Pre-Open Movers 6/17: Mentor Graphics (MENT) Up on Buyout Offer, Infinera (INFN) Lower on Guidance

June 17, 2008 8:58 AM EDT

StreetInsider.com Pre-Open Movers:

Mentor Graphics (Nasdaq: MENT) 25% HIGHER; Cadence Design Systems, Inc. (Nasdaq: CDNS) submitted a proposal to the Board of Directors of Mentor Graphics to acquire Mentor Graphics for $16.00 per share in cash.

Infinera (Nasdaq: INFN) 25% LOWER; today reaffirmed its Q2 outlook of $88-$90 million for revs, versus the consensus of $89.69 million. Q3 sales are expected to be in the range of $75-$80 million, versus the consensus of $97.74 million. FY08 sales are expected to grow at 10%, down from a previously forecast 25% growth rate.

Canadian Solar Inc. (Nasdaq: CSIQ) 9% HIGHER; Raising its annual guidance for 2008 from 200 - 220 MW to 230 - 260 MW in output and its estimated annual revenue from $650 - $750 million to $750 - $870 million

Elan Corp. plc (NYSE: ELN) 6% HIGHER; Elan Corporation and Wyeth (NYSE: WYE) today announced encouraging preliminary findings from a Phase 2 study of bapineuzumab in patients with mild to moderate Alzheimer's disease. In the 18-month trial, bapineuzumab appeared to have clinical activity in treating Alzheimer's disease.

MedAssets (Nasdaq: MDAS) 4.6% LOWER; Luminetx(R) Corp. announced it has signed a three-year supplier contract with MedAssets Supply Chain Systems, a MedAssets company. MedAssets Supply Chain Systems is one of the nation's largest group purchasing organizations providing innovative solutions for healthcare providers to improve their margins and cash flow.

Adobe Systems (Nasdaq: ADBE) 3.1% LOWER; reports Q2 EPS of $0.50, ex-items, 4 cents better than the analyst estimate of $0.46. Revenues for the quarter were $886.9 million, versus the consensus of $880.01 million. Sees Q3 revs in the range of $855-$885 million, versus the consensus of $872 million. Sees Q3 adjusted EPS of $0.45-$0.47, versus $0.45.

CME Group, Inc. (NYSE: CME) 3% HIGHER; Citi upgrades to Buy

Tegal Corp. (Nasdaq: TGAL) 2.3% LOWER; reports Q4 EPS of $2.18 compared to a net loss of $0.28 per share in the comparable quarter one year ago. Fourth quarter revenues were $7.4 million, up 19.5% from $6.2 million in the same period of the prior year. Revenues for fiscal 2008 were $32.9 million, compared to $22.3 million in the prior fiscal year – an increase of 47.9%.

Goldman Sachs Group Inc. (NYSE: GS) 2% HIGHER; reports Q2 EPS of $4.58 versus the consensus of $3.42. Revenues came in at $9.42 billion, versus the consensus of $8.74 billion.

Knightsbridge Tankers Limited (Nasdaq: VLCCF) 2% LOWER; JP Morgan downgrades to Underweight

Hovnanian Enterprises Inc. (NYSE: HOV) 2% HIGHER; UBS upgrades to Neutral

Best Buy Co., Inc. (NYSE: BBY) 1% HIGHER; reports Q1 EPS of $0.43, 6 cents better than the analyst estimate of $0.37. Revenues for the quarter were $8.99 billion, versus the consensus of $8.57 billion.

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