Pre-Open Movers: Fannie, Freddie Bailout Sets Stage for Rally In Financials (FNM, FRE, WM, C, BAC, WB, RF, MER)

September 8, 2008 9:27 AM EDT

StreetInsider.com Pre-Open Movers:

Gehl Company (NASDAQ: GEHL) 115% HIGHER; signed a definitive agreement to be acquired for $30 per share by its largest shareholder, Manitou BF S.A. The transaction, with an aggregate enterprise value of approximately $450 million, will be effected through a tender offer for all outstanding shares of Gehl by a Manitou subsidiary, Tenedor Corporation, followed by a second step, cash-out merger. The all-cash $30 per share purchase price reflects a 120% premium over the Company's closing price on September 5, 2008. It is expected that the current management team will be retained following the transaction.

Biodel Inc. (Nasdaq: BIOD) 57% LOWER; Reports Preliminary Results from Phase III Trials for VIAject(TM)

Nevada Chemicals, Inc. (Nasdaq: NCEM) 34% HIGHER; announced that it has signed a definitive agreement to be acquired by Calypso Acquisition Corp., an affiliate of Cyanco Holding Corp. and OCM Principal Opportunities Fund IV, L.P., a fund managed by Oaktree Capital Management, L.P., for $13.37 per share of common stock.

Washington Mutual, Inc. (NYSE: WM) 20% HIGHER; announced that Alan H. Fishman has been appointed chief executive officer and has joined WaMu's Board of Directors. WaMu also announced that it has entered into a Memorandum of Understanding (MOU) with the Office of Thrift Supervision (OTS) concerning aspects of the bank's operations, principally in several areas of its risk management and compliance functions, including its Bank Secrecy Act compliance program.

PMI Group Inc. (NYSE: PMI) 20% HIGHER; Up following news this weekend that the U.S. government will take control of the mortgage giants Fannie (NYSE: FNM) and Freddie (NYSE: FRE).
AuthenTec (NASDAQ: AUTH) 20% LOWER; lowers guidance. The company said it now expects third quarter 2008 revenue to range between $18.2 million and $18.5 million and fiscal year 2008 revenue to range between $69 million and $71 million, versus the consensus of $19.75 million and $76.2 million, respectively. The Company now expects third quarter 2008 non-GAAP earnings per share to range between $0.03 per diluted share to $0.04 per diluted share, versus the consensus of $0.05.

Annaly Capital Management, Inc. (NYSE: NLY) 16% HIGHER; Up following news this weekend that the U.S. government will take control of the mortgage giants Fannie (NYSE: FNM) and Freddie (NYSE: FRE).

Wachovia Corporation (NYSE: WB) 15% HIGHER; following news this weekend that mortgage giants, Fannie Mae and Freddie Mac, will enter U.S conservatorship.

Regions Financial Corp. (NYSE: RF) 11% HIGHER; following news this weekend that mortgage giants, Fannie Mae and Freddie Mac, will enter U.S conservatorship.

Citigroup Inc. (NYSE: C) 9% HIGHER; following news this weekend that mortgage giants, Fannie Mae and Freddie Mac, will enter U.S conservatorship.

Bank of America Corporation (NYSE: BAC) 9% HIGHER; following news this weekend that mortgage giants, Fannie Mae and Freddie Mac, will enter U.S conservatorship.

Merrill Lynch (NYSE: MER) 7% HIGHER; following news this weekend that mortgage giants, Fannie Mae and Freddie Mac, will enter U.S conservatorship.

Lehman Brothers Holdings Inc. (NYSE: LEH) 7% HIGHER; following news this weekend that mortgage giants, Fannie Mae and Freddie Mac, will enter U.S conservatorship.

Wells Fargo (NYSE: WFC) 7% HIGHER; following news this weekend that mortgage giants, Fannie Mae and Freddie Mac, will enter U.S conservatorship.

JPMorgan Chase (NYSE: JPM) 7% HIGHER; following news this weekend that mortgage giants, Fannie Mae and Freddie Mac, will enter U.S conservatorship.

UST Inc. (NYSE: UST) 1% HIGHER; Altria Group, Inc. (NYSE: MO) agreed to acquire UST Inc. for $69.50 per share in cash. The transaction is valued at approximately $11.7 billion, which includes the assumption of approximately $1.3 billion of debt.

Fannie Mae (NYSE: FNM) INDICATED LOWER; U.S. is putting the two into a conservatorship with the Federal Housing Finance Agency. Common and Preferred holders to bear first losses.

Freddie Mac (NYSE: FRE) INDICATED LOWER; U.S. is putting the two into a conservatorship with the Federal Housing Finance Agency. Common and Preferred holders to bear first losses.

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