Pre-Open Movers 4/11: General Electric (GE) Lower Results/Guidance, TriZetto (TZIX) Up on Buyout

April 11, 2008 9:27 AM EDT

StreetInsider.com Pre-Open Movers:

Frontier Airlines Holdings (NASDAQ: FRNT) 76% LOWER; Files for Bankruptcy Protection

The TriZetto Group, Inc. (NASDAQ: TZIX) 17.6% HIGHER; entered into a definitive agreement to be acquired and taken private by funds advised by Apax Partners, a growth-focused, global private equity firm. Under the terms of the agreement and plan of merger, TriZetto shareholders will receive $22.00 per share in cash. TriZetto closed at $17.67 yesterday.

Pharmacopeia (Nasdaq: PCOP) 15% LOWER; announced that Leslie J. Browne, Ph.D., has resigned as President and Chief Executive Officer and a member of the Board of Directors in order to pursue other interests. His resignation was effective April 9, 2008.

Power-One, Inc. (NASDAQ: PWER) 13% LOWER; today lowered its Q1 revenues estimate from $130-$135 million to $116-$118 million and EPS estimate from ($0.04)-($0.07) to ($0.14)-($0.16). The Street is estimating revs of $131.50 million and a loss of $0.06.

General Electric (NYSE: GE) 11% LOWER; reports Q1 earnings of $0.44 per share, below the consensus of $0.51. Revenues came in at $42.24 billion, versus the consensus of $43.68 billion. Sees Q2 EPS of $0.53-$0.55 versus the consensus of $0.58. Sees FY08 EPS of $2.20-$2.30 versus the consensus of $2.43 consensus. The company said demand for our global Infrastructure business remained strong, but financial services businesses were challenged by a slowing U.S. economy and difficult capital markets.

PDL BioPharma, Inc. (Nasdaq: PDLI) 10% HIGHER; Declared a special cash dividend of $4.25 per common share, payable on May 5, with an ex-dividend date of May 6. Additionally, PDL has announced that the company will separate its antibody humanization royalty assets from its biotechnology operations.

Foundry Networks, Inc. (Nasdaq: FDRY) 9.4% LOWER; today reported preliminary Q1 results: revenues are expected to be in the range of $148-$150 million, versus the consensus of $163.38 million. EPS are expected to be $0.08-$0.09, versus the Street estimate of $0.20.

Zoran Corp. (Nasdaq: ZRAN) 8% LOWER; Jefferies downgrades to Underperform.

Exactech Inc. (Nasdaq: EXAC) 8% HIGHER; expects to report Q1 revenue of approximately $40.0 million. This compares to prior guidance of $36-$38 million. The Wall Street consensus is $37.5 million. Diluted earnings per share for the first quarter is expected to range from $0.22 to $0.24 compared with $0.16 diluted earnings per share in the same quarter a year ago. First quarter earnings include a gain of $0.03 due to a forward currency call option. This compares to prior guidance of $0.18-$0.20. The Wall Street consensus is $0.19.

Active Power, Inc. (NASDAQ: ACPW) 7.7% LOWER; announced that preliminary Q1 revenues would be between $7.3 to $7.5 million, compared to previously provided guidance of $8 to $10 million. The Wall Street consensus is $9.4 million. In addition, cash used in operating activities and investments in first quarter 2008 is now expected to be $5.3 to $5.5 million, compared to previous guidance of $2 to $3 million.

CIT Group, Inc. (NYSE: CIT) 6.8% LOWER; Related to GE warning

CV Therapeutics, Inc. (Nasdaq: CVTX) 4% HIGHER; The company and Astellas Pharma US announced that the FDA has approved Lexiscan injection, an A2A adenosine receptor agonist, for use as a pharmacologic stress agent in radionuclide myocardial perfusion imaging -- a test that detects and characterizes coronary artery disease -- in patients unable to undergo adequate exercise stress. [LJ]

Cameco Corp. (NYSE: CCJ) 3.9% HIGHER; Continues recent move which has been attributed to takeover speculation.

Garmin Ltd. (Nasdaq: GRMN) 2.5% LOWER; Oppenheimer downgrades to Perform

Seagate Technology (NYSE: STX) 2.3% LOWER; Goldman downgrades to Neutral

Abercrombie & Fitch (NYSE: ANF) 2% LOWER; JP Morgan downgrades

Tollgrade Communications, Inc. (Nasdaq: TLGD) INDICATED LOWER; announced that revenue for its first quarter ending March 29, 2008, will be $13.2 million, below the lower end of revenue estimates provided by the Company on January 30, 2008, when it estimated that revenue could range from $13.5 million to $16 million. The Wall Street consensus is $15.4 million.

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