Pre-Open Movers 4/8: First Marblehead (FMD) Sinks As Client Files Bankruptcy, NutriSystem (NTRI) Higher on Mngmt Change/Guidance

April 8, 2008 9:32 AM EDT

StreetInsider.com Pre-Open Movers:

Agria Corporation (NYSE: GRO) 40% LOWER; COO Resigns. Also said independent auditors have been unable to begin their audit of the Company's financial statements for 2007. Given the substantial delay in the commencement of the audit process, there is a risk that the Company may not be able to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2007 by June 30, 2008. The Company is retracting its prior guidance for the fourth quarter of 2007 and first quarter and full year of 2008 as provided in a press release on February 25, 2008.

First Marblehead Corporation (NYSE: FMD) 31% LOWER; Education Resources Institute (TERI), a non-profit guarantor of private student loans, filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Massachusetts. The First Marblehead Corporation has been in a strategic alliance with TERI since 2001.

Antigenics Inc. (NASDAQ: AGEN) 30% HIGHER; announced that the Russian Ministry of Public Health has issued a registration certificate for the use of Oncophage in the treatment of kidney cancer patients at intermediate risk for disease recurrence

Repligen Corp. (NASDAQ: RGEN) 26% HIGHER; reached a settlement with Bristol-Myers Squibb Company (NYSE: BMY) in its lawsuit alleging infringement of U.S. Patent No. 6,685,941, based on Bristol-Myers Squibb's sale of Orencia for the treatment of rheumatoid arthritis.

NutriSystem, Inc. (NASDAQ: NTRI) 20% HIGHER; announced that Joseph Redling, President and Chief Operating Officer, will succeed Michael J. Hagan as Chief Executive Officer, effective May 1, 2008, and has been elected to the Board of Directors effective immediately. Mike Hagan, who has led the Company as Chairman and Chief Executive Officer since 2002, will become non-executive Chairman effective May 1, 2008, and will remain an employee of the Company. NutriSystem also said it sees Q1 revenues of $216 million (consensus is $203.5 million) and operating profit of between $21 million and $24 million. NutriSystem purchased 3.3 million shares, or almost 10% of outstanding shares, for $45 million through the quarter end.

Layne Christensen Co. (Nasdaq: LAYN) 10% HIGHER; reports Q4 EPS of $0.50, above the consensus of $0.38. Revenues came in at $223.6 million, versus the consensus of $215.3 million.

Washington Mutual Inc. (NYSE: WM) 10% LOWER; Raises $7 billion, selling 176 million shares of its common stock at a purchase price of $8.75 per share. Cuts dividend and sees wider loss.

Rex Energy (Nasdaq: REXX) 8% LOWER; Files to offer 8 million shares

Garmin Ltd. (Nasdaq: GRMN) 7% LOWER; Rival TomTom warns

Infineon Technologies AG (NYSE: IFX) 6% LOWER; Credit Suisse downgrades to Neutral

Novellus Systems, Inc. (Nasdaq: NVLS) 5% LOWER; sees Q1 revenue at the low end of its prior $315 million to $325 million guidance. The company sees net income of between $0.15 and $0.17, versus the prior guidance of $0.21 to $0.24. The consensus is $318.5 million and $0.23, respectively.

Pacific Sunwear of California (Nasdaq: PSUN) 4% HIGHER; Wachovia upgrades

Jabil Circuit Inc. (NYSE: JBL) 4% LOWER; Goldman downgrades to Neutral.

Aftermarket Technology (NASDAQ: ATAC) 3.5% HIGHER; will replace Mesa Air Group Inc. (NASDAQ: MESA) in the S&P SmallCap 600 after the close of trading on Wednesday, April 9, 2008.

LDK Solar Co.Ltd. (NYSE: LDK) 2.3% LOWER; To Offer $300M Conv Notes

Secure Computing Corporation (Nasdaq: SCUR) 2.3% LOWER; said it anticipates that GAAP revenue for the first quarter will be in the range of $60 to $61 million, and non-GAAP revenue will be in the range of $65 to $66 million. In its financial results press release on February 4, 2008, the company provided first quarter 2008 guidance for GAAP revenues to be in the range of $64 to $66 million, non-GAAP revenues to be in the range of $67 to $69 million. The Wall Street consensus is $67.5 million. Fully diluted non-GAAP earnings-per-share is expected to be between $0.06 and $0.07, compared to the company's prior guidance of $0.07 to $0.09. The Wall Street consensus is $0.08.

UPDATE: AMD (NYSE: AMD) 2.2% LOWER; expects revenue for the first quarter ended March 29, 2008 to be approximately $1.5 billion, versus the consensus of $1.62 billion. The decrease is due to lower than expected sales across all business segments. AMD had previously anticipated first quarter revenue to decline in line with seasonality. In addition, AMD announced plans to adjust its cost structure by reducing its workforce by approximately 10 percent by the end of the third quarter of 2008

VeriSign (Nasdaq: VRSN) 2% HIGHER; Names Robins Acting CFO, Sees Q1 Results At Or Above Prior Guidance

Integrated Silicon Solution, Inc. (Nasdaq: ISSI) INDICATED LOWER; announced that revenues for the second fiscal quarter ended March 31, 2008 are expected to be approximately $58 million which would be a decrease of 8.4% from the first quarter of fiscal year 2008, and a decrease of 3.3% from the second fiscal quarter of 2007. The consensus is $62.15

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