Pre-Open Movers 8/19: Staples (SPLS) Lower on Guidance; WellCare Health Plans (WCG) Higher on Medicaid Agreement

August 19, 2008 9:27 AM EDT

StreetInsider.com Pre-Open Movers:

China TechFaith (NASDAQ: CNTF) 25% LOWER; reports Q2 EPS of $0.09, 1 cent better than the analyst estimate of $0.08. Revenues for the quarter were $56.6 million, versus the consensus of $52.84 million. Sees Q3 revenues of $30-$35 million, versus the consensus of $59.8 million.

WellCare Health Plans, Inc. (NYSE: WCG) 16% HIGHER; disclosed that on August 18, 2008, the Company entered into an agreement with AHCA, the United States Attorney's Office for the Middle District of Florida and the Florida Attorney General's Medicaid Fraud Control Unit pursuant to which two of our subsidiaries, WellCare of Florida, Inc. and HealthEase of Florida, Inc., agreed to transmit $35.2 million to the Financial Litigation Unit of the USAO.

Xinhua Finance Media (Nasdaq: XFML) 13% HIGHER; reports Q2 EPS of $0.10, 3 cents better than the analyst estimate of $0.07. Revenues for the quarter were $48.9 million, versus the consensus of $49.32 million. Xinhua Finance sees Q3 EPS 11-12 cents versus consensus of 9 cents. Xinhua Finance sees Q3 revenue $52M-$54M versus consensus of $54.25M.

PHAZAR CORP, (Nasdaq: ANTP) 10% HIGHER; Reports Q2 EPS of $0.27. Revenues for the quarter were $9.25 million. PHAZAR’S backlog of orders on May 31, 2008, totaled approximately $2.5 million, down from the prior year-end backlog of $3.5 million due to contracts being completed prior to year end.

Staples, Inc. (Nasdaq: SPLS) 7% LOWER; The company said, Q2 sales increased approximately three percent and earnings per share, on a diluted basis, decreased approximately 15 percent compared to the second quarter 2007. North American Retail sales decreased approximately one percent in the second quarter, and comparable store sales decreased approximately seven percent versus 2007, reflecting continued weakness in customer traffic and average order size.

Las Vegas Sands Corp. (NYSE: LVS) 6% LOWER; China may limit Macau visas

Abiomed (NASDAQ: ABMD) 6% LOWER; announced the public offering of 2,419,932 shares of its common stock.

Lehman Brothers Holdings Inc. (NYSE: LEH) 3% LOWER; more concerns about write-offs and losses and asset sales.

NYMEX Holdings, Inc. (NYSE: NMX) 1.8% HIGHER; CME Group and NYMEX Holdings, Inc. (NYSE: NMX) announced that preliminary results indicate the shareholders of both companies have approved the proposed merger.

Target Corp. (NYSE: TGT) 1.3% LOWER; reports Q2 EPS of $0.82, versus the consenus of $0.76. Revenues rose 5.7% to $15.47 billion, versus the consensus of $15.46 billion.

Mastercard (NYSE: MA) 1% HIGHER; Goldman Sachs upgrades Mastercard from Neutral to Buy with a $275 price target, citing overseas growth which will insulate the company from U.S. credit weakness. The firm said the recent pullback in overdone and recommend buying the shares.

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