Pre-Open Movers 4/23: Safeco (SAF) Up on Buyout, AMBAC (ABK) Lower on Massive Loss

April 23, 2008 9:32 AM EDT

StreetInsider.com Pre-Open Movers:

Restore Medical (Nasdaq: REST) 179% HIGHER; Medtronic to buy the company for $1.60 per share.

Sirtris Pharmaceuticals (Nasdaq: SIRT) 81% HIGHER; GlaxoSmithKline (NYSE: GSK) and Sirtris Pharmaceuticals Incorporated (Nasdaq: SIRT) entered into a definitive agreement pursuant to which GlaxoSmithKline will acquire Sirtris Pharmaceuticals for approximately USD720 million (or approx. GBP362 million) through a cash tender offer of USD22.50 (or approx. GBP11.33) per share.

Safeco Corporation (NYSE: SAF) 47% HIGHER; Liberty Mutual Group and Safeco Corporation entered into a definitive agreement pursuant to which Liberty Mutual will acquire all outstanding shares of common stock of Safeco for $68.25 per share in cash. SAF closed at $45.23 yesterday.

Level 3 Communications Inc. (Nasdaq: LVLT) 21% HIGHER; reports Q1 loss of $0.12, versus the consensus of an $0.11 loss. Revenues came in at $1.09 billion, versus the consensus of $1.06 billion. Level 3 reaffirms forecast for core communications revenue and for adjusted EBITA.

Daktronics, Inc. (Nasdaq: DAKT) 18.7% LOWER; updated its estimates for the fourth quarter of fiscal 2008 which ends April 26, 2008. Previously, the Company estimated that its fiscal fourth quarter net sales would be in the range of $130 million to $138 million and that its earnings per share would be in the range of $0.12 to $0.19 per share. The company now estimates that net sales for the fiscal fourth quarter of 2008 will be in the range of $122 million to $126 million, with earnings in the range of $0.05 to $0.09 per share. (Q4 revenue consensus is $134.65 million and EPS consensus is $0.16)

AMBAC Fincl (NYSE: ABK) 18% LOWER; reported a Q1 loss of $6.93 per share, worse than the consensus of a $1.51 loss. The decrease is primarily due to non-cash, mark-to-market losses on credit derivative exposures amounting to $1,725.2 million in the first quarter 2008 driven by the continued disruption in the global credit markets impacting the fair value of Ambac's derivatives exposures during the quarter. The decrease was also caused in part by the current quarter's loss provision on Ambac's financial guarantee direct exposures to mortgage-related securities which amounted to $1,042.8 million, as well as by other than temporary impairment charges on certain investment securities within the financial services investment portfolio

ANADIGICS, Inc. (Nasdaq: ANAD) 17% HIGHER; reports Q EPS of $0.15, 5 cents better than the analyst estimate of $0.10. Revenues for the quarter were $74.4 million, versus the consensus of $69.20 million. Sees Q2 eps of 16-17 cents versus 13 cents.

Bolt (Nasdaq: BOLT) 15% LOWER; reports Q3 EPS of $0.40, 6 cents below than the analyst estimate of $0.46. Revenues for the quarter were $16.67 million, versus the consensus of $18.64 million.

VMware, Inc. (NYSE: VMW) 13.9% HIGHER; reports Q1 EPS of $0.22, in-line with the analyst estimate of $0.22. Revenues for the quarter were $438 million, versus the consensus of $422.35 million. Sees Q2 revenue growth of about 55%.

Infinera Corp. (Nasdaq: INFN) 12.6% LOWER; reports Q1 EPS of $0.13, versus the analyst estimate of $0.02. Revenues for the quarter were $138.3 million, versus the consensus of $91.63 million.

Smurfit-Stone Container Corporation (Nasdaq: SSCC) 10.7% LOWER; reports a Q1 loss of $0.09, 6 cents lower than the analyst estimate of ($0.03). Revenues for the quarter were $1.8 billion, versus the consensus of $1.87 billion.

Skyworks (Nasdaq: SWKS) 10% HIGHER; reports Q1 adj-EPS of $0.17, 2 cents better than the analyst estimate of $0.15. Revenues for the quarter were $201.7 million, versus the consensus of $199.54 million

RC2 Corp. (Nasdaq: RCRC) 9.8% LOWER; reports Q1 EPS of $0.16, ex-items, 10 cents lower than the analyst estimate of $0.26. Revenues for the quarter were $93.3 million, versus the consensus of $105.23 million. Sees FY08 EPS of $1.90-$2.00, versus the consensus of $1.96.

JAKKS Pacific (Nasdaq: JAKK) 9% LOWER; reports Q1 earnings of $0.13 per share, ex-items, below the consensus of $0.19. Revenues came in at $130.9 million, versus the consensus of $137.5 million. Sees FY08 EPS of $2.91 versus the consensus of $2.97.

CEC Entertainment (NYSE: CEC) 8.8% HIGHER; reports Q1 EPS of $1.26, 14 cents better than the analyst estimate of $1.12. Revenues for the quarter were $245.2 million, versus the consensus of $242.95 million. Sees Q2 EPS of $0.29-$0.33, versus the consensus of $0.27. FY08 EPS of $2.33-$2.40, versus the consensus of $2.20.

Arrow Electronics Inc. (NYSE: ARW) 8.8% LOWER; reports Q1 EPS of $0.79, 3 cents lower than the analyst estimate of $0.82 Revenues for the quarter were $3.5 billion, versus the consensus of $4.08 billion.

Moody's (NYSE: MCO) 8% HIGHER; reports Q1 earnings of $0.48 per share, 13 cents better than estimates. Revenues came in at $430.7 million, versus the consensus of $417.3 million. Sees FY08 EPS of $1.90-$2.00 versus the consensus of $1.83

Broadcom (Nasdaq: BRCM) 7.9% HIGHER; reports Q1 EPS of $0.14, which may not compare to the analyst estimate of $0.28. Revenues for the quarter were $1.03 billion, versus the consensus of $992.32 million.

Cerner Corporation (Nasdaq: CERN) 7.8% HIGHER; reports Q1 adjusted non-GAAP EPS of $0.47, 3 cents better than the analyst estimate of $0.44. Revenues for the quarter were $384.77 million, versus the consensus of $393.49 million. Sees Q2 revenue between $390 million to $405 million. (Consensus is $418.48 million) Sees Q2 adjusted EPS between $0.50 and $0.51. (Consensus is $0.52). For the year 2008, Cerner continues to expect adjusted diluted earnings per share before stock options expense to grow more than 20% and is therefore comfortable with the previous consensus of $2.14 per share plus the $0.03 cent over attainment in the first quarter, resulting in a full-year estimate of $2.17. (FY08 EPS consensus is $2.13) For the year 2008, Cerner expects revenue growth of approximately 10% over 2007.

PF Chang's (Nasdaq: PFCB) 7% HIGHER; reports Q1 earnings of $0.40 per share, 9 cents better than estimates. Revenues came in at $308 million, versus the consensus of $305 million. Sees FY08 EPS of $1.34-$1.40 versus prior guidance of $1.32-1.38 and the consensus of $1.33

Edwards Lifesciences (NYSE: EW) 6% HIGHER; reports Q1 EPS of $0.56, 7 cents better than the analyst estimate of $0.49. Revenues for the quarter were $296.8 million, versus the consensus of $284.41 million. Q2 sees eps 62-66 cents versus 58 cents. full year guidance $2.45 to $2.53 versus consensus of $2.35.

Ameriprise Financial Inc. (NYSE: AMP) 5% LOWER; Wachovia downgrades

EMC Corporation (NYSE: EMC) 5% HIGHER; VMware higher after results. Also, company reported In-Line results

Infinera Corp. (Nasdaq: INFN) 4% HIGHER; reports Q1 EPS of $0.13, versus the analyst estimate of $0.02. Revenues for the quarter were $138.3 million, versus the consensus of $91.63 million.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) 3.2% HIGHER; reports Q1 EPS of $2.64, above the consensus of $2.12. Revenues came in at $5.67 billion, versus the consensus of $4.69 billion.

NuVasive, Inc. (Nasdaq: NUVA) 2.5% HIGHER; reports Q1 EPS of $0.06, 17 cents better than the analyst estimate of ($0.11). Revenues for the quarter were $51.2 million, versus the consensus of $47.39 million. Sees full year 54-57 cents versus prior guidance 56-59 cents, consensus 52 cents.

Boeing Co. (NYSE: BA) 2.4% HIGHER; reports Q1 EPS of $1.62, above the consensus of $1.35. Revenues came in at $15.99 billion, versus the consensus of $16.52 billion. Sees 2008 EPS of $5.70-$5.85, versus the consensus of $5.93. Sees 2009 EPS of $6.80-$7.00, versus the consensus of $6.87. Sees 2009 revs of $72-$73 billion

Silicon Image (Nasdaq: SIMG) 1.4% HIGHER; reports Q1 EPS of $0.04, 2 cents better than the analyst estimate of $0.02. Revenues for the quarter were $67.1 million, versus the consensus of $61.86 million. Sees Q2 revs of $66-$68 million, versus the consensus of $66.8 million. Sees FY08 revs of $270-$290 million, versus the consensus of $276.7 million.

Kroger Co. (NYSE: KR) 1.2% HIGHER; Merrill upgrades to Buy

UPS (NYSE: UPS) 1% LOWER; reports Q1 EPS of $0.87, versus the consensus of $0.87. Revenues came in at $12.68 billion, versus the consensus of $12.31 billion. The CFO said, "We see no signs of economic strengthening in the second quarter." Sees Q2 EPS of $0.97-$1.04, versus the consensus of $1.01 Reduces 2008 EPS to $3.90-$4.20, versus the consensus of $4.17.

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