Pre-Open Movers: Winnebago (WGO) Sinks On Poor Results, Borders (BGP) Up On Earnings/Strategic Review

March 20, 2008 9:29 AM EDT

StreetInsider.com Pre-Open Movers:

Oritani Financial Corp. (Nasdaq: ORIT) 28% HIGHER; announced today that it entered into a mutual termination agreement with Greater Community Bancorp (Nasdaq: GFLS) terminating the Agreement and Plan of Merger that the parties previously executed on November 13, 2007.

EPIX Pharmaceuticals (NASDAQ: EPIX) 26% LOWER; is discontinuing clinical development of PRX-00023 due to lack of significant efficacy shown in the recently completed Phase 2b trial in patients with major depressive disorder (MDD).

Winnebago Industries Inc. (NYSE: WGO) 17% LOWER; reports Q2 EPS of $0.09, versus the consensus of $0.23.

Borders Group (NYSE: BGP) 14% HIGHER; reports Q4 earnings of $1.44 per share, ex-items, above the consensus of $1.42. Revenues came in at $1.35 billion, versus the consensus of $1.34 billion. Borders Group also announced the launch of a strategic alternative review process. J.P. Morgan Securities Inc. and Merrill Lynch & Co. have been retained as the company's financial advisors to assist the company as it explores strategic alternatives. In addition, the company today announced that Borders Group has received a financing commitment from Pershing Square Capital.

CIT Group, Inc. (CIT) 9% LOWER; Fitch says the company may need to tap $7.3B credit line.

XTL Biopharmaceuticals Ltd. (Nasdaq: XTLB) 9% HIGHER; announced the licensing of its pre-clinical program in Hepatitis C focused on the NS5A target to San-Francisco based Presidio Pharmaceuticals, Inc.

Nike (NYSE: NKE) 5% HIGHER; reports Q4 EPS of $0.92, 11 cents better than the analyst estimate of $0.81. Revenues for the quarter were $4.5 billion, versus the consensus of $4.36 billion.

Freddie Mac (NYSE: FRE) 3.8% HIGHER; Keefe Bruyette Upgrades to Outperform

Fannie Mae (NYSE: FNM) 3.4% HIGHER; Keefe Bruyette Upgrades to Outperform

DirecTV Group Inc. (NYSE: DTV) 2.3% HIGHER; Goldman starts at Buy

General Electric Co. (NYSE: GE) 2% HIGHER; Merrill upgrades to Buy

SanDisk (Nasdaq: SNDK) 2.5% LOWER; JPMorgan downgrades SanDisk to Neutral

Herman Miller (Nasdaq: MLHR) 2% HIGHER; reports Q3 EPS of $0.65, 6 cents better than the analyst estimate of $0.59. Revenues for the quarter were $495.4 million, versus the consensus of $490.46 million. Herman Miller sees Q4 EPS of $0.55-$0.62, versus the consensus of $0.58. Sees Q4 sales of $475-$500 million, versus the consensus of $496 million.

FedEx (NYSE: FDX) 1.5% LOWER; reports Q3 EPS of $1.26, above the consensus of $1.24. Revenues came in at $9.44 billion, versus the consensus of $9.11 billion. Sees Q4 EPS of $1.60-$1.80, versus the consensus of $1.95. This outlook assumes no additional increases to current fuel prices and no further weakening in the economy. The capital spending forecast for the year has been reduced to approximately $3.0 billion.

Fannie Mae (NYSE: FNM) 1% LOWER; gives back some of today's 9% gain which was related to news OFHEO lowered capital requirement to 20%.

3M Co. (NYSE: MMM) 1% LOWER; Merrill downgrade to Neutral

Guess (NYSE: GES) 1% HIGHER; reports Q4 EPS of $0.59, 2 cents better than the analyst estimate of $0.57. Revenues for the quarter were $514.6 million, versus the consensus of $469.97 million. Guess also reaffirmed its previously issued guidance. Announces a $200 million buyback.

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