Pre-Open Movers 7/7: APP Pharmaceuticals (APPX) Up on Buyout; Marshall & Ilsley (MI) Lower After Predicting Large Q2 Loss

July 7, 2008 9:31 AM EDT

StreetInsider.com Pre-Open Movers:

APP Pharmaceuticals, Inc. (Nasdaq: APPX) 33.8% HIGHER; and Fresenius SE (XETRA: FRE) entered into a definitive merger agreement pursuant to which Fresenius will acquire APP. Under the terms of the agreement, Fresenius will acquire the outstanding common stock of APP for $23.00 in cash per share plus a contingent value right that could deliver up to an additional $970 million, or $6.00 per share in cash, if the financial results of the Company meet certain targets. APP Pharmaceuticals closed at $17.82 on Friday.

Marshall & Ilsley Corporation (NYSE: MI) 12% LOWER; intends to increase its allowance for loan and lease losses due to the continuing deterioration in the housing market. M&I expects to take a 2008 second quarter provision of up to $900 million (up to $575 million after-tax, or $2.22 per common share). This provision is expected to be approximately $485 million in excess of expected 2008 second quarter charge- offs of up to $415 million. The Corporation expects to have an allowance to loan ratio of approximately 2% at June 30, 2008. As a result of these actions, M&I expects to report a 2008 second quarter net loss in the range of $1.50 to $1.60 per common share. The Wall Street consensus is a profit of $0.34 per share.

Yahoo! Inc. (Nasdaq: YHOO) 8% HIGHER; Microsoft willing to enter talks if Yahoo! elects new board.

Quantum Fuel Systems (Nasdaq: QTWW) 7% LOWER; files $75 million mixed securities offering

Cal-Maine Foods Inc. (Nasdaq: CALM) 7% HIGHER; Positive mention in Barron's

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) 5.8% LOWER; announced top-line results from a Phase III study designed to assess the efficacy, safety and tolerability of glatiramer acetate 40mg as compared to the approved COPAXONE 20mg in the treatment of relapsing-remitting multiple sclerosis. The 40mg dose did not demonstrate increased efficacy in reducing the relapse rate; however, the higher dose maintained the favorable safety and tolerability profile of COPAXONE 20mg.

Temple-Inland Inc. (NYSE: TIN) 5% HIGHER; Credit Suisse upgrades to Outperform

CF Industries Holdings (NYSE: CF) 4% HIGHER; Credit Suisse upgrades to Outperform

ATS Medical, Inc. (Nasdaq: ATSI) 1.5% HIGHER; expects revenue for the second quarter to be between $16.7 and $16.9 million, above the consensus of $15.7 million. CEO Michael Dale said, "Our second quarter results were driven by strong revenue growth across all of our product lines and geographies. ATS CryoMaze(TM) surgical ablation revenue is expected to be especially strong, up approximately 220% over the prior year's second quarter and 13% compared to the first quarter of 2008."

Virtusa Corporation (NASDAQ: VRTU) INDICATED LOWER; expects to report Q1 revenue in the range of $42.0 to $42.5 million and GAAP net earnings per diluted share of approximately $0.00 to $0.03. The Wall Street consensus is $45.5 million and $0.15 (EPS may not compare).

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