Pre-Open Movers: Focus Media (FMCN) Higher on Results; Hershey (HYS) Lower on Weak Guidance

August 18, 2008 9:24 AM EDT

StreetInsider.com Pre-Open Movers:

Dyax Corp. (Nasdaq: DYAX) 20% HIGHER; announced today positive topline results from its second Phase 3, placebo-controlled trial, EDEMA4, for its lead product candidate DX-88 for hereditary angioedema. The EDEMA4 trial, conducted under a Special Protocol Assessment granted by the U.S. FDA, achieved statistically significant improvements in the intent-to-treat population in primary and secondary endpoints. DX-88 was also found to be well tolerated with no drug-related serious adverse events reported in the EDEMA4 trial.

UnionBanCal Corporation (NYSE: UB) 11.5% HIGHER; Mitsubishi UFJ Financial Group, Inc. (NYSE: MTU) and UnionBanCal signed a definitive merger agreement under which MUFG would offer to acquire, through its wholly owned subsidiary The Bank of Tokyo-Mitsubishi UFJ, Ltd., all the publicly held shares of UNBC's common stock for $73.50 per share in cash.

Focus Media Holding Limited (Nasdaq: FMCN) 11% HIGHER; reports Q2 non-GAAP EPS of $0.44, 4 cents better than the analyst estimate of $0.40. Revenues for the quarter were $211.7 million, versus the consensus of $191.78 million. Sees Q3 sales in the range of $225-$235 million, versus the consensus of $230.11 million and non-GAAP EPS of $0.53-$0.54, versus the Street estimate of $0.49.

Hershey Company (NYSE: HSY) 9% LOWER; Anticipate 2008 earnings per share-diluted from operations within the $1.85 to $1.90 range reviously projected. Given current economic and market conditions, it appears that full-year 2008 earnings per share-diluted will be toward the lower end of this range.

Take-Two (Nasdaq: TTWO) 7% LOWER; Electronic Arts Inc. (NASDAQ: ERTS) announced that it will allow its tender offer for all of the currently outstanding shares of common stock of Take-Two to expire on Monday, August 18, 2008 at 11:59 p.m., New York City time. However, Electronic Arts accepted Take-Two's offer to provide a management presentation to EA containing non-public information.

Fannie Mae (NYSE: FNM) 8% LOWER; Negative Barron's article.

Freddie Mac (NYSE: FRE) 7% LOWER; Negative Barron's article.

CardioNet, Inc. (Nasdaq: BEAT) 7% LOWER; Citi downgrades to Hold

Cadence Design Systems Inc. (Nasdaq: CDNS) 5% HIGHER; Citi upgrades to Buy

Trina Solar Limited (NYSE: TSL) 3% HIGHER; reports Q2 EPS of $0.68 vs. consensus of $0.81. Revenues were $204.2 million vs. $197.6 million consensus. For the third quarter of 2008, the Company expects to ship between 62 MW and 66 MW of PV modules and has expectations of total net revenues in the range of $250 million to $265 million. (Consensus is $225.79 million). For FY08, total revenues are expected to be in the range of $850 million to $900 million, compared to previous guidance of $770 million to $808 million. (Consensus is $795.54 million)

Potash Corp. of Saskatchewan, Inc. (NYSE: POT) 2% HIGHER; Citi adds to Top Picks Live List

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