Morning Movers 7/21: PRKR, YAVY, CYT, FONR, URI, RCRC, CALL Higher; GCA, DEAR, FFCO, PNFP, HBHC, YHOO Lower
ParkerVision, Inc. (Nasdaq: PRKR) 53.3% HIGHER; has entered into an agreement with its confidential baseband partner to supply RF chipsets that incorporate ParkerVision's d2p technology, for a 3G mobile handset design win. The agreement includes negotiated pricing and other terms for the baseband partner's purchase of one million RF chipsets from ParkerVision. The chipsets will be used with baseband processors sold to a leading mobile handset OEM, who is a significant customer of ParkerVision's baseband partner. Click here to see the full report.
Global Cash Access (NYSE: GCA) 38% LOWER; in a Form 8-K this morning, the company disclosed that Harrah's will not renew its agreements with certain subsidiaries of Global Cash Access for the provision of automated teller machine services, point-of-sale debit services and credit card cash access services.
Dearborn Bancorp (Nasdaq: DEAR) 25.9% LOWER; reports Q2 loss of $1.78, versus a loss of $1.19 reported for the same period a year ago.
Yadkin Valley Financial Corp. (Nasdaq: YAVY) 18.2% HIGHER; announced that it will release Q2 results tomorrow, Thursday July 22. Traders are buying the stock hand over fist ahead of the results.
FedFirst Financial Corporation (Nasdaq: FFCO) 18% LOWER; announced yesterday that it intends to seek an extension of time to complete the stock offering being conducted in connection with its reorganization from the two-tier mutual holding company structure to the stock holding company structure. The Company intends to obtain an updated independent appraisal and to complete the offering thereafter. In accordance with Office of Thrift Supervision regulations, the amount of stock to be sold in the offering is based on an independent appraisal of the Company.
Pinnacle Financial Partners Inc. (Nasdaq: PNFP) 16.9% LOWER; reports Q2 loss of $0.85, versus the analyst estimate of ($0.08). The stock was also downgraded to Sell at Janney.
Cytec (NYSE: CYT) 15.5% HIGHER; reports Q2 EPS of $1.31, 64 cents better than the analyst estimate of $0.67. Revenue for the quarter was $874 million, which compares to the estimate of $801.84 million. "We now expect to achieve 2010 revenues of $3.2 to $3.4 billion versus our prior projection of $2.7 to $3.0 billion, and as adjusted 2010 diluted earnings per share in a range between $3.20 to $3.50, up from our prior as adjusted forecast of $1.90 to $2.40 per diluted share." (FY10 revenue consensus is $3.14B and EPS consensus is $2.52)
Hancock Holding Co. (Nasdaq: HBHC) 15% LOWER; reports Q2 EPS of $0.17, which may not compare the analyst estimate of $0.44. The stock was downgraded at Sandler O'Neill.
FONAR Corporation (NASDAQ: FONR) 14% HIGHER; announces new breakthrough results for the FONAR UPRIGHT Multi-Position MRI. The medical journal "Brain Injury" (July 2010:24(7-8):988-994) has just released the exciting results of a study of 1200 neck pain patients. As the authors reported, the frequency of these fallen cerebellar tonsils was found "4 times more often" in neck pain patients who had experienced whiplash trauma versus neck pain patients that had not experienced recent trauma, when the FONAR UPRIGHT MRI scanner was used.
United Rentals (NYSE: URI) 13.3% HIGHER; reports Q2 adjusted EPS of $0.25, versus the analyst estimate of ($0.29). Revenue for the quarter was $557 million, which compares to the estimate of $525.30 million.
RC2 (Nasdaq: RCRC) 9.9% HIGHER; reports Q2 EPS of $0.17, 2 cents better than the analyst estimate of $0.15. Revenue for the quarter was $86.1 million, which compares to the estimate of $83.64 million. Raises low-end of FY10 EPS guidance to $1.40 - $1.45, from $1.35 prior.
VocalTec Communications, Ltd. (Nasdaq: CALL) 9.4% HIGHER; announced today that its Board of Directors has authorized a stock repurchase program that enables the Company to purchase up to $12 million of its common stock through the next 12 months. The Company has also provided its initial guidance for the second quarter of 2010. It expects second quarter revenues of approximately $30.5 million and believes net income may be over $3 million before one-time charges related to merger expenses and before any gains or losses on marketable securities.
Morgan Stanley (NYSE: MS) 9.1% HIGHER; reports Q2 EPS of $0.80, including a 27c charge and a 20c tax benefit, versus the analyst estimate of $0.46. Revenue for the quarter was $7.95 billion, which compares to the estimate of $7.93 billion.
Industrial Services of America, Inc. (Nasdaq: IDSA) 9.1% HIGHER; sees Q2 earnings to be in the range of $0.33 to $0.38 per basic and diluted share on revenues in the range of $91 - $95 million. Consensus sees an EPS of $0.31 and revs of $79 million. That compares with second quarter 2009 earnings of $0.17 per share (split-adjusted) on revenues of $39.1 million. Sales guidance for the quarter ending June 30, 2010 will exceed the high end of our previous guidance. This was due to a stronger than expected final week of the quarter.
Complete Production Services (NYSE: CPX) 8.9% HIGHER; reports Q2 EPS of $0.20, versus the analyst estimate of $0.04. Revenue for the quarter was $360.2 million, which compares to the estimate of $338.00 million.
Fulton Financial (Nasdaq: FULT) 8.2% LOWER; reports Q2 EPS of $0.14, 1 cent worse than the analyst estimate of $0.15. Revenue for the quarter was $139.2 million, which compares to the estimate of $144.32 million.
Yahoo! (Nasdaq: YHOO) 8% LOWER; reports Q2 EPS of $0.15, 1 cent better than the analyst estimate of $0.14. Revenue for the quarter was $1.601 billion, including $473.25 million ex-TAC, which compares to the estimate of $1.16 billion. Sees Q3 sales of $1.57-$1.65 billion. The stock was downgraded at Citi.
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