Pre-Open Movers 5/5: Yahoo! (YHOO) Sinks After Microsoft Pulls Offer; Marvel (MVL) Surges on Strong Results/Iron Man

May 5, 2008 9:31 AM EDT

StreetInsider.com Pre-Open Movers:

Yahoo! Inc. (Nasdaq: YHOO) 20% LOWER; Microsoft withdraws proposal to acquire Yahoo!

Countrywide Financial (NYSE: CFC) 10.7% LOWER; Friedman Billings downgrades Countrywide Financial (NYSE: CFC) from Market Perform to Underperform, citing Bank of America's amendment filing. Price target dropped from $7 to $2. Sees lower bid.

American Capital Strategies, Ltd. (Nasdaq: ACAS) 9% LOWER; UBS downgrades to Sell; WSJ reports the company may have large writedowns.

Marvel Entertainment, Inc. (NYSE: MVL) 8.4% HIGHER; reports Q1 EPS of $0.58, 15 cents better than estimates. Revenues were $112.57 million vs. $111.65 million consensus. Sees FY08 revenues between $370 - $400 million vs. prior guidance of $360 - $400 million. (Consensus is $490.13 million). Sees FY08 EPS between $1.35 - $1.55 vs. prior guidance of $1.30 - $1.50. (Consensus is $1.58). Marvel also announced the opening weekend box office performance of its debut Iron Man feature film, and unveiled its self-produced feature film slate through 2011. Iron Man debuted this weekend, generating an estimated domestic box office of $100.75 million for the three-day weekend. This performance represents the 10th best opening weekend ever and the 2nd best non-sequel feature film debut ever - second only to Spider-Man, also a Marvel character. On a worldwide basis, Iron Man has generated an estimated $201 million in global box office to date.

EMCORE Corp. (Nasdaq: EMKR) 6.6% HIGHER; $28 million solar order.

Alvarion (Nasdaq: ALVR) 6% HIGHER; reports Q1 earnings of $0.03 per share, ex-items, 1 cent better than the consensus of $0.02. Revenues rose 29% to $67.2 million, versus the consensus of $65.3 million. Sees Q2 EPS of $0.00-0.04 versus the consensus of $0.03.

Sprint Nextel (NYSE: S) 5.8% HIGHER; Reports Deutsche Telekom (NYSE: DT) may bid for the company.

Melco PBL Entertainment (Macau) LTD. (Nasdaq: MPEL) 4% HIGHER; Positive Barron's mention.

Ingersoll-Rand (NYSE: IR) 2.8% LOWER; Morgan Stanley downgrades Ingersoll-Rand from Equal Weight to Underweight

Microsoft (Nasdaq: MSFT) 2.3% HIGHER; Microsoft withdraws proposal to acquire Yahoo!

Time Warner Inc. (NYSE: TWX) 1.5% HIGHER; Higher after Microsoft withdraws proposal to acquire Yahoo!, which may open the door for a deal between AOL/YHOO.

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Related Entities

• UBS
• American Capital Strategies
• Morgan Stanley
• Banc of America
• Friedman, Billings, Ramsey
• Scopia Capital

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