Morning Movers 5/19: BEAT, IRE, ONTY, LWAY, THC Higher; HEB, APP, SCR, MHO Lower
Hemispherx Biopharma (NYSE: HEB) 26.4% LOWER; agreed to sell up to $16 million in common stock and warrants in a registered offering to two institutional investors. The investors will purchase for $16 million cash, 11,906,976 common shares of its stock at $1.34375 per share. Shares of Hemispherx Biopharma closed at $1.93 yesterday.
CardioNet, Inc. (NASDAQ: BEAT) 21.4% HIGHER; announced that last week Highmark Medicare Services posted a reimbursement rate for CPT code 93229, Mobile Cardiovascular Telemetry Services, of $1,123.07 at: www.highmarkmedicareservices.com/partb/reimbursement/calc-2009.html. Highmark Medicare Services had not posted a reimbursement rate for CPT code 93229 since the CPT code was published by the AMA in October of 2008. The reimbursement of $1,123.07 reflects the same rate that the Company announced in November 2008 on attaining the CPT code.
American Apparel (NYSE: APP) 21% LOWER; reports Q1 loss of $0.13, versus the analyst estimate of ($0.05) and compared to a gain of $0.02 in the same quarter last year. Revenue for the quarter was $114.3 million, versus the consensus of $117.50 million. Same store sales fell 7% during the quarter. Sees FY09 sales of $550-$575 million, which compares to the Street estimate of $576.75 million, with income from operations of $40-$50 million. American Apparel is evaluating its classification of its revolving credit facility as a long-term obligation, and certain other balance sheet and cash flow presentation matters, which may result in a restatement of previously issued financial statements. Also downgraded to Hold at Lazard.
Bank of Ireland (NYSE: IRE) 20% HIGHER; reported results and announced that it will spend up to €1.4 billion in order to buyback a hefty amount of Tier 1 securities, specifically, with a face value of more than €3 billion. Buying at this level represents a discount of about 50% from nominal levels. Click here for the full report.
Oncothyreon Inc. (Nasdaq: ONTY) 19.7% HIGHER; last night announced the presentation of data demonstrating the effectiveness of Oncothyreon's PX-866 in a preclinical model of pulmonary fibrosis. Click here for more details from the release.
Simcere Pharmaceutical Group (NYSE: SCR) 18.9% LOWER; reports Q1 EPS of $0.06, 11 cents lower than the analyst estimate of $0.17. Revenue for the quarter was $64.8 million, versus the consensus of $69.87 million.
M/I Homes, Inc. (NYSE: MHO) 17.2% LOWER; announced today a proposed public offering of 4,000,000 of its common shares. All shares are being offered by M/I Homes, Inc. The Company will grant the underwriters an option to purchase up to an additional 600,000 common shares to cover over-allotments, if any. M/I Homes plans to use the proceeds received from this offering for general corporate purposes.
Lifeway Foods, Inc., (Nasdaq: LWAY) 15.4% HIGHER; reports Q1 EPS of $0.09, 6 cents better than the analyst estimate of $0.03. Revenue for the quarter was $13.74 million, versus the consensus of $13.74 million.
Tenet Healthcare Corp. (NYSE: THC) 14.2% HIGHER; Goldman Sachs upgrades the stock from Neutral to Buy and raises its price target from $1 to $5. With shares of THC closing at $2.25 yesterday, the Goldman price target represents upside of more than 100%.
Trident Microsystems, Inc. (Nasdaq: TRID) 13.6% HIGHER; sees Q4 sales of $15-$18 million, with a non-GAAP operating loss of $15-$17 million. The company expects to end the quarter with a cash balance of about $177-$182 million. The Street is currently looking for Q4 sales of $6.67 million.
AirMedia Group Inc. (Nasdaq: AMCN) 13.5% LOWER; reports a Q1 loss of $0.02, 4 cents worse than estimates. Revenues were US$32.8 million vs. $31.67 million consensus. AirMedia currently expects that its total revenues for the second quarter of 2009 will be in an amount ranging from US$36.0 million to US$38.0 million vs. consensus of $38.82 million.
Kulicke & Soffa Industries Inc. (Nasdaq: KLIC) 13% HIGHER; raises its Q3 sales guidance from $32-$37 million to $40-$45 million, which compares to the Street estimate of $34.85 million.
Invesco Ltd. (NYSE: IVZ) 11.7% LOWER; today announces it has commenced a registered public offering for $400,000,000 of additional common shares. Invesco intends to use the net proceeds from the sale of the common shares for general corporate purposes, which may include, among other options, support for continued growth, new product initiatives and diversification of the company, and repayment of outstanding indebtedness.
Saks Incorporated (NYSE: SKS) 10.8% HIGHER; reports Q1 loss of $0.04, ex-items, versus the analyst estimate of ($0.26) compared to a gain of $0.12 in the same quarter last year. Revenue for the quarter was $621.3 million, versus the consensus of $619.99 million. Same store sales fell 27.6% during the quarter. Same store sales for FY09 are expected to fall in the low double digit range, comprised of a decline in the mid-teen percentage range for Q2 and a decline of mid-to-high single digits in 2H09.
Prospect Capital Corporation (NASDAQ: PSEC) 10.6% LOWER; last night announced the commencement of a public offering of 5,000,000 shares of its common stock, par value $0.001 per share. Prospect also plans to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of its common stock to cover over-allotments, if any.
Star Bulk Carriers (Nasdaq: SBLK) 10.5% HIGHER; analysts at Dahlman Rose made numerous upgrades to the dry bulk sector. Star Bulk moved from Hold to Buy.
Himax Technologies (Nasdaq: HIMX) 10.4% HIGHER; reports Q1 EPS of $0.04, in-line with the analyst estimate of $0.04. Revenue for the quarter was $125.7 million, versus the consensus of $139.05 million. Sees Q2 sales up 52-55%, with gross margin flat and GAAP EPS in the range of $0.07-$0.09. The Street is currently expecting Q2 EPS $0.06.
BankUnited Financial (Nasdaq: BKUNA) 10.1% HIGHER; trading higher on reports that Toronto-Dominion Bank (NYSE: TD) could team up with Goldman Sachs (NYSE: GS) to bid for the bank. Click here for the full report.
Gildan Activewear (NYSE: GIL) 9.2% HIGHER; UBS upgrades from Neutral to Buy.
Genco Shipping (NYSE: GNK) 8.6% HIGHER; upgraded, with several other dry bulkers, at Dahlman Rose from Hold to Buy.
Get This Report Daily Here: http://www.streetinsider.com/entities/StreetInsider.com+Morning+Movers.
Create E-mail AlertRelated Categories
Special ReportsStocks Mentioned
+0.00Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
