% HIGHER; sees Q1 sales up 7.5% to $19.5 million, compared to $18.1 million in the same quarter last year. The growth in restaurant sales reflects additional revenues from four restaurants opened since June 2008. Same store sales fell about 9.6% compared to a 2.4% drop in the same period last year. Sees a Q1 loss of $0.17-$0.21, better than the company's previous guidance looking for a loss of $0.22-$0.29. The Street is currently expecting a Q1 loss of $0.27.

Monster Worldwide (NYSE: MWW) 5.7% HIGHER; William Blair & Co upgrades the stock from Market Perform to Outperform.

Wynn Resorts (Nasdaq: WYNN) 5.7% LOWER; Oppenheimer downgrades the stock from Perform to Underperform. Price target lowered from $26 to $20.

Boeing (NYSE: BA) 5.6% LOWER; late Thursday announced that it will adjust its twin-aisle airplane production plans for 2010 due to significant deterioration in the business environment for airlines and cargo operators driven by unprecedented global economic conditions. Monthly production of the 777 will decline from seven to five airplanes per month beginning in June 2010. Boeing will also delay previous plans to modestly increase 747-8 and 767 production. No change is being made at this time to the 737 production rate. Click here for the full report.

AK Steel Holding Corp. (NYSE: AKS) 5.4% HIGHER; Goldman Sachs upgrades the stock from Neutral to Buy with a $12 price target, saying the company will have more flexibility to adjust costs and benefit from lower iron-ore prices than rival U.S. Steel (NYSE: X).

Yahoo! (Nasdaq: YHOO) 4.6% HIGHER; moving higher on reports that Microsoft (Nasdaq: MSFT) and Yahoo! are still holding talks about a potential partnership. Also trading higher on news out of eBay (Nasdaq: EBAY).

First Niagara Financial Group, Inc. (Nasdaq: FNFG) 4.7% LOWER; expects to offer and sell approximately $300 million of common stock in an underwritten public offering through Keefe, Bruyette & Woods and Goldman, Sachs & Co.

salesforce.com (NYSE: CRM) 4.3% HIGHER; UBS upgraded salesforce.com from Sell to Buy with a $44 price target.

Parker Hannifin Corporation (NYSE: PH) 4.3% LOWER; Goldman Sachs downgraded PH from Neutral to Sell and added the stock to its Conviction Sell List. The firm has a $30 price target on the stock.

Seagate Technology (Nasdaq: STX) 4.1% LOWER; today announced that it intends, subject to market and other conditions, to offer $430 million aggregate principal amount of senior secured second-priority notes due 2014 in a private placement. Separately, Seagate expects to report unit shipments of approximately 39 million and revenue of approximately $2.1 billion, exceeding the company's original outlook of $1.6-2.0 billion. Click here for the full report.

SonicWALL, Inc. (Nasdaq: SNWL) 3.9% LOWER; late Thursday reported preliminary Q1 sales of $46-$47 million, below its previous guidance of $48-$52 million. SonicWALL cited sluggish demand conditions across all geographic regions and product categories. Despite these conditions, the Company experienced sequential growth in subscription services billings and deferred revenue and continued strength in cash flow from operations. Sees Q1 non-GAAP EPS of about $0.07, better than the company's prior guidance of $0.04-$0.06. The Street is currently looking for EPS of $0.06.

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• Treasury Capital Purchase Program
• Bankruptcy
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