Pre-Open Movers 7/29: U.S. Steel (X) Up on Strong Results; Zoran (ZRAN) Lower on Results/Guidance

July 29, 2008 9:32 AM EDT

StreetInsider.com Pre-Open Movers:

Security Capital Assurance Ltd. (NYSE: SCA) 75% HIGHER; Reaches Agreements with XL Capital Ltd and Merrill Lynch & Co., Inc.

Cognex (Nasdaq: CGNX) 22% LOWER; reports Q2 EPS of $0.27, 5 cents better than the analyst estimate of $0.22. Revenues for the quarter were $67.1 million, versus the consensus of $66.85 million. Sees q3 eps 14-18 cents versus 23 cents. Sees Q3 revenues $62-$65 million versus $66 million

Network Equipment Technologies (NYSE: NWK) 20% LOWER; reports a Q2 loss of $0.39, 20 cents worse than the analyst estimate of ($0.19). Revenues for the quarter were $15.6 million, versus the consensus of $17.26 million.

PLX Technology (Nasdaq: PLXT) 18% LOWER; reports Q2 GAAP EPS of $0.00 vs. the analyst estimate of $0.06. Revenues for the quarter were $23.4 million, versus the consensus of $23.51 million. PLXT sees Q3 revenues between $20.5 million and $21.5 million vs. $24.81 million consensus.

Trident Microsystems (Nasdaq: TRID) 17.6% LOWER; reports Q4 EPS of $0.11, 8 cents better than the analyst estimate of $0.03. Revenues for the quarter were $39.5 million, versus the consensus of $39.23 million. Sees Q1 revenues $32-36 million versus $46.8 million. Sees 2009 guidance revenues $115-$135 million versus $185 million.

Compass Minerals (NYSE: CMP) 15% LOWER; reports Q2 EPS of $0.14 (ex-items), 12 cents worse than the analyst estimate of $0.26. Revenues for the quarter were $162.0 million, versus the consensus of $158.41 million

Zoran Corporation (Nasdaq: ZRAN) 13% LOWER; reports Q2 EPS of $0.03 (15c excluding tax-rate change), versus the analyst estimate of $0.15. Revenues for the quarter were $128.5 million, versus the consensus of $132.79 million. Sees Q3 revenues $123-$128 million versus $154 million. Sees Q3 eps 2-4 cents versus 29 cents.

XL Capital Ltd (NYSE: XL) 10% LOWER; reports Q2 EPS of $1.50, cents better than the analyst estimate of $1.94. Cuts its dividend 50% to $0.19. Also plans to offer $2.5 billion in securities

Atheros Communications, Inc. (Nasdaq: ATHR) 8% LOWER; reports Q2 EPS of $0.31, cents better than the analyst estimate of $0.30. Revenues for the quarter were $121.5 million, versus the consensus of $120.78 million.

Harmonic (Nasdaq: HLIT) 8% LOWER; reports Q2 EPS of $0.16, 1 cent worse than the analyst estimate of $0.17. Revenues for the quarter were $89.3 million, versus the consensus of $87.40 million. The Company anticipates that net sales for the second half of 2008 will be in a range of $175 to $185 million and gross margins will be 47% to 49% on a GAAP basis. Non-GAAP gross margins for the same period, excluding stock-based compensation expense and the amortization of intangibles, are anticipated to be in a range of 49% to 51%.

JDA Software (Nasdaq: JDAS) 8% LOWER; reports Q2 EPS of $0.29, 8 cents better than the analyst estimate of $0.37. Revenues for the quarter were $91.8 million, versus the consensus of $96.41 million.

Under Armour (NYSE: UA) 8% HIGHER; reports Q2 earnings of $0.03 per share, above the consensus of $0.01. Revenues came in at $156.7 million, versus the consensus of $156.3 million. Sees FY08 revenues of $765-$775 million, versus the consensus of $767.07 million. Raised its 2008 income from operations outlook to $104.5 - $105.5 million from $103.5 - $104.5 million.

United States Steel Corporation (NYSE: X) 7.5% HIGHER; reports Q2 EPS of $5.65, versus the analyst estimate of $3.91. Revenues for the quarter were $6.74 billion, versus the consensus of $5.9 billion.

Ladish (Nasdaq: LDSH) 7% LOWER; reports Q2 EPS of $0.43, 9 cents below the analyst estimate of $0.54. Revenues for the quarter were $119 million, versus the consensus of $123.48 million.

Alexion Pharmaceuticals (Nasdaq: ALXN) 7% HIGHER; reports Q2 earnings of $0.06 per share, above the consensus of a $0.14 loss. Revenues came in at $59.6 million versus the consensus of $54 million. Sees $235-$245 million versus prior guidance of $215-$225 million and the consensus of $228.4 million.

Fording Canadian Coal Trust (NYSE: FDG) 6.7% HIGHER; Teck Cominco Limited (NYSE: TCK) entered into an agreement with Fording Canadian Coal Trust (NYSE: FDG) under which Teck will acquire 100% of Fording's assets, which consist principally of a royalty in respect of Fording's 60% non-operating interest in the Elk Valley Coal Partnership. Under the terms of the transaction, Fording unitholders will receive US$82.00 in cash and 0.245 of a Teck Class B subordinate voting share per Fording unit. Based on the 20 day volume weighted average price of Teck Class B shares on the New York Stock Exchange, the proceeds to Fording unitholders represent a 18% premium to the 20 day volume weighted average price of Fording units on the NYSE.

Websense (Nasdaq: WBSN) 6.7% HIGHER; reports Q2 EPS of $0.37, 6 cents better than the analyst estimate of $0.31. Revenues for the quarter were $88.2 million, versus the consensus of $83.52 million. Sees FY08 EPS of $1.30-$1.35, versus the consensus of $1.24 and revs of $340-$345 million, versus $335 million.

SAP AG (NYSE: SAP) 6% HIGHER; Solid earnings and guidance. Upgrades from Deutsche Bank and Jefferies

Wright Medical Group, Inc. (Nasdaq: WMGI) 6% HIGHER; reports Q2 adj-EPS of $0.19, versus the analyst estimate of $0.11. Revenues for the quarter were $118.5 million, versus the consensus of $115.57 million. Sees Q3 EPS of $0.17-$0.19, versus the consensus of $0.13. Sees FY08 revs of $465-$470 million, versus prior guidance of $455-$465 million, and compared to the consensus of $457 million. EPS guidance for the year raised from $0.87-$0.91 to $0.88-$0.92.

BE Aerospace (Nasdaq: BEAV) 5% HIGHER; reports Q2 earnings of $0.59 per share, above the consensus of $0.57. Revenues came in at $522.2 million, versus the consensus of $499.3 million. Sees FY08 EPS of about $2.37, versus the consensus of $2.40 consensus. Sees FY09 EPS of about $2.85, versus the consensus of $2.98 consensus. Sees FY10 EPS of $3.65.

AGCO Corp (NYSE: AG) 5% HIGHER; reports Q2 earnings of $1.34 per share, ex-items, above the consensus of $0.97. Revenues came in at $2.4 billion, versus the consensus of $2.17 billion. Sees FY08 EPS of $3.60-$3.70 versus the consensus of $3.41.

The Mosaic Company (NYSE: MOS) 4% LOWER; reports Q4 EPS of $1.93, 29 cents better than the analyst estimate of $1.64. Revenues for the quarter were $3.5 billion, versus the consensus of $2.85 billion.

Hartford Financial Services (NYSE: HIG) 4% HIGHER; reports Q2 EPS of $2.22, 12 cents better than the analyst estimate of $2.10. Based on the assumptions below, The Hartford currently expects 2008 core earnings per diluted share to be between $9.20 and $9.50. This range excludes any effect from the company’s planned third quarter DAC unlock and remains unchanged from the guidance range established on April 28, 2008. (FY EPS consensus is $9.04)

Coach Inc. (NYSE: COH) 4% LOWER; reports Q4 EPS of $0.50, in-line with the consensus. Revenues came in at $782 milion, versus the consensus of $776.3 million. Sees FY09 EPS of at least $2.25, versus the consensus of $2.37.

OmniVision Technologies Inc. (Nasdaq: OVTI) 4% LOWER; JPmorgan downgrades to Neutral

Manitowoc (NYSE: MTW) 3.5% HIGHER; reports Q2 EPS of $1.01, 12 cents better than the analyst estimate of $0.89. Revenues for the quarter were $1.3 billion, versus the consensus of $1.23 billion. Sees FY08 eps $3.30-$3.40 versus previous guidance of $3.20-$3.40 ex-items, $3.42 consensus

Amgen (Nasdaq: AMGN) 2.7% HIGHER; reports Q2 adj-EPS of $1.14, 12 cents better than the analyst estimate of $1.02. Revenues for the quarter were $3.8 billion, versus the consensus of $3.58 billion. Sees FY08 revs of $14.6-$14.9 billion, versus prior guidance of $14.2-$14.6 billion and EPS of $4.25-$4.45, prior guidance of $4.00-$4.30. The Street estimates are of $4.19 for EXP and $14.4 billion for revs.

Patriot Coal (NYSE: PCX) 2.7% LOWER; reports Q2 earnings of $0.44 per share (before 2-for-1 stock split), below the consensus of $0.53. Revenues came in at $339.68 million, versus the consensus of $324.37 million. Patriot Coal said EPS for 2008 will substantially increase over prior guidance.

Merrill Lynch (NYSE: MER) 2% HIGHER; Announced substantial sale of U.S. super senior ABS CDO securities, resulting in an exposure reduction of $11.1 billion from June 27, 2008. Plans to issue new common shares with gross proceeds of approximately $8.5 billion through a public offering launched today (excluding a fifteen percent, or approximately $1.3 billion, option granted to the underwriter to purchase additional shares of common stock to cover over-allotments). Expects to record a pre-tax write-down in the third quarter of approximately $5.7 billion.

The Providence Service Corporation (Nasdaq: PRSC) INDICATED LOWER; The company sees second quarter EPS of approximately $0.26 to $0.28 per diluted share compared to prior guidance of between $0.36 and $0.38 per diluted share. Second quarter revenue for 2008 is expected to be approximately $173 million compared to prior guidance of $174-175 million.

SI International (Nasdaq: SINT) INDICATED LOWER; reports Q2 earnings of $0.29 per share, in-line with estimates of $0.29. Revenues came in at $142.8 million, versus the consensus of $136.4 million. Sees Q3 EPS of $0.30-$0.33 versus the consensus of. $0.40. Sees FY08 EPS of $1.18-$1.26 versus the consensus of $1.41.

Get This Report E-Mailed To You Daily and Much, Much More With StreetInsider.com Premium - FREE TRIAL

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Deutsche Bank
• JPMorgan
• Jefferies & Co
• Merrill Lynch

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?