Special Reports

After-Hours Movers 12/05: Actuate (ACTU) Up On Higher Tender Offer, RF Micro (RFMD) Lower on Guidance Dec 4, 2008 06:08PM

StreetInsider.com After-Hours Movers:

Actuate (Nasdaq: ACTU) 27% HIGHER; Revises Tender Offer Range from $2.20-$2.60 to $3.00-$3.50

Thoratec Corporation (Nasdaq: THOR) 11% HIGHER; Interim Data Analysis Demonstrates Statistical Superiority for the HeartMate II(R) in Destination Therapy Trial

Wind River Systems (Nasdaq: WIND) 5% LOWER; reports Q3 EPS of $0.14, 5 cents better than the analyst estimate of $0.09. Revenue for the quarter was $91.6 million, versus the consensus of $89.78 million. Wind River Systems sees FY09 EPS 51c-53c versus 50 cents. Sees FY09 revenues $365M to $366M versus $370 million.

RF Micro Devices (Nasdaq: RFMD) 3% LOWER; Updated its quarterly financial guidance to reflect broad-based, reduced demand in its end markets. RFMD currently expects December 2008 quarterly revenue to be approximately 15-20% below the low-end of the guidance originally provided on October 28, 2008. Despite the projected reduction in revenue, RFMD continues to expect gross margin to improve sequentially during the quarter and continues to expect to achieve positive diluted EPS on a non-GAAP basis. RFMD's original December quarterly financial guidance forecasted revenue of $253-$271 million, GAAP diluted EPS in the range of $0.00-$0.02 and non-GAAP diluted EPS in the range of $0.0-$0.07. The Street's estimates are currently for sales of $261.53 million and adj-EPS of $0.06.

Guess (NYSE: GES) 2% HIGHER; reports Q3 EPS of $0.69, 6 cents better than the analyst estimate of $0.63. Revenue for the quarter was $527.9 million, versus the consensus of $512.15 million. Sees FY09 EPS of $2.27-$2.32, versus the consensus of $2.42. Sees Q4 EPS of $0.50-$0.55, versus the Street estimate of $0.70.

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Trading Radar for 12/05: Big Lots (BIG), Flow Int'l (FLOW), Blyth (BTH) Report; Nonfarm Payrolls, Unemployment Rate, Consumer Credit Due Dec 4, 2008 02:48PM

The Trading Radar highlights key earnings and economic announcements for tomorrow's trading session:

Before Market Opens:
Economics:
8:30am ET

• Nonfarm Payrolls for Nov. - Street expects down 325K, compared to down 240K in Oct.
  
• Unemployment Rate for Nov. - Street expects 6.8%, compared to 6.5% in Oct.

Intraday or Not Specified:
Economics:
3pm ET

• Consumer Credit for Oct. - Street expects $1.5 billion, compared to $6.9 billion in Sept.

Earnings:
Big Lots (NYSE: BIG) - consensus EPS $0.16, revs $1.03B
Blyth (NYSE: BTH) - consensus EPS $0.18, revs $280.43M
Flow Int'l (Nasdaq: FLOW) - consensus EPS $0.06, revs $61.09M

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Unusual 11 Mid-Day Movers 12/04: DXCM, TLB, PRKR, PSS Higher; CRUS, DMND, ITWO, DDMX Lower Dec 4, 2008 01:26PM

DexCom (Nasdaq: DXCM) 75.9% HIGHER; in a Form 8-K filed last night, DexCom announced that it entered into a National Provider Participation Agreement with Humana (NYSE: HUM).

Talbots (NYSE: TLB) 64% HIGHER; as the first Thursday of the month, retail companies issued monthly sales figures this morning. The results were concerning to say the least: Wal-Mart (NYSE: WMT) was one of the few retailers that reported an increase in its same store sales. Despite the sector-wide pessimism, investors are buying retail stocks today. Although Talbots did not issue its monthly sales results, the stock is certainly benefiting from a more positive view of the entire apparel space. Also, with about 30% of its float shorted during November, today's sharp upside move may be getting intensified by a short squeeze.

ParkerVision (Nasdaq: PRKR) 62.1% HIGHER; announced that it has entered into a joint development agreement with LG Innotek, a division of the LG Group and a global market leader in the manufacture and sale of key electronic components. Under the terms of the agreement, ParkerVision will supply unpackaged RFICs that incorporate the company's proprietary d2p(TM) and d2d(TM) technologies, for the reception, transmission and amplification of RF carrier signals. LG Innotek will incorporate these RFICs into multi-mode wireless modules for sale by LG Innotek to their customer base of mobile handset and wireless data card manufacturers.

Cirrus Logic Inc. (Nasdaq: CRUS) 29.3% LOWER; now expects revenue for the third quarter of fiscal 2009 to range from $42 million to $45 million, or down 8 percent to 14 percent from the previous year. The Wall Street consensus is $52.9 million.

Collective Brands, Inc. (NYSE: PSS) 27.3% HIGHER; reports Q3 EPS of $0.42, ex-items, in-line with analyst estimate of $0.42. Revenue for the quarter was $862.7 million, versus the consensus of $840.7 million. Collective Brands Q3 comps down 3.2%.

Beazer Homes USA (NYSE: BZH) 24.3% HIGHER; making its appearance on the Unusual 11 Mid-Day Movers list for the second day in a row, Beazer is once again surging with the majority of the homebuilders. The SPDR S&P Homebuilders ETF (NYSE: XHB) is currently up 8%. Both homebuilders and retailers may be getting bids today as these two sectors are considered an "early cycle industry", meaning they outperform when interest rates are low.

The Buckle, Inc. (NYSE: BKE) 22.2% HIGHER; November comparable store net increased 15%. Net sales for the four-week fiscal month ended November 29, 2008 increased 21.6% to $72.2 million. During the four-week fiscal month ended November 29, 2008, the Company repurchased 391,400 shares of its common stock at an average price of $16.23 per share.

Diamond Foods, Inc. (Nasdaq: DMND) 21.1% LOWER; reports Q1 EPS of $0.64, 2 cents better than the analyst estimate of $0.62. Revenue for the quarter was $195.5 million, compared to the consensus of $196.32 million. Reaffirms its previously issued FY09 guidance. Also, Merrill Lynch downgraded the stock to Neutral this morning.

i2 Technologies, Inc. (NASDAQ: ITWO) 21% LOWER; announced that it has terminated its Agreement and Plan of Merger with JDA Software Group, Inc. (NASDAQ: JDAS). i2 expects to receive the non-refundable termination fee of $20 million from JDA within three business days.

Dynamex (Nasdaq: DDMX) 20.9% LOWER; reports Q1 EPS of $0.30, 10 cents lower than the analyst estimate of $0.40. Revenue for the quarter was $115 million, versus the consensus of $122.93 million. Sees FY09 EPS of $1.00-$1.20, versus the consensus of $1.64.

Petrohawk (NYSE: HK) 16.7% LOWER; despite falling nearly 70% from its all-time peak set 6-months ago in July, crude oil continues lower this week. Today, crude oil is down more than 5% to under $46. Energy stocks, and specifically oil and gas related stocks, are leading the markets lower today. Elsewhere in the industry: Chesapeake Energy (NYSE: CHK) down 12%, Transocean (NYSE: RIG) down 10%, SandRidge Energy (NYSE: SD) down 16.5%, Petrobras (NYSE: PBR) down 6.7%.

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Notable Analyst Rating Changes 12/04: AMZN, YRCW, GPN, TRI Upgraded; DMND, DOX, FMCN, ISIL Downgraded Dec 4, 2008 10:08AM

UPGRADES:
Barclays Capital upgrades Amazon.com (Nasdaq: AMZN) from Equal-Weight to Overweight with a $54 price target.

J.P. Morgan upgrades YRC Worldwide (Nasdaq: YRCW) from Underweight to Neutral.

Goldman Sachs upgrades Global Payment (NYSE: GPN) from Neutral to Buy.

Morgan Stanley upgrades Thomson Reuters (NYSE: TRI) from Underweight to Equalweight.

For daily real-time Upgrades go to http://www.streetinsider.com/Upgrades

DOWNGRADES:
Merrill Lynch downgrades Diamond Foods (Nasdaq: DMND) from Buy to Neutral.

Goldman Sachs downgrades Amdocs Ltd. (NYSE: DOX) from Buy to Neutral.

Piper Jaffray & Co. downgrades Focus Media Holding Ltd. (Nasdaq: FMCN) from Buy to Neutral. Price target slashes from $34 to $10.

Goldman Sachs downgrades Intersil (Nasdaq: ISIL) from Buy to Neutral.

For daily real-time Downgrades go to http://www.streetinsider.com/Downgrades

NEW COVERAGE:
Jefferies & Co initiates coverage on Brink's Home Security (NYSE: CFL) with a Buy.

Cantor Fitzgerald initiates coverage on CECO Environmental Corp. (Nasdaq: CECE) with a Buy. Price target $6.

Janney Montgomery Scott initiates coverage on Beneficial Mutual Bancorp (Nasdaq: BNCL) with a Neutral.

For daily real-time New Coverage go to http://www.streetinsider.com/New+Coverage

Morning Movers 12/04: Merck (MRK) Lower On Guidance, Amazon.com (AMZN) Higher On Upgrade Dec 4, 2008 10:01AM

StreetInsider.com Morning Movers:

Movado Group Inc. (NYSE: MOV) 20% LOWER; reports Q3 EPS of $0.53, below the consensus of $0.77. Revenues came in at versus the consensus of $169.1 million. Movado sees FY09 EPS of $0.80-$1.00, well below the consensus of $1.67. Movado sees FY09 sales of $470-$480 million, versus the consensus of $543 million. Movado Group to take action for added $25-$30 million annual savings.

Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) 16% HIGHER; The company's Board of Directors has authorized a "Modified Dutch Auction" tender offer to purchase a portion of its 4% Convertible Senior Notes due 2013. The Company will utilize $100 million of its current cash for the tender. Currently, there is $270.5 million of notes outstanding. The tender offer is expected to commence in the near future.

Williams-Sonoma (NYSE: WSM) 13% HIGHER; reports Q3 loss of $0.10 per share, versus the consensus of a $0.12 loss. Revenues came in at $752.1 million, versus the consensus of $746.8 million. Williams-Sonoma reiterates Q4 EPS of $0.10-$0.30. versus the consensus of $0.19, and?Q4 revenues of $940 million to $1 billion, versus the consensus of $1 billion. Williams-Sonoma sees FY08 EPS of $0.27-$0.47, versus consensus is $0.21. Sees FY08 revenues of $3.29--$3.35 billion, versus the consensus of $3.35 billion.

SanDisk Corp. (Nasdaq: SNDK) 12% LOWER; Toshiba denies rumors it will buy the company

MannKind Corporation (Nasdaq: MNKD) 12% HIGHER; announced that it has met the primary endpoints of its final two pivotal Phase 3 studies of AFRESATM, the company's ultra rapid acting, inhaled insulin product. The company expects to disclose more details of the top-line data from these studies in patients with type 1 and type 2 diabetes (studies 030 and 102) by mid-December.

Polyone Corp. (NYSE: POL) 12% LOWER; KeyBanc downgrades to Underweight

Collective Brands, Inc. (NYSE: PSS) 10% HIGHER; reports Q3 EPS of $0.42, ex-items, in-line with analyst estimate of $0.42. Revenue for the quarter was $862.7 million, versus the consensus of $840.7 million. Collective Brands Q3 comps down 3.2%.

Intersil Corporation (NASDAQ: ISIL) 10% LOWER; lowers guidance. The company now expects fourth quarter revenue to be between $125 million and $135 million, versus the consensus of $168.3 million. Intersil said Non-GAAP earnings per share are now expected to be between $0.09 and $0.12, versus the consensus of $0.22.

Jo-Ann Stores, Inc. (NYSE: JAS) 10% LOWER; reports Q3 EPS of $0.35, ex-items, 3 cents better than the analyst estimate of $0.32. Revenue for the quarter was $480.1 million, versus the consensus of $495.29 million. Sames store sales fell 1.5% compared to comps that were up 2.4% in the same quarter last year. Lowers its FY09 same store sales estimate from up 2-3.5% to flat for the year. Also cuts FY09 EPS guidance from $0.95-$1.05 to $0.75-$0.85, versus the Street estimate of $1.07.

Arch Chemicals Inc. (NYSE: ARJ) 8% LOWER; KeyBanc downgrades to Underweight

Cirrus Logic Inc. (Nasdaq: CRUS) 8% LOWER; now expects revenue for the third quarter of fiscal 2009 to range from $42 million to $45 million, or down 8 percent to 14 percent from the previous year. The Wall Street consensus is $52.9 million.

Amazon.com Inc. (Nasdaq: AMZN) 8% HIGHER; Barclays upgrades to Overweight

Red Hat Inc. (NYSE: RHT) 7% HIGHER; Jefferies upgrades to Buy

Applied Materials Inc. (Nasdaq: AMAT) 7% HIGHER; Citi upgrades to Buy

AeroVironment (Nasdaq: AVAV) 6.8% HIGHER; reports Q3 EPS of $0.41, 14 cent better than the analyst estimate of $0.27. Revenue for the quarter was $65.8 million, versus the consensus of $63.9 million.

Adobe Systems (Nasdaq: ADBE) 6% LOWER; Lowers its Q4 sales guidance from $925-$955 to $912-$915 million, versus the consensus of $930.23 million. Raises its Q4 non-GAAP EPS guidance from $0.51-$0.53 to $0.59-$0.60, versus the Street estimate of $0.51. Sees Q1 sales of $800-$850 million, versus the Street estimate of $931.22 million.

Synopsys Inc. (Nasdaq: SNPS) 6% HIGHER; reports Q4 EPS of $0.43, above the consensus of $0.38. Revenues came in at $352.8 million, versus the consensus of $351.1 million. Synopsys sees Q1 EPS of $0.40-$0.42, versus the consensus of $0.40. Sees Q1 revs of $332-$340 million, versus the consensus of $338.1 million. Synopsys sees FY09 EPS of $1.60-$1.72, versus the consensus of $1.66. Sees FY09 revenues of $1.38-$1.41 billion, versus the consensus of $1.34 billion.

General Motors (NYSE: GM) 6% LOWER; To testify in front of Congress on bailout

Merck & Co. (NYSE: MRK) 5% LOWER; reaffirmed its full-year 2008 non-GAAP EPS guidance range of $3.28 to $3.32, but said it expects 2009 non-GAAP EPS of $3.15 to $3.30, which is below the consensus of $3.52.

AMD (NYSE: AMD) 5% LOWER; today announced that it expects revenue from continuing operations for Q4 to be approximately 25% lower than Q308 revenue of $1.585 billion, not including process technology license revenue. The decrease is due to weaker than expected demand across all geographies and businesses, particularly in the consumer market.

Hot Topic, Inc. (Nasdaq: HOTT) 5% HIGHER; November comparable Store sales up 6.5%. Total sales were up 3.7% to $584.4 million.

Allergan Inc. (NYSE: AGN) 4% HIGHER; Cramer highlights as M&A target

Amphenol Corporation (NYSE: APH) 4% LOWER; lowers guidance. The company now expects fourth quarter revenue and earnings per share in the range of $725 to $735 million and $.50 to $.52, respectively. The consensus is $814.8 million and $0.59, respectively.

DuPont (NYSE: DD) 2.3% LOWER; Sees a Q4 adj-loss of $0.60-$0.70, versus the consensus of a gain of $0.23. Sees FY09 EPS of $2.25-$2.75, versus the Street estimate of $2.80. Approximately 2,500 employee positions will be eliminated.

Wal-Mart Stores, Inc. (NYSE: WMT) 2% HIGHER; reports sales for the month of November of $32.21 billion, compared to $31.719 billion. Same store sales for the month were up 3.4%, compared to up 1.5% in Nov. '07.

Target Corp. (NYSE: TGT) 2% LOWER; Nov Comps Down 10.4%, Worse Than Expected

Xyratex Ltd (Nasdaq: XRTX) 1% LOWER; now anticipates revenue for the 2008 fourth quarter to be in the range of $280 to $285 million. This compares to the company's previously announced targets of $287 to $307 million. The Wall Street consensus is $296.5 million

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