Morning Movers 5/6: SBGI, ACOR, ARM, LINC, MPG Higher; ABD, ACAS, ALY, BBND, DENN Lower
Up)
Sinclair Broadcast Group (Nasdaq: SBGI) 42.3% HIGHER; reports Q1 adj-EPS of $0.19, versus the analyst estimate of ($0.05). Revenue for the quarter was $131.3 million, versus the consensus of $141.73 million.
Acorda Therapeutics (Nasdaq: ACOR) 28.2% HIGHER; the FDA has accepted the Fampridine-SR New Drug Application for filing, assigning Priority Review and a Prescription Drug User Fee Act date of October 22, 2009. The PDUFA date is the target date for the FDA to complete its review of the Fampridine-SR NDA. Acorda also reported Q1 EPS of $0.50, 5 cents better than the analyst estimate of $0.55. Revenue for the quarter was $12.5 million, versus the consensus of $12.88 million.
ArvinMeritor (NYSE: ARM) 27% HIGHER; reports Q1 loss of $0.65, 3 cents better than the analyst estimate of ($0.68). Revenue for the quarter was $1.1 billion, versus the consensus of $1.24 billion. Click here for the full report.
Lincoln Educational Services (Nasdaq: LINC) 26.8% HIGHER; reports Q1 EPS of $0.22, versus the analyst estimate of $0.06. Revenue for the quarter was $118.6 million, versus the consensus of $112.25 million. Student starts increased by 42.4% as compared to Q108. On a same school basis, student starts increased 35.1% as compared to Q1. Sees Q2 EPS of $0.18-$0.20, on sales of $120-$122 million. The Street is currently looking for Q2 EPS and sales of $0.07 and $112.40 million, respectively. For the year, LINC sees EPS of $1.25-$1.30, versus the consensus of $0.95, with sales of $505-$515 million, which compares to the Street estimate of $482.04 million.
Maguire Properties (NYSE: MPG) 24.1% HIGHER; reports Q1 FFO loss of $0.64, compared to a loss of $0.01 in the same quarter last year. Revenue for the quarter was $ million, versus $ million in Q08.
ACCO Brands (NYSE: ABD) 22.2% LOWER; reports Q1 EPS of ($0.02), versus the analyst estimate of ($0.05). Revenue for the quarter was $293.4 million, versus the consensus of $332 million. Will not provide specific '09 guidance.
Bank of Ireland (NYSE: IRE) 20% HIGHER; European banks are outperforming today as investors continue to hang onto hopes that the worst could be behind us.
Cell Therapeutics (Nasdaq: CTIC) 19.1% HIGHER; following news yesterday that Cell Therapeutics' pixantrone is now available in Europe on a named-patient basis, momentum in the name is continuing today.
Par Pharma (NYSE: PRX) 19.1% HIGHER; reports Q1 EPS of $0.49, ex-items, versus the analyst estimate of $0.27. Revenue for the quarter was $204 million, versus the consensus of $170.23 million.
American Capital, Ltd. (Nasdaq: ACAS) 17.4% LOWER; reports Q1 EPS of $0.31, 6 cents worse than the analyst estimate of $0.37. Revenue for the quarter was $181 million, versus the consensus of $185.8 million.
American Medical Systems Holdings (Nasdaq: AMMD) 17.3% HIGHER; reports Q1 EPS of $0.25, 10 cents better than the analyst estimate of $0.15. Revenue for the quarter was $123.6 million, versus the consensus of $119.66 million. Company has increased its 2009 non-GAAP adjusted earnings per share guidance to a range of $0.96 to $1.07, from its earlier guidance of $0.86 to $0.99 per share. (Consensus is $0.80) The Company reiterates its full year 2009 revenue guidance in the range of $495 million to $515 million. (Consenus is $507.07M) Second quarter revenue is estimated in the range of $124 million to $130 million. (Consensus is $129.57M) The Company estimates second quarter 2009 non-GAAP adjusted earnings per share will be in the range of $0.22 to $0.26. (Consensus is $0.20)
Allied Irish Banks (NYSE: AIB) 16.6% HIGHER; see IRE.
Allis-Chalmers Energy Inc. (NYSE: ALY) 16.5% LOWER; reports Q1 loss of $0.07, 9 cents worse than the analyst estimate of $0.02. Revenue for the quarter was $145.1 million, versus the consensus of $151.10 million.
Fortress (NYSE: FIG) 15.2% HIGHER; reports Q1 loss of $0.71, versus the analyst estimate of ($0.05). Revenue for the quarter was $122.3 million, versus the consensus of $87.31 million.
Crocs (Nasdaq: CROX) 15.2% HIGHER; shares are continuing higher today following yesterday's 42% jump. Click here for the full report.
BigBand Networks (Nasdaq: BBND) 15% LOWER; reports Q1 EPS of $0.09, 4 cents better than the analyst estimate of $0.05. Revenue for the quarter was $43.9 million, versus the consensus of $44.29 million. For the second quarter of 2009 management provides the following outlook: Net revenues are expected to be in the range of $40 million to $42 million vs. consensus of $46.87 million. Non-GAAP net earnings per share are expected to be in the range of $0.02 to $0.04 vs. consensus of $0.06.
Boyd Gaming (NYSE: BYD) 14.9% HIGHER; reports Q1 earnings of $0.15 per share, ex-items, above the consensus of $0.08. Revenues fell 7.7% to $434.8 million, versus the consensus of $435.2 million.
Denny's Corporation (Nasdaq: DENN) 14.9% LOWER; reports Q1 EPS of $0.04, 1 cent worse than the analyst estimate of $0.05. Revenue for the quarter was $165.8 million, versus the consensus of $158.32 million. Based on year-to-date results and management’s expectations at this time, Denny’s is reaffirming its financial guidance for full-year 2009 as announced in its fourth quarter 2008 earnings release on February 18, 2009.
General Motors (NYSE: GM) 14.7% LOWER; downside related to the debt-to-equity swap and the possibly that the automaker could do a 1-for-100 reverse stock split.
Lincoln National (NYSE: LNC) 14.5% HIGHER; reports Q1 EPS of $0.66 including items, 5 cents below the analyst estimate of $0.71.
Biovail Corporation (NYSE: BVF) 13.6% LOWER; reports Q1 EPS of $0.42, 12 cents better than the analyst estimate of $0.30. Revenue for the quarter was $173.3 million, versus the consensus of $176.88 million. Biovail also announced today that it has entered into an agreement to acquire the U.S. commercialization rights to Wellbutrin XL(R) (extended-release bupropion hydrochloride tablets) from GlaxoSmithKline (GSK) for total consideration of $510 million. Also declared a quarterly dividend of $0.09 per share payable on July 6, 2009, to shareholders of record at the close of business May 15, 2009. The ex-dividend date is May 13, 2009. This represents a 76% reduction in the dividend payment.
True Religion Apparel (Nasdaq: TRLG) 12.3% HIGHER; reports Q1 EPS of $0.32, 4 cents better than the analyst estimate of $0.28. Revenue for the quarter rose 19.1% to $63.1 million, versus the consensus of $58.7 million. The Company is reiterating its guidance for the fiscal year ended December 31, 2009: Net sales are expected to be in the range of $290 million to $297 million, EPS is expected to be in the range of $1.73 to $1.81.
Rackable Systems, Inc. (Nasdaq: RACK) 11% LOWER; reports Q1 loss of $0.24, 9 cents worse than the analyst estimate of ($0.15). Revenue for the quarter was $44.4 million, versus the consensus of $39.23 million.
Orbitz Worldwide (NYSE: OWW) 10.9% HIGHER; reports Q1 loss of $4.08, which does not compare to the analyst estimate of ($0.16). Revenue for the quarter was $188 million, versus the consensus of $192.48 million.
Garmin (Nasdaq: GRMN) 10.8% LOWER; reports Q1 earnings of $0.25 per share, well below the consensus of $0.42. Revenues fell 34% $437 million, versus the consensus of $531.6 million.
Almost Family (Nasdaq: AFAM) 10.6% HIGHER; reports Q1 EPS of $0.68 adjusted, 8 cents better than the analyst estimate of $0.60. Revenue for the quarter was $62.9 million, versus the consensus of $63.03 million.
Kenneth Cole (NYSE: KCP) 10.6% LOWER; reports Q1 loss of $0.41, ex-items, 1 cent better than the analyst estimate of ($0.42). Revenue for the quarter fell 15.6% to $103.4 million, versus the consensus of $107.30 million.
Plantronics (NYSE: PLT) 10.2% HIGHER; reports Q1 adj-EPS of $0.01, versus the analyst estimate of ($0.16). Revenue for the quarter was $146.8 million, versus the consensus of $129.61 million. Declared a quarterly dividend of $0.05 per share.
Pitney Bowes Inc. (NYSE: PBI) 9.9% LOWER; reports Q1 EPS of $0.55, ex-items, 8 cents worse than the analyst estimate of $0.63. Revenue for the quarter was $1.38 billion, versus the consensus of $1.47 billion. The company expects adjusted earnings per diluted share from continuing operations for the year will be in the range of $2.40 to $2.60, versus the consensus of $2.63. The company is reaffirming its free cash flow guidance in the range of $700 million to $800 million for the year.
Bank of America (NYSE: BAC) 9% HIGHER; despite news that BofA will need another $35 billion in capital to cover "stress test" losses, the stock is surging on the back of a better-than-expected ADP report which showed a decline of less than 600,000 jobs for the first time in a while. The assumption is that if unemployment figures come in better than what was accounted for in the tests, BofA may not need further funds.
Foster Wheeler AG (Nasdaq: FWLT) 8.1% LOWER; reports Q1 EPS of $0.59, versus the analyst estimate of $0.68. Revenue for the quarter was $1.26 billion, versus the consensus of $1.51 billion.
Disney (NYSE: DIS) 7.1% HIGHER; reports Q2 EPS of $0.43, ex-items, 3 cents better than the analyst estimate of $0.40. Revenue for the quarter was $8.08 billion, versus the consensus of $8.15 billion.
Diana Shipping (NYSE: DSX) 6.7% HIGHER; reports Q1 earnings of $0.47 per share, above the consensus of $0.46. Revenues came in at $62.7 million, versus the consenus of $60.7 million.
Devon Energy (NYSE: DVN) 5.8% HIGHER; reports Q1 EPS of $0.48, ex-items, 20 cents better than the analyst estimate of $0.28. Revenue for the quarter was $2.028 billion, versus the consensus of $1.84 billion.
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Acorda Therapeutics (Nasdaq: ACOR) 28.2% HIGHER; the FDA has accepted the Fampridine-SR New Drug Application for filing, assigning Priority Review and a Prescription Drug User Fee Act date of October 22, 2009. The PDUFA date is the target date for the FDA to complete its review of the Fampridine-SR NDA. Acorda also reported Q1 EPS of $0.50, 5 cents better than the analyst estimate of $0.55. Revenue for the quarter was $12.5 million, versus the consensus of $12.88 million.
ArvinMeritor (NYSE: ARM) 27% HIGHER; reports Q1 loss of $0.65, 3 cents better than the analyst estimate of ($0.68). Revenue for the quarter was $1.1 billion, versus the consensus of $1.24 billion. Click here for the full report.
Lincoln Educational Services (Nasdaq: LINC) 26.8% HIGHER; reports Q1 EPS of $0.22, versus the analyst estimate of $0.06. Revenue for the quarter was $118.6 million, versus the consensus of $112.25 million. Student starts increased by 42.4% as compared to Q108. On a same school basis, student starts increased 35.1% as compared to Q1. Sees Q2 EPS of $0.18-$0.20, on sales of $120-$122 million. The Street is currently looking for Q2 EPS and sales of $0.07 and $112.40 million, respectively. For the year, LINC sees EPS of $1.25-$1.30, versus the consensus of $0.95, with sales of $505-$515 million, which compares to the Street estimate of $482.04 million.
Maguire Properties (NYSE: MPG) 24.1% HIGHER; reports Q1 FFO loss of $0.64, compared to a loss of $0.01 in the same quarter last year. Revenue for the quarter was $ million, versus $ million in Q08.
ACCO Brands (NYSE: ABD) 22.2% LOWER; reports Q1 EPS of ($0.02), versus the analyst estimate of ($0.05). Revenue for the quarter was $293.4 million, versus the consensus of $332 million. Will not provide specific '09 guidance.
Bank of Ireland (NYSE: IRE) 20% HIGHER; European banks are outperforming today as investors continue to hang onto hopes that the worst could be behind us.
Cell Therapeutics (Nasdaq: CTIC) 19.1% HIGHER; following news yesterday that Cell Therapeutics' pixantrone is now available in Europe on a named-patient basis, momentum in the name is continuing today.
Par Pharma (NYSE: PRX) 19.1% HIGHER; reports Q1 EPS of $0.49, ex-items, versus the analyst estimate of $0.27. Revenue for the quarter was $204 million, versus the consensus of $170.23 million.
American Capital, Ltd. (Nasdaq: ACAS) 17.4% LOWER; reports Q1 EPS of $0.31, 6 cents worse than the analyst estimate of $0.37. Revenue for the quarter was $181 million, versus the consensus of $185.8 million.
American Medical Systems Holdings (Nasdaq: AMMD) 17.3% HIGHER; reports Q1 EPS of $0.25, 10 cents better than the analyst estimate of $0.15. Revenue for the quarter was $123.6 million, versus the consensus of $119.66 million. Company has increased its 2009 non-GAAP adjusted earnings per share guidance to a range of $0.96 to $1.07, from its earlier guidance of $0.86 to $0.99 per share. (Consensus is $0.80) The Company reiterates its full year 2009 revenue guidance in the range of $495 million to $515 million. (Consenus is $507.07M) Second quarter revenue is estimated in the range of $124 million to $130 million. (Consensus is $129.57M) The Company estimates second quarter 2009 non-GAAP adjusted earnings per share will be in the range of $0.22 to $0.26. (Consensus is $0.20)
Allied Irish Banks (NYSE: AIB) 16.6% HIGHER; see IRE.
Allis-Chalmers Energy Inc. (NYSE: ALY) 16.5% LOWER; reports Q1 loss of $0.07, 9 cents worse than the analyst estimate of $0.02. Revenue for the quarter was $145.1 million, versus the consensus of $151.10 million.
Fortress (NYSE: FIG) 15.2% HIGHER; reports Q1 loss of $0.71, versus the analyst estimate of ($0.05). Revenue for the quarter was $122.3 million, versus the consensus of $87.31 million.
Crocs (Nasdaq: CROX) 15.2% HIGHER; shares are continuing higher today following yesterday's 42% jump. Click here for the full report.
BigBand Networks (Nasdaq: BBND) 15% LOWER; reports Q1 EPS of $0.09, 4 cents better than the analyst estimate of $0.05. Revenue for the quarter was $43.9 million, versus the consensus of $44.29 million. For the second quarter of 2009 management provides the following outlook: Net revenues are expected to be in the range of $40 million to $42 million vs. consensus of $46.87 million. Non-GAAP net earnings per share are expected to be in the range of $0.02 to $0.04 vs. consensus of $0.06.
Boyd Gaming (NYSE: BYD) 14.9% HIGHER; reports Q1 earnings of $0.15 per share, ex-items, above the consensus of $0.08. Revenues fell 7.7% to $434.8 million, versus the consensus of $435.2 million.
Denny's Corporation (Nasdaq: DENN) 14.9% LOWER; reports Q1 EPS of $0.04, 1 cent worse than the analyst estimate of $0.05. Revenue for the quarter was $165.8 million, versus the consensus of $158.32 million. Based on year-to-date results and management’s expectations at this time, Denny’s is reaffirming its financial guidance for full-year 2009 as announced in its fourth quarter 2008 earnings release on February 18, 2009.
General Motors (NYSE: GM) 14.7% LOWER; downside related to the debt-to-equity swap and the possibly that the automaker could do a 1-for-100 reverse stock split.
Lincoln National (NYSE: LNC) 14.5% HIGHER; reports Q1 EPS of $0.66 including items, 5 cents below the analyst estimate of $0.71.
Biovail Corporation (NYSE: BVF) 13.6% LOWER; reports Q1 EPS of $0.42, 12 cents better than the analyst estimate of $0.30. Revenue for the quarter was $173.3 million, versus the consensus of $176.88 million. Biovail also announced today that it has entered into an agreement to acquire the U.S. commercialization rights to Wellbutrin XL(R) (extended-release bupropion hydrochloride tablets) from GlaxoSmithKline (GSK) for total consideration of $510 million. Also declared a quarterly dividend of $0.09 per share payable on July 6, 2009, to shareholders of record at the close of business May 15, 2009. The ex-dividend date is May 13, 2009. This represents a 76% reduction in the dividend payment.
True Religion Apparel (Nasdaq: TRLG) 12.3% HIGHER; reports Q1 EPS of $0.32, 4 cents better than the analyst estimate of $0.28. Revenue for the quarter rose 19.1% to $63.1 million, versus the consensus of $58.7 million. The Company is reiterating its guidance for the fiscal year ended December 31, 2009: Net sales are expected to be in the range of $290 million to $297 million, EPS is expected to be in the range of $1.73 to $1.81.
Rackable Systems, Inc. (Nasdaq: RACK) 11% LOWER; reports Q1 loss of $0.24, 9 cents worse than the analyst estimate of ($0.15). Revenue for the quarter was $44.4 million, versus the consensus of $39.23 million.
Orbitz Worldwide (NYSE: OWW) 10.9% HIGHER; reports Q1 loss of $4.08, which does not compare to the analyst estimate of ($0.16). Revenue for the quarter was $188 million, versus the consensus of $192.48 million.
Garmin (Nasdaq: GRMN) 10.8% LOWER; reports Q1 earnings of $0.25 per share, well below the consensus of $0.42. Revenues fell 34% $437 million, versus the consensus of $531.6 million.
Almost Family (Nasdaq: AFAM) 10.6% HIGHER; reports Q1 EPS of $0.68 adjusted, 8 cents better than the analyst estimate of $0.60. Revenue for the quarter was $62.9 million, versus the consensus of $63.03 million.
Kenneth Cole (NYSE: KCP) 10.6% LOWER; reports Q1 loss of $0.41, ex-items, 1 cent better than the analyst estimate of ($0.42). Revenue for the quarter fell 15.6% to $103.4 million, versus the consensus of $107.30 million.
Plantronics (NYSE: PLT) 10.2% HIGHER; reports Q1 adj-EPS of $0.01, versus the analyst estimate of ($0.16). Revenue for the quarter was $146.8 million, versus the consensus of $129.61 million. Declared a quarterly dividend of $0.05 per share.
Pitney Bowes Inc. (NYSE: PBI) 9.9% LOWER; reports Q1 EPS of $0.55, ex-items, 8 cents worse than the analyst estimate of $0.63. Revenue for the quarter was $1.38 billion, versus the consensus of $1.47 billion. The company expects adjusted earnings per diluted share from continuing operations for the year will be in the range of $2.40 to $2.60, versus the consensus of $2.63. The company is reaffirming its free cash flow guidance in the range of $700 million to $800 million for the year.
Bank of America (NYSE: BAC) 9% HIGHER; despite news that BofA will need another $35 billion in capital to cover "stress test" losses, the stock is surging on the back of a better-than-expected ADP report which showed a decline of less than 600,000 jobs for the first time in a while. The assumption is that if unemployment figures come in better than what was accounted for in the tests, BofA may not need further funds.
Foster Wheeler AG (Nasdaq: FWLT) 8.1% LOWER; reports Q1 EPS of $0.59, versus the analyst estimate of $0.68. Revenue for the quarter was $1.26 billion, versus the consensus of $1.51 billion.
Disney (NYSE: DIS) 7.1% HIGHER; reports Q2 EPS of $0.43, ex-items, 3 cents better than the analyst estimate of $0.40. Revenue for the quarter was $8.08 billion, versus the consensus of $8.15 billion.
Diana Shipping (NYSE: DSX) 6.7% HIGHER; reports Q1 earnings of $0.47 per share, above the consensus of $0.46. Revenues came in at $62.7 million, versus the consenus of $60.7 million.
Devon Energy (NYSE: DVN) 5.8% HIGHER; reports Q1 EPS of $0.48, ex-items, 20 cents better than the analyst estimate of $0.28. Revenue for the quarter was $2.028 billion, versus the consensus of $1.84 billion.
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