Morning Movers 4/17: DRYS, TEL, ICUI, MHP, TPX Higher; CYT, MGM, HNSN, MEG, AOS Lower

April 17, 2009 9:43 AM EDT

Cytec Industries Inc. (NYSE: CYT) 20.8% LOWER; reports Q1 EPS of $0.06, ex-items, versus the analyst estimate of $0.29. Revenue for the quarter was $612 million, versus the consensus of $771.41 million. Sees FY09 EPS of $1.35-$1.75, versus the consensus of $2.12. Will cut its quarterly dividend from $0.1125 to $0.0125 per common share, effective immediately.

MGM Mirage (NYSE: MGM) 14.4% LOWER; just before the close, the WSJ reported that Carl Icahn and Oaktree Capital are pushing for an MGM bankruptcy. Click here for the full report.

DryShips Inc. (NASDAQ: DRYS) 12.6% HIGHER; announced the completion of the ATM Equity Offering in which the Company raised gross proceeds of approximately $500 million since commencing the offering pursuant to the prospectus supplement filed on January 28, 2009. Merrill Lynch & Co. acted as sales agent in the offering. Following the completion of the program, the Company has approximately 184,760,000 common shares outstanding. Click here for the full report. Also upgraded to Outperform at Oppenheimer.

Hansen Medical, Inc. (NASDAQ: HNSN) 12.3% LOWER; priced its public offering of 11,692,000 shares of its common stock at a price to the public of $3.25 per share. The gross proceeds to Hansen Medical, before expenses, from the sale of shares are expected to be $37,999,000. The closing of the offering is expected to take place on April 22, 2009. Piper Jaffray & Co. will be the sole manager for the offering.

Media General, Inc. (NYSE: MEG) 11.8% LOWER; reports Q1 loss of $0.76, ex-items, versus the analyst estimate of ($0.30). Revenue for the quarter was $159.48 million, versus the consensus of $172.71 million.

A.O. Smith (NYSE: AOS) 10.5% LOWER; reports Q1 earnings of $0.29 per share, below the consensus of $0.40. Revenues came in at $481.6 million, versus the consensus of $523.4 million. A.O. Smith sees FY09 EPS of $1.80-$2.10, below the consensus of $2.34.

Tyco Electronics (NYSE: TEL) 9.3% HIGHER; reports preliminary Q2 sales of $2.46 billion, versus the consensus of $ billion. Sees non-GAAP adjusted operating income of about $75 million. Sees a non-cash goodwill impairment charge of $3.3-$3.8 billion. The company also expects to report $135 million of charges related to its portion of previously-disclosed Tyco International securities litigation. Also announced that Harris Corporation (NYSE: HRS) has signed a definitive agreement to acquire Tyco Electronics' Wireless Systems business, an established provider of mission-critical wireless communications systems for law enforcement, fire and rescue, and public service organizations.

Callaway Golf (NYSE: ELY) 8.8% LOWER; sees Q1 EPS between $0.10 to $0.12 versus the analyst estimate of $0.43. Sees Q1 revenue of $272 million versus consensus $320.03 million.

First Horizon National Corp. (NYSE: FHN) 8.5% LOWER; reports Q1 loss of $0.39, versus the analyst estimate of ($0.25). Revenue for the quarter was $604.5 million, versus the consensus of $502.89 million.

ICU Medical, Inc. (Nasdaq: ICUI) 8.4% HIGHER; reports Q1 EPS of $0.47, versus the analyst estimate of $0.33. Revenue for the quarter was $54.3 million, versus the consensus of $50.60 million. Sees FY09 sales of $215-$225 million, versus the consensus of $226.84 Maintains its FY09 EPS guidance of $1.58-$1.70, versus the consensus of $1.65.

McGraw-Hill (NYSE: MHP) 7% HIGHER; JP Morgan upgrades MHP from Neutral to Overweight.

Tempur Pedic International (NYSE: TPX) 6.4% HIGHER; reports Q1 EPS of $0.18, 6 cents better than the analyst estimate of $0.12. Revenue for the quarter was $177.1 million, versus the consensus of $184.41 million. Affirms its Fy09 EPS guidance of $0.70-$0.90, versus the consensus of $0.73. Sales for the year are expected to be in the range of $700-$740 million, versus the Street estimate of $762.82 million.

Acme United Corporation (AMEX: ACU) 5.3% LOWER; reports Q1 EPS of $0.01, versus the analyst estimate of $0.19 and compared to $0.21 in the same quarter last year. Revenue for the quarter was $11.3 million, versus the consensus of $14.06 million.

SWS Group, Inc. (NYSE: SWS) 5.1% LOWER; sees Q3 sales of $92-$95 million, versus the consensus of $113.37 million. EPS for the quarter are expected to be $0.12-$0.15, versus the Street estimate of $0.30.

Regal Entertainment (NYSE: RGC) 5% HIGHER; Morgan Stanley downgrades from Equal Weight to Underweight.

Sohu.com Inc (Nasdaq: SOHU) 4.9% LOWER; Deutsche Bank downgrades the stock to Sell. Click here for more color.

Mattel (NYSE: MAT) 4.4% HIGHER; reports Q1 loss of $0.14 per share, below the consensus of a $0.13 loss. Revenues came in at $785.6 million, versus the consensus of $795.8 million.

Weingarten Realty Investors (NYSE: WRI) 4% LOWER; is offering 25,500,000 common shares in a registered public offering. The Company also plans to grant the underwriters an option to purchase up to 3,825,000 additional shares. Merrill Lynch & Co. and J.P.Morgan are acting as joint book-running managers for the offering. The Company intends to use the net proceeds from the sale of the common shares to reduce borrowings outstanding on its revolving credit facility and for general corporate purposes, including the repayment or repurchase of outstanding indebtedness.

Orthofix International N.V., (NASDAQ: OFIX) 3.5% LOWER; announced preliminary results for the first quarter of 2009, indicating that the Company expects to report total revenue of approximately $129.0 million and earnings in the range of $0.14 to $0.16 per diluted share. The Company's spine implant and biologic businesses generated total revenue of approximately $28.8 million during the quarter. (Q1 revenue consensus is $130.50M and EPS consensus is $0.12)

Citigroup (NYSE: C) 3.2% HIGHER; reports Q1 loss of $0.18 per share, better than the consensus of $0.34 loss. Revenues came in at $24.8 billion, versus the consensus of $21.95 billion. esults also include $7.3 billion in net credit losses and a $2.7 billion net loan loss reserve build. Click here for the full report.

Lowe's Companies Inc. (NYSE: LOW) 3% HIGHER; Goldman Sachs added the stock to its Conviction Buy list.

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