Pre-Open Movers 7/15: Wachovia (WB) Sinks On Downgrade, Evergreen Solar (ESLR) Up on Contract

July 15, 2008 9:27 AM EDT

StreetInsider.com Pre-Open Movers:

Freddie Mac (NYSE: FRE) 17% LOWER; Continued fears about the equity. Hedge fund manager Ackman said he was short the common stock of Fannie Mae and Freddie Mac. Ackman also laid out a plan to reorganize the GSEs.

Fannie Mae (NYSE: FNM) 16% LOWER; Continued fears about the equity. Hedge fund manager Ackman said he was short the common stock of Fannie Mae and Freddie Mac. Ackman also laid out a plan to reorganize the GSEs.

Wachovia Corporation (NYSE: WB) 13% LOWER; Oppenheiner analyst Meredith Whitney downgraded Wachovia from Perform to Underperform, saying the earnings outlook has dramatically diminished and prospects for stockholders are "bleak".

Sonic Automotive, Inc. (NYSE: SAH) 12% LOWER; now expects that its diluted earnings per share from continuing operations for the year will be in the range of $1.65 to $1.85, below the consensus of $2.19. Sees June EPS fo $0.48-$0.50, below the consensus of $0.55.

Evergreen Solar, Inc. (Nasdaq: ESLR) 11% HIGHER; signed a new long-term sales contract valued at approximately $1.2 billion with German-based IBC SOLAR AG. This contract extends through 2013 and brings the company's total contractual backlog to nearly $3 billion with 5 customers.

E*Trade (Nasdaq: ETFC) 8% HIGHER; Sells E*TRADE Canada to Scotiabank for $442M

1-800-Flowers.com Inc. (Nasdaq: FLWS) 7% LOWER; Goldman cuts to Sell

Kimberly-Clark Corp. (NYSE: KMB) 6.7% LOWER; Kimberly-Clark reported preliminary Q2 EPS of $1.03, below the consensus of $1.09. KMB sees adjusted earnings per share for the third quarter are expected to be in a range of $0.98 to $1.03, versus the consensus of $1.16. KMB sees adjusted earnings per share for the full year are expected to be in a range of $4.20 to $4.30, versus the consensus of $4.52.

Canadian Solar Inc. (Nasdaq: CSIQ) 6% LOWER; To offer 3.5M shares

US Bancorp (NYSE: USB) 5% LOWER; reports Q2 EPS of $0.64, ex-items, 4 cents better than the analyst estimate of $0.60. Revenues for the quarter were $3.8 billion, versus the consensus of $3.78 billion. US Bancorp says its keeping its dividend.

IKON Office Solutions (NYSE: IKN) 5% HIGHER; expects to report third quarter diluted earnings per share in the range of $0.35 to $0.37, excluding an expected $0.03 per share net charge primarily from the early extinguishment of debt. The Company previously communicated third quarter fiscal 2008 guidance of $0.29 to $0.32 per diluted share, excluding non-recurring items. The Wall Street consensus is $0.30.

eHealth, Inc (Nasdaq: EHTH) 5% HIGHER; Oppenheimer upgrade

Sanmina-SCI Corp. (Nasdaq: SANM) 4% HIGHER; Issues upbeat guidance. Merrill upgrades to Neutral

American International Group, Inc. (NYSE: AIG) 4% LOWER; Wachovia downgrades to Market Perform

State Street (NYSE: STT) 4% HIGHER; reports Q2 EPS of $1.40, ex-items, above the consensus of $1.36. Q2 revenues came in at $2.67 billion, versus the consensus of $2.6 billion. State Street said, "Given the strength of the first half of the year, we now expect both growth in operating earnings per share to approach the high end of the 10 to 15 percent range and achievement of operating return on equity to approach the high end of the 14 percent to 17 percent range in 2008. We are also increasing our outlook for growth in revenue, expecting to exceed the high end of the 14 percent to 17 percent range in 2008."

JB Hunt Transport Services Inc. (Nasdaq: JBHT) 4% HIGHER; reports Q2 EPS of $0.39, 3 cents better than the analyst estimate of $0.36. Revenues for the quarter were $977 million, versus the consensus of $925 million.

Coldwater Creek Inc. (Nasdaq: CWTR) 4% HIGHER; increased its second quarter fiscal 2008 sales guidance to a range of $235 million to $240 million and earnings per share to a range of $0.00 to $0.02. The previous ranges were $215 million to $239 million and $(0.09) to $(0.03), respectively. The consensus is $238.4 million and a loss of $0.05. For fiscal 2008, the Company increased its sales guidance to a range of $1,105 million to $1,151 million and earnings per share to a range of $(0.04) to $0.09. The previous ranges were $1,085 million to $1,150 million and $(0.13) to $0.04, respectively. The consensus is $1.14 billion and a loss of $0.06.

CDC Corporation (NASDAQ: CHINA) 3% HIGHER; reported preliminary Q2 results for revs of about $107.3-$108.5 million, versus the consensus of $102.9 million.

Johnson & Johnson (NYSE: JNJ) 2% HIGHER; reports Q2 EPS of $1.18, 6 cents better than the analyst estimate of $1.12. Revenues for the quarter were $16.5 billion, versus the consensus of $16 billion. Sees FY08 EPS of $4.45-$4.50, versus the consensus of $4.45.

Genentech, Inc. (NYSE: DNA) 1.2% HIGHER; reports Q2 EPS of $0.82, 4 cents lower than the analyst estimate of $0.86. Revenues for the quarter were $3.23 billion, versus the consensus of $3.23 billion. Sees FY08 $3.40-$3.50, versus prior guidance of $3.35-$3.45, versus the consensus of $3.43.

Novellus Systems Inc. (Nasdaq: NVLS) 1% LOWER; sees Q3 sales of $240-$252 million, versus the consensus of $251.5 million. Sees Q3 EPS of $0.01-$0.05, versus the consensus of $0.08.

General Motors Corp. (NYSE: GM) 1% HIGHER; announced adapt its business to rapidly changing market conditions. GM said it is taking additional measures to bolster liquidity by $15 billion to protect against a prolonged U.S. downturn. Suspends Dividend, More Salaried Job Cuts.

MEMSIC, Inc. (Nasdaq: MEMS) INDICATED LOWER; anticipates revenue of approximately $3.6 million for the second quarter of 2008, versus recent guidance of $5.5 to $5.6 million. MEMSIC now anticipates a net loss of $0.06 to $0.07 per diluted share on a GAAP basis for the second quarter of 2008, compared to its most recent guidance of a net profit of $0.02 to $0.03 per diluted share on a GAAP basis.

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