Pre-Open Movers: IBM (IBM) Lifts Tech On Positive Preannouncement, A.S.V. (ASVI) Up On Buyout; Harman (HAR) Sinks On Outlook
StreetInsider.com Pre-Open Movers:
A.S.V., Inc. (NASDAQ: ASVI) 44% HIGHER; Terex Corporation (NYSE: TEX) reached a definitive agreement to acquire A.S.V., Inc. for $18 per share, through a tender offer followed by a merger. The transaction is valued at approximately $488 million, or $18 per fully diluted share of ASV common stock, and is subject to the valid tender of a majority of ASV’s fully diluted common shares, regulatory approvals and other customary conditions.
Harman International Industries (NYSE: HAR) 20% LOWER; now expects non-GAAP diluted EPS for the 2008 fiscal year to be between $3.00 and $3.10. The Wall Street consensus is $4.31.
Compugen Ltd. (NASDAQ: CGEN) 13% HIGHER; announced a collaboration with Merck & Co. (NYSE: MRK) targeted at predicting peptides likely to activate selected G-protein coupled receptors and validating their agonistic activity.
Sears Holdings Corporation (Nasdaq: SHLD) 10% LOWER; comparable store sales declined by 2.8% during the nine-week period, while Kmart's comparable store sales declined by 4.2%. Total domestic comparable stores sales declined 3.5% for the nine-week period. As a result of the lower sales and gross margin rates, Sears currently expect that net income for the fourth quarter ending February 2, 2008 will be between $350 million and $470 million, or between $2.59 and $3.48 per fully diluted share. The Wall Street consensus is $4.43. For the full year ending February 2, 2008, the Company expects net income to be between $744 million and $864 million, or between $5.13 and $5.96 per fully diluted share. The Wall Street consensus is $6.64.
IBM (NYSE: IBM) 8% HIGHER; announced Q4 EPS of $2.80 from continuing operations, up 24% from last year and well above the consensus of $2.60. IBM sees Q4 revenues of $28.9 billion, also well above the consensus of $27.7 billion.
AmeriCredit (NYSE: ACF) 7% LOWER; Friedman Billings downgrades AmeriCredit from Market Perform to Underperform, citing economic outlook. Price target lowered from $14.50 to $9.
Compuware Corporation (Nasdaq: CPWR) 5% LOWER; announces preliminary Q3 EPS of $0.14, below the Wall Street consensus of $0.17. The company reported preliminary revenues of $309 million (total of License, Maintenance and Professional services). The Wall Street consensus is $318.8 million.
Openwave Systems Inc. (Nasdaq: OPWV) 5% LOWER; announced the appointment of Charles Levine as non-executive Chairman of the Board, effective January 10, 2008. Levine replaces interim Chairman Robert Vrij, who will continue as Openwave's President and CEO. In addition, Openwave announced the departure of Jean-Yves Dexmier, chief financial officer, who is no longer with the Company, effective immediately.
ValueClick (Nasdaq: VCLK) 4% HIGHER; RBC Capital upgrades ValueClick from Sector Perform to Outperform.
FCStone Group, Inc. (Nasdaq: FCSX) 4.5% HIGHER; reports Q1 EPS of $0.45, above the consensus of $0.33. Revenues came in at $73.7 million, versus the consensus of $70.74 million.
Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) 4% HIGHER; Merrill starts at Buy, positive Piper Jaffray comments.
Terex Corp. (NYSE: TEX) 3.8% HIGHER; Positive Barrons's mention. Cramer higlights.
Steak n Shake Company (NYSE: SNS) INDICTED LOWER; issued preliminary results for its Q1: total revenues are expected to be $136 million, versus the consensus of $141.08 million. The Company expects to report a Q1 loss of $0.04 to $0.05, versus the consensus of a $0.05 gain. Steak n Shake's same store sales for the quarter were down 9.5%.
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A.S.V., Inc. (NASDAQ: ASVI) 44% HIGHER; Terex Corporation (NYSE: TEX) reached a definitive agreement to acquire A.S.V., Inc. for $18 per share, through a tender offer followed by a merger. The transaction is valued at approximately $488 million, or $18 per fully diluted share of ASV common stock, and is subject to the valid tender of a majority of ASV’s fully diluted common shares, regulatory approvals and other customary conditions.
Harman International Industries (NYSE: HAR) 20% LOWER; now expects non-GAAP diluted EPS for the 2008 fiscal year to be between $3.00 and $3.10. The Wall Street consensus is $4.31.
Compugen Ltd. (NASDAQ: CGEN) 13% HIGHER; announced a collaboration with Merck & Co. (NYSE: MRK) targeted at predicting peptides likely to activate selected G-protein coupled receptors and validating their agonistic activity.
Sears Holdings Corporation (Nasdaq: SHLD) 10% LOWER; comparable store sales declined by 2.8% during the nine-week period, while Kmart's comparable store sales declined by 4.2%. Total domestic comparable stores sales declined 3.5% for the nine-week period. As a result of the lower sales and gross margin rates, Sears currently expect that net income for the fourth quarter ending February 2, 2008 will be between $350 million and $470 million, or between $2.59 and $3.48 per fully diluted share. The Wall Street consensus is $4.43. For the full year ending February 2, 2008, the Company expects net income to be between $744 million and $864 million, or between $5.13 and $5.96 per fully diluted share. The Wall Street consensus is $6.64.
IBM (NYSE: IBM) 8% HIGHER; announced Q4 EPS of $2.80 from continuing operations, up 24% from last year and well above the consensus of $2.60. IBM sees Q4 revenues of $28.9 billion, also well above the consensus of $27.7 billion.
AmeriCredit (NYSE: ACF) 7% LOWER; Friedman Billings downgrades AmeriCredit from Market Perform to Underperform, citing economic outlook. Price target lowered from $14.50 to $9.
Compuware Corporation (Nasdaq: CPWR) 5% LOWER; announces preliminary Q3 EPS of $0.14, below the Wall Street consensus of $0.17. The company reported preliminary revenues of $309 million (total of License, Maintenance and Professional services). The Wall Street consensus is $318.8 million.
Openwave Systems Inc. (Nasdaq: OPWV) 5% LOWER; announced the appointment of Charles Levine as non-executive Chairman of the Board, effective January 10, 2008. Levine replaces interim Chairman Robert Vrij, who will continue as Openwave's President and CEO. In addition, Openwave announced the departure of Jean-Yves Dexmier, chief financial officer, who is no longer with the Company, effective immediately.
ValueClick (Nasdaq: VCLK) 4% HIGHER; RBC Capital upgrades ValueClick from Sector Perform to Outperform.
FCStone Group, Inc. (Nasdaq: FCSX) 4.5% HIGHER; reports Q1 EPS of $0.45, above the consensus of $0.33. Revenues came in at $73.7 million, versus the consensus of $70.74 million.
Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) 4% HIGHER; Merrill starts at Buy, positive Piper Jaffray comments.
Terex Corp. (NYSE: TEX) 3.8% HIGHER; Positive Barrons's mention. Cramer higlights.
Steak n Shake Company (NYSE: SNS) INDICTED LOWER; issued preliminary results for its Q1: total revenues are expected to be $136 million, versus the consensus of $141.08 million. The Company expects to report a Q1 loss of $0.04 to $0.05, versus the consensus of a $0.05 gain. Steak n Shake's same store sales for the quarter were down 9.5%.
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