Pre-Open Movers 06/09: Hilb Rogal & Hobbs (HRH) Surges on Buy, Lehman (LEH) Weak After Massive Loss/Capital Raise

June 9, 2008 9:29 AM EDT

StreetInsider.com Pre-Open Movers:

Hilb Rogal & Hobbs Company (NYSE: HRH) 43% HIGHER; Willis Group Holdings Limited (NYSE: WSH) and Hilb Rogal & Hobbs announced plans to combine in a transaction that will double Willis's North America revenues and strengthen its leadership in attractive growth markets. Under the terms of the definitive agreement, Willis will acquire all of the outstanding shares of common stock of HRH for $46.00 per share, 50 percent cash and 50 percent stock, subject to a collar.

Cost Plus Inc. (Nasdaq: CPWM) 27% HIGHER; Pier 1 Imports, Inc. (NYSE: PIR) offered to acquire the company in a $4 stock deal. CPWM said it is reviewing the proposal.

CIT Group Inc. (NYSE: CIT) 10% HIGHER; announced that it has agreed to a $3 billion long-term committed financing facility provided by Goldman Sachs.

TASER International, Inc. (Nasdaq: TASR) 7% LOWER; announced that a jury verdict in U.S. District Court for the Northern District of California in the case of Betty Lou Heston, et al. v. City of Salinas, TASER International, Inc., et al. found that the extended duration of a TASER ECD contributed 15% to the death of Robert C. Heston on February 19, 2005. While the jury attributed 85% of the cause of death to the actions of the decedent, the jury awarded $1.021 million in compensatory damages and $5.2 million in punitive damages against TASER International based on alleged negligent failure to warn.

Amylin Pharmaceuticals Inc. (Nasdaq: AMLN) 7% LOWER; Jefferies downgrade

Lehman Brothers (NYSE: LEH) 6.7% LOWER; reports a Q2 loss of $5.15, versus the consensus of a $0.22 loss. The company expects to report net revenues of a negative $0.7 billion, versus the consensus of $2.61 billion. Lehman also announced plans to raise $6 billion in capital through common stock and Non-Cumulative Mandatory Convertible Preferred stock

Rimage Corporation (Nasdaq: RIMG) 6.5% LOWER; is reducing its financial guidance for the second quarter of 2008 ending June 30 to earnings of $0.09 to $0.12 per diluted share on revenues of $20.0 to $22.0 million. Rimage's previously issued guidance for this period called for earnings of $0.22 to $0.27 per diluted share on revenues of $24 to $26 million. The consensus is $0.23 and $24.9 million.

Third Wave Technologies Inc. (Nasdaq: TWTI) 6% HIGHER; Hologic, Inc. (Nasdaq: HOLX) signed a definitive agreement to acquire Third Wave Technologies for a purchase price of $11.25 per share, or approximately $580 million in value.

Pacific Ethanol, Inc. (Nasdaq: PEIX) 6% HIGHER; Positive Barron's article on ethanol

Verasun Energy (NYSE: VSE) 6% HIGHER; Positive Barron's article on ethanol.

Aventine Renewable Energy (NYSE: AVR) 5% HIGHER; Positive Barron's article on ethanol.

Iconix Brand Group, Inc. (Nasdaq: ICON) 5% LOWER; is revising its full year 2008 revenue and earnings guidance. Revenue for the full year 2008 is now expected to be in a range of $215 - $220 million and diluted earnings per share are now forecasted to be in a range of $1.15 - $1.20. Previous guidance was for revenue in a range of $250 - $260 million and diluted earnings per share in a range of $1.35 - $1.40.

China Sunergy Co. Ltd. (Nasdaq: CSUN) 3% LOWER; Files to offer up to $300M in various securities.

Potash Corp. of Saskatchewan, Inc. (NYSE: POT) 2% HIGHER; Goldman raises price target.

Mosaic Co. (NYSE: MOS) 2% HIGHER; Goldman adds to Buy List

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