Pre-Open Movers 7/9: QLogic (QLGC) Jumps On Higher Guidance, Digital River (DRIV) Sinks on Downgrade

July 9, 2008 9:26 AM EDT

StreetInsider.com Pre-Open Movers:

SGX Pharmaceuticals, Inc. (Nasdaq: SGXP) 119% HIGHER; Eli Lilly and Company (NYSE: LLY) will buy the company for $3 per share.

ARRIS (Nasdaq: ARRS) 21% LOWER; anticipates that revenues for the second quarter will be below previous guidance, that GAAP and non-GAAP earnings per share will be at or near the lower end of previous guidance and that bookings and backlog will be much improved as compared to the first quarter. Q2 revenues are expected to be in the range of $278 to $280 million, below the consensus of $294.8 million.

QLogic Corp. (NASDAQ: QLGC) 13.9% HIGHER; expects to report Q1 net revenues in the range of $166 million to $168 million, compared to the previously forecasted first quarter net revenue range of $154 million to $158 million. The consensus is $156.4 million. On a non-GAAP basis, the Company expects to report net income per diluted share of $0.30 to $0.31, compared to the previously forecasted range of $0.26 to $0.28 per diluted share. The consensus is $0.27.

CIRCOR International, Inc. (NYSE: CIR) 12% HIGHER; raises its Q2 EPS guidance from $0.74-$0.83 to $1.04-$1.10. The Street estimate is $0.80.

Premier Exhibitions, Inc. (Nasdaq: PRXI) 10% LOWER; reports a Q1 loss of $0.03, 9 cents worse than estimates. Revenue for the first quarter increased 34%, to $15.2 million vs. $18.37 million consensus.

Mattson Technology, Inc. (Nasdaq: MTSN) 10% LOWER; revised its previously announced Q2 guidance, to reflect a protracted weakness in the overall semiconductor market that has resulted in lower shipments to some of its major memory customers. Second quarter revenue excluding royalty income is expected to be approximately $35 million, as compared to the previously announced guidance of $40 to $42 million. The Wall Street consensus is $42.46 million. Losses excluding royalty income and previously announced restructuring and severance expenses are expected to be between ($0.26) to ($0.24) per share, as compared to previous guidance of ($0.17) to ($0.10) per share. The Wall Street consensus a loss of $0.11.

Cleveland-Cliffs Inc (NYSE: CLF) 9% HIGHER; announced that due to the recently announced iron ore settlements between major Asia-Pacific iron ore producers and consumers, as well as the rising price of hot band steel, the company now sees its Asia-Pacific Iron Ore segment achieving average revenue per tonne of approximately $102 in 2008, compared to Cleveland-Cliffs previous guidance of $89 per tonne.

EMCORE Corporation (Nasdaq: EMKR) 9% HIGHER; entered into two definitive supply agreements for solar cell receivers in June 2008 with a total value of approximately $29 million.

Cache Inc. (NASDAQ: CACH) 9% HIGHER; June comparable store sales rose 6%. Cache expects second quarter EPS in the range of $0.14 to $0.15, which compares to its previous expectation for second quarter fiscal 2008 diluted earnings per share of $0.12 to $0.14. The Wall Street consensus is $0.14. For the full fiscal 2008 year, the Company is introducing sales guidance in the range of $286 million to $290 million and guidance for diluted earnings per share on a GAAP basis in the range of $0.38 to $0.42. On an adjusted basis, excluding store closing and management change costs the Company expects fiscal 2008 diluted earnings per share in the range of $0.52 to $0.56. The Wall Street consensus is revenues of $280.5 million and EPS of $0.54.

G-III Apparel Group, Ltd. (NASDAQ: GIII) 5% HIGHER; acquired certain assets of Wilsons The Leather Experts (Nasdaq: WLSN). The assets acquired included 116 outlet store locations, $18.5 million in inventory, distribution center operations and the Wilsons name and other related trademarks and trade names.

Digital River Inc. (NASDAQ: DRIV) 5% LOWER; Goldman downgrades to Sell

Mohawk Industries, Inc. (NYSE: MHK) 4% LOWER; sees Q2 EPS of $1.23 to $1.26, below prior guidance of $1.36 to $1.45. The Wall Street consensus is $1.41. Mohawk said this revision is attributable to all segments having lower than anticipated sales and margins for the period. The lower earnings expectation for the quarter is primarily due to the continuing decline in the U.S. residential market, slowing European demand and rapidly increasing raw material and energy costs.

National City (NYSE: NCC) 4% LOWER; Merrill downgrades to Underperform, CFO to Retire

Intuit Inc. (NASDAQ: INTU) 4% LOWER; Goldman downgrades, Adds to Sell List

Chesapeake Energy Corp. (NYSE: CHK) 3.5% LOWER; intends to commence a public offering of 25 million shares of its common stock

Wachovia (NYSE: WB) 3% HIGHER; Merrill upgrades from Underperform to Neutral, saying the credit headwinds are priced in and the company could be a 'good fit' for JPMorgan. The firm sees a realistic acquisition value for Wachovia between $16-$20 per share.

Steel Dynamics, Inc. (NASDAQ: STLD) 3% HIGHER; UBS upgrades to Buy

Centex Corporation (NYSE: CTX) 3% HIGHER; UBS upgrades to Buy

International Speedway Corporation (NASDAQ: ISCA) 3% LOWER; reports Q2 non-GAAP EPS of $0.54, 1 cent lower than the analyst estimate of $0.55. Revenues for the quarter were $174.9 million, versus the consensus of $184.25 million. Narrows its FY08 revs guidance to $805-$815 million, versus the consensus of $823.95 million. EPS go from $3.05 to $3.10, compared to the Street estimate of $3.09.

Cisco Systems, Inc. (NASDAQ: CSCO) 2.7% LOWER; UBS said Cisco Systems' fourth-quarter revenue was flat to down versus the third quarter, citing the slowdown in the U.S. and Europe. UBS said enterprise spending remains challenging, especially in the U.S. West Coast region. UBS lowered their price target on Cisco from $27 to $25.50, maintaining their Neutral rating.

Alcoa Inc (NYSE: AA) 2% HIGHER; reports Q2 EPS of $0.66, or $0.71 ex gas pipeline explosion costs, versus the analyst estimate of $0.66. Revenues for the quarter were $7.6 billion, versus the consensus of $7.36 billion.

Nucor Corp. (NYSE: NUE) 2% HIGHER; UBS upgrades to Buy

Emerson Electric Co. (NYSE: EMR) 2% HIGHER; Goldman adds to Buy List

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