Pre-Open Movers 4/9: Nektar (NKTR), MannKind (MNKD) Sink on Inhaled Insulin Worries; EP MedSystems (EPMD) Up on Buyout
StreetInsider.com Pre-Open Movers:
EP MedSystems, Inc. (NASDAQ: EPMD) 100% HIGHER; St. Jude Medical, Inc. (NYSE: STJ) will acquire the company for $3.00 per share.
MannKind Corp. (NASDAQ: MNKD) 47% LOWER; Warning from Pfizer on inhaled insulin causing lung cancer.
Nektar Therapeutics (NASDAQ: NKTR) 28% LOWER; Ceased all negotiations with potential partners for its inhaled insulin programs as a result of new data analysis from ongoing clinical trials conducted by Pfizer Inc. An increase in the number of new cases of lung cancer was observed in inhaled insulin patients as compared to the control group. All new incidences of lung cancer were in patients that are former smokers.
Arctic Cat Inc. (Nasdaq: ACAT) 13% LOWER; revised its sales and earnings outlook for the fiscal 2008 fourth quarter ended March 31, 2008, on lower than anticipated all-terrain vehicles (ATV) sales. As a result of these factors, Arctic Cat's fourth-quarter net sales are now estimated to be $167 million to $169 million compared to $172.6 million in the prior-year fourth quarter. Arctic Cat now expects fourth-quarter diluted earnings per share to range between breakeven to a net loss of $0.08. The consensus is $198.9 million and $0.23, respectively.
Sealy Corp. (NYSE: ZZ) 12% HIGHER; reports Q1 EPS of $0.17, 7 cents better than the analyst estimate of $0.10. Revenues for the quarter were $391.9 million, versus the consensus of $383.78 million. Suspending their quarterly dividend.
AMAG Pharmaceuticals, Inc. (Nasdaq: AMAG) 10% LOWER; Merrill downgrades to Sell
Circuit City Stores Inc. (NYSE: CC) 10% HIGHER; reports Q4 EPS from from continuing ops of $0.03, or $0.10 ex-items, versus the consensus of a $0.07 loss. Revenues came in at $3.65 billion, versus the consensus of $3.79 billion.
American Commercial Lines Inc. (Nasdaq: ACLI) 7% LOWER; expects net income for the first quarter ended March 31, 2008, to be in the low single-digit cents per diluted share. This is below the consensus of a $0.14 profit. The Company also announced today the resignation of Jerry R. Linzey as Senior Vice President and Chief Operating Officer, effective immediately.
California Pizza Kitchen, Inc. (Nasdaq: CPKI) 6.7% HIGHER; announced that Q1 revenues increased 10.2% to $164.7 million. The consensus is $163.9 million. Comparable restaurant sales increased approximately 0.4% in Q1. The company now sees Q1 EPS of $0.07-$0.08, versus prior guidance of $0.04-$0.06. The consensus is $0.05.
FormFactor, Inc. (Nasdaq: FORM) 6.6% LOWER; revised its Q1 guidance. The company now expects first quarter revenue to be in the range of $65 million to $66 million, compared to its previous guidance of $70 to $80 million. The Wall Street consensus is $75.3 million. The company expects its non-GAAP operating margin will be worse than the 6% to 19% previously forecast and that its GAAP loss per share will be greater than its previous forecast of $0.15 to $0.25 per share. The Wall Street consensus is a loss of $0.12.
Citigroup (NYSE: C) 3.7% HIGHER; is supposedly near a deal to sell $12 billion in leveraged loans at a discount to a group of leading private equity firms.
UPS (NYSE: UPS) 3.4% LOWER; lowered its first quarter earnings expectations to $0.86 or $0.87 per diluted share from a previously anticipated range of $0.94-to-0.98. The Wall Street consensus is $0.93.
Salesforce.com (NYSE: CRM) 2.2% LOWER; Bernstein cuts to Market Perform
Spansion Inc. (Nasdaq: SPSN) 2% LOWER; warns for Q1. Sees net sale of $570 million, versus prior guidance of $580-$640 million. The consensus is $609.8 million.
Bed Bath & Beyond Inc. (Nasdaq: BBBY) 2% LOWER; Piper downgrades to Sell
Dell (Nasdaq: DELL) 2% HIGHER; Reports from Dow Jones News, Dell is in talks with a government-owned Dubai entity, Tecom Investments, about a possible investment. Dell Chairman/CEO, Michael S. Dell, said he would be open to an investment from the Dubai firm, according to the report.
Urban Outfitters Inc. (Nasdaq: URBN) 1.7% LOWER; Piper downgrades to Neutral
Honeywell (NYSE: HON) 1.4% HIGHER; has been awarded a $23 billion contract to supply the latest generation of its HTF7000 turbofan propulsion system family for Embraer's new MSJ and MLJ business aircraft.
FedEx (NYSE: FDX) 1% LOWER; Lower on UPS's warning
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EP MedSystems, Inc. (NASDAQ: EPMD) 100% HIGHER; St. Jude Medical, Inc. (NYSE: STJ) will acquire the company for $3.00 per share.
MannKind Corp. (NASDAQ: MNKD) 47% LOWER; Warning from Pfizer on inhaled insulin causing lung cancer.
Nektar Therapeutics (NASDAQ: NKTR) 28% LOWER; Ceased all negotiations with potential partners for its inhaled insulin programs as a result of new data analysis from ongoing clinical trials conducted by Pfizer Inc. An increase in the number of new cases of lung cancer was observed in inhaled insulin patients as compared to the control group. All new incidences of lung cancer were in patients that are former smokers.
Arctic Cat Inc. (Nasdaq: ACAT) 13% LOWER; revised its sales and earnings outlook for the fiscal 2008 fourth quarter ended March 31, 2008, on lower than anticipated all-terrain vehicles (ATV) sales. As a result of these factors, Arctic Cat's fourth-quarter net sales are now estimated to be $167 million to $169 million compared to $172.6 million in the prior-year fourth quarter. Arctic Cat now expects fourth-quarter diluted earnings per share to range between breakeven to a net loss of $0.08. The consensus is $198.9 million and $0.23, respectively.
Sealy Corp. (NYSE: ZZ) 12% HIGHER; reports Q1 EPS of $0.17, 7 cents better than the analyst estimate of $0.10. Revenues for the quarter were $391.9 million, versus the consensus of $383.78 million. Suspending their quarterly dividend.
AMAG Pharmaceuticals, Inc. (Nasdaq: AMAG) 10% LOWER; Merrill downgrades to Sell
Circuit City Stores Inc. (NYSE: CC) 10% HIGHER; reports Q4 EPS from from continuing ops of $0.03, or $0.10 ex-items, versus the consensus of a $0.07 loss. Revenues came in at $3.65 billion, versus the consensus of $3.79 billion.
American Commercial Lines Inc. (Nasdaq: ACLI) 7% LOWER; expects net income for the first quarter ended March 31, 2008, to be in the low single-digit cents per diluted share. This is below the consensus of a $0.14 profit. The Company also announced today the resignation of Jerry R. Linzey as Senior Vice President and Chief Operating Officer, effective immediately.
California Pizza Kitchen, Inc. (Nasdaq: CPKI) 6.7% HIGHER; announced that Q1 revenues increased 10.2% to $164.7 million. The consensus is $163.9 million. Comparable restaurant sales increased approximately 0.4% in Q1. The company now sees Q1 EPS of $0.07-$0.08, versus prior guidance of $0.04-$0.06. The consensus is $0.05.
FormFactor, Inc. (Nasdaq: FORM) 6.6% LOWER; revised its Q1 guidance. The company now expects first quarter revenue to be in the range of $65 million to $66 million, compared to its previous guidance of $70 to $80 million. The Wall Street consensus is $75.3 million. The company expects its non-GAAP operating margin will be worse than the 6% to 19% previously forecast and that its GAAP loss per share will be greater than its previous forecast of $0.15 to $0.25 per share. The Wall Street consensus is a loss of $0.12.
Citigroup (NYSE: C) 3.7% HIGHER; is supposedly near a deal to sell $12 billion in leveraged loans at a discount to a group of leading private equity firms.
UPS (NYSE: UPS) 3.4% LOWER; lowered its first quarter earnings expectations to $0.86 or $0.87 per diluted share from a previously anticipated range of $0.94-to-0.98. The Wall Street consensus is $0.93.
Salesforce.com (NYSE: CRM) 2.2% LOWER; Bernstein cuts to Market Perform
Spansion Inc. (Nasdaq: SPSN) 2% LOWER; warns for Q1. Sees net sale of $570 million, versus prior guidance of $580-$640 million. The consensus is $609.8 million.
Bed Bath & Beyond Inc. (Nasdaq: BBBY) 2% LOWER; Piper downgrades to Sell
Dell (Nasdaq: DELL) 2% HIGHER; Reports from Dow Jones News, Dell is in talks with a government-owned Dubai entity, Tecom Investments, about a possible investment. Dell Chairman/CEO, Michael S. Dell, said he would be open to an investment from the Dubai firm, according to the report.
Urban Outfitters Inc. (Nasdaq: URBN) 1.7% LOWER; Piper downgrades to Neutral
Honeywell (NYSE: HON) 1.4% HIGHER; has been awarded a $23 billion contract to supply the latest generation of its HTF7000 turbofan propulsion system family for Embraer's new MSJ and MLJ business aircraft.
FedEx (NYSE: FDX) 1% LOWER; Lower on UPS's warning
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