Pre-Open Movers 4/14: Circuit City (CC) Surges on Blockbuster Bid, Wachovia (WB) Sinks on Losses/Capital Raise

April 14, 2008 9:25 AM EDT

StreetInsider.com Pre-Open Movers:

Circuit City Stores, Inc. (NYSE: CC) 57% HIGHER; Blockbuster Inc. (NYSE: BBI) offered to acquire Circuit City for at least $6.00 per share in cash, subject to due diligence. Blockbuster said their offer may go as high as $8 per share.

AtheroGenics, Inc. (Nasdaq: AGIX) 40% HIGHER; released positive topline results from a planned interim analysis of its ongoing ANDES Phase 3 clinical trial of AGI-1067 for the treatment of Type 2 diabetes. The interim analysis of 806 patients who completed three months in the study showed dose-related, statistically significant reductions in A1c.

PHAZAR CORP, (Nasdaq: ANTP) 29% HIGHER; reports Q3 net sales of $3,204,698, compared to $1,454,496 for the same period in 2007. Net income for the third quarter was $334,267 (14 cents per share), compared to $7,783 (0 cents per share) for the quarter ended February 28, 2007.

AirTran Holdings Inc. (NYSE: AAI) 26% HIGHER; Calyon upgrades AirTran Holdings from Neutral to Add, saying the company isn't in immediate danger of defaulting. AirTran sank 34% on Friday following the bankruptcy filing of Frontier Airlines.

Clayton Holdings, Inc. (Nasdaq: CLAY) 22% HIGHER; agreed to be acquired by an affiliate of private equity firm Greenfield Partners, LLC for $6.00 per share, or approximately $134 million, plus the repayment of $23.8 million of debt.

Blockbuster Inc. (NYSE: BBI) 9% LOWER; Blockbuster offered to acquire Circuit City for at least $6.00 per share in cash, subject to due diligence. Blockbuster said their offer may go as high as $8 per share.

Wachovia (NYSE: WB) 8% LOWER; reports Q1 loss of $0.14 per share, ex items, which may not compare to the consensus of a $0.40 profit. Revenues came in at $7.9 billion, versus the consensus of $7.98 billion. Wachovia cuts its quarterly dividend to $0.375. Wachovia announced provision for credit losses of $2.8 billion, which exceeded net charge-offs by $2.1 billion. Wachovia also plans to raise $7 billion.

The Scotts Miracle-Gro Company (NYSE: SMG) 8% LOWER; sees Q2 adj-EPS of $1.14 to $1.18, versus the consensus of $1.42. The Company's outlook for the full year remains unchanged.

Carpenter Technology Corporation (NYSE: CRS) 7% LOWER; sees third quarter EPS in the range of $1.00-$1.05 per diluted share, versus the consensus of $1.25.

NutriSystem Inc. (Nasdaq: NTRI) 6% HIGHER; Will be added to &P SmallCap 600

Northwest Airlines (NYSE: NWA) 6% HIGHER; According to various media reports, Delta Air Lines and Northwest Airlines may unveil their much-anticipated merger deal as early as tomorrow following a Northwest board meeting.

Cymer Inc. (Nasdaq: CYMI) 6% LOWER; Credit Suisse downgrades to Underperform.

Eaton Corporation (NYSE: ETN) 5.5% HIGHER; reports Q1 EPS of $1.70 (Before acquisition integration charges), 4 cents better than estimates. Revenues were $3.5 billion vs. $3.43 billion consensus. “We anticipate net income per share for the second quarter of 2008 to be between $1.80 and $1.90. Operating earnings per share, which excludes charges to integrate our recent acquisitions, are expected to be between $1.90 and $2.00 in the second quarter of 2008. Due to the strong first quarter results, we are raising our full-year guidance by $.05 per share, to net income per share of $7.30 to $7.80 and operating earnings per share of $7.80 to $8.30." (Q2 EPS consensus is $1.92 and FY EPS consensus is $7.78)

POSCO (NYSE: PKX) 5% LOWER; Steel margin concerns.

Delta Air Lines (NYSE: DAL) 5% HIGHER; According to various media reports, Delta Air Lines and Northwest Airlines may unveil their much-anticipated merger deal as early as tomorrow following a Northwest board meeting.

Axcelis Technologies, Inc. (Nasdaq: ACLS) 5% LOWER; lowers guidance. Expects its Q1 net loss per share to be in the range of $0.10 to $0.14, which is below the $0.04 to $0.08 range previously provided. The consensus is a loss of $0.06.

W.W. Grainger, Inc. (NYSE: GWW) 5% HIGHER; reports Q1 EPS of $1.43, above the consensus of $1.36. Revenues came in at $1.66 billion, versus the consensus of $1.67 billion. W.W. Grainger sees FY08 EPS of $5.80-$6.10, versus prior guidance of $5.65-$6.00 and the consensus of $5.71.

Wendy's International Inc. (NYSE: WEN) 2% LOWER; Goldman restarts at Sell

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