Pre-Open Movers 7/22: Assured Guaranty (AGO) Sinks On Possible Moody's Downgrade, Foundry Networks (FDRY) Up on Buyout

July 22, 2008 9:29 AM EDT

StreetInsider.com Pre-Open Movers:

Bluegreen Corporation (NYSE: BXG) 108% HIGHER; signed a non-binding letter of intent relating to the acquisition of the Company at a price of $15.00 per share by Diamond Resorts International, which would value this transaction at approximately $500 million, exclusive of Bluegreen’s outstanding debt.

Assured Guaranty Ltd. (NYSE: AGO) 48% LOWER; Moody's said it is reviewing the company's Aaa rating for a possible downgrade.

Foundry Networks, Inc. (Nasdaq: FDRY) 32% HIGHER; Brocade (Nasdaq: BRCD) announced a definitive agreement to purchase Foundry Networks. Under the agreement, Brocade will pay a combination of $18.50 of cash plus 0.0907 shares of Brocade common stock in exchange for each share of Foundry common stock, representing a total value of $19.25 (based on Brocade's closing stock price on Friday, July 18, 2008 of $8.27).

Brocade Communications (Nasdaq: BRCD) 22% LOWER; Announces agreement to acquire Foundry Networks.

Vodafone Group plc (NYSE: VOD) 13.7% LOWER; disappointing results.

SanDisk Corp. (Nasdaq: SNDK) 13% LOWER; reports a Q2 loss of $0.10, ex-items, versus the analyst estimate of $0.13. Revenues for the quarter were $816 million, versus the consensus of $906.08 million. Delays start of FAB 4 production. Pushing decision to invest in FAB 5 until market conditions improve.

Texas Instruments (NYSE: TXN) 12% LOWER; reports Q2 EPS of $0.44, 2 cents lower than the analyst estimate of $0.46. Revenues for the quarter were $3.35 billion, versus the consensus of $3.39 billion. Sees Q3 EPS of $0.41-$0.47, versus the consensus of $0.51 and sales of $3.26-$3.54 billion, versus the consensus of $3.56 billion.

Eagle Materials Inc. (NYSE: EXP) 12% LOWER; reports Q2 EPS of $0.18, 11 cents worse than the analyst estimate of $0.29. Revenues for the quarter were $176.8 million, versus the consensus of $198.10 million.

American Express Company (NYSE: AXP) 11% LOWER; reports Q2 EPS of $0.56, which includes charges and so may not compare to the analyst estimate of $0.83. Revenues for the quarter were $7.5 billion, versus the consensus of $7.60 billion. No longer tracking on prior view of 4-6% EPS growth. Earnings decline due to additional credit reserves.

BJ Services Company (NYSE: BJS) 10% HIGHER; reports Q3 EPS of $0.48, 8 cents better than the analyst estimate of $0.40. Revenues for the quarter were $1.33 billion, versus the consensus of $1.24 billion.

Apple (Nasdaq: AAPL) 10% LOWER; Apple reported Q3 EPS of $1.19, 11 cents better than the analyst estimate of $1.08. Revenues for the quarter were $7.46 billion, versus the consensus of $7.37 billion. Looking into Q4, Apple sees Q4 EPS of $1.00, versus the consensus of $1.24. Sees Q4 revenues of $7.8 billion, versus the consensus of $8.3 billion (NOTE: Apple is usually very conservative on guidance, but maybe this is too conservative). Lower gross margins, iPhone shortages, lower average selling prices on iPod's and the health of Steve Jobs are the main investor concerns.

UAL Corporation (Nasdaq: UAUA) 10% HIGHER; reports a Q2 loss of $1.19 versus consensus of $2.05 loss. Revenues came in at $5.37 billion versus $5.39 billion consensus

KeyCorp (NYSE: KEY) 8% LOWER; reports a Q2 loss of $2.70 per share, versus the consensus of a $2.58 loss.

iStar Financial Inc. (NYSE: SFI) 7.9% LOWER; UBS cuts to Sell

Merck & Co., Inc. (NYSE: MRK) 6.7% LOWER; reports Q2 EPS of $0.86, 3 cents better than the analyst estimate of $0.83. Revenues for the quarter were $6.1 billion, versus the consensus of $6.05 billion. Company said it is not providing FY08 view

Discover Financial Services (NYSE: DFS) 6% LOWER; Disappointing results from American Express.

Wachovia (NYSE: WB) 6% LOWER; reports Q2 loss of $4.20 per share, including a $6.1 billion noncash goodwill impairment charge in commercial-related subsegments reflecting declining market valuations and asset values, versus the consensus of a $0.78 loss. Wachovia added $5.6 billion to its loan loss reserve to cover net charge-offs and increase the reserve by $4.2 billion. Excluding goodwill impairment and other notable items that drove the quarter's loss, Wachovia generated solid underlying growth on $7.5 billion in revenue. Quarterly Common Stock Dividend Reduction to 5 Cents per Share.

Capital One Financial Corp. (NYSE: COF) 5% LOWER; Disappointing results from American Express.

Boston Scientific Corporation (NYSE: BSX) 5% LOWER; reports Q2 EPS of $0.20, 9 cents better than the analyst estimate of $0.11. Revenues for the quarter were $2.02 billion, versus the consensus of $2.01 billion. Sees Q3 EPS of $0.14-$0.19 and sales of $1.95-$2.06 billion. The Street estimates are currently $0.12 for EPS and $1.99 billion for sales.

Wachovia (NYSE: WB) 3.7% LOWER; down ahead of earnings due before the open tomorrow.

Schering-Plough (NYSE: SGP) 3.6% LOWER; reports Q2 EPS of $0.45, 3 cents better than the analyst estimate of $0.42. Revenues for the quarter were $4.9 billion, versus the consensus of $4.77 billion.

Mohawk Industries, Inc. (NYSE: MHK) 3.5% LOWER; reports Q2 EPS of $1.29, 2 cents better than the analyst estimate of $1.27. Revenues for the quarter were $1.84 billion, versus the consensus of $1.84 billion. Sees Q3 EPS of $1.06-$1.15, versus the consensus of $1.40.

Autodesk, Inc. (Nasdaq: ADSK) 3% LOWER; UBS cuts to Sell

Volterra Semiconductor (Nasdaq: VLTR) 3% HIGHER; reports Q2 EPS of $0.25, 7 cents better than the analyst estimate of $0.18. Revenues for the quarter were $28.7 million, versus the consensus of $27.47 million.

Steel Dynamics (Nasdaq: STLD) 3% HIGHER; reports Q2 earnings of $1.05 per share, above the consensus of $0.93. Revenues came in at $2.4 billion, versus the consensus of $2.35 billion. Sees Q3 EPS of $1.05-$1.15 versus the consensus of $0.97. Sees FY08 EPS of $3.80-$3.90 versus the consensus of $3.46.

Caterpillar Inc. (NYSE: CAT) 3% HIGHER; reports Q2 EPS of $1.74, versus the consensus of $1.54. Revenues caeme in at $13.624 billion, versus the consensus of $12.69 billion. Caterpillar sees FY EPS of about $6.00, versus the consensus of $6.03.

Blockbuster Inc. (NYSE: BBI) 3% HIGHER; Pali upgrades to Buy

Biogen Idec Inc. (NASDAQ: BIIB) 2% HIGHER; reports Q2 EPS of $0.91, 6 cents better than the analyst estimate of $0.85. Revenues for the quarter were $993 million, versus the consensus of $962.61 million. Sees FY08 revenue growth in the mid 20% range over FY07 and non-GAAP EPS at or above $3.50, versus the Street consensus of $3.40.

Salesforce.com (NYSE: CRM) 2% LOWER; Citi downgrades to Hold

U.S. Concrete (Nasdaq: RMIX) INDICATED LOWER; announced that its second quarter 2008 earnings from continuing operations are expected to be approximately $0.08 -- $0.09 per diluted share, which is below the Company's previously issued guidance.

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