Pre-Open Movers 8/28: MBIA (MBI) Up on Reinsurance News; Williams-Sonoma (WSM) Lower After Results/Guidance

August 28, 2008 9:23 AM EDT

StreetInsider.com Pre-Open Movers:

MBIA Inc. (NYSE: MBI) 22% HIGHER; announced that its insurance subsidiary, MBIA Insurance Corporation (MBIA), has agreed to reinsure a portfolio of U.S. public finance bonds insured by Financial Guaranty Insurance Company (FGIC) with total net par outstanding estimated to be approximately $184 billion as of September 30, 2008. MBIA will receive unearned upfront premiums, net of a ceding commission paid to FGIC, of approximately $741 million in connection with the reinsurance.

Origin Agritech Limited (NASDAQ: SEED) 17% HIGHER; reports Q3 EPS of $0.38, versus $0.20 in Q307. Revenues for the quarter were $71.54 million, compared to $59.84 million in the same quarter last year. Sees FY08 sales of $75-$80 million, versus the consensus of $79 million.

FuelCell Energy (Nasdaq: FCEL) 10% LOWER; reports Q2 loss of $0.39, 12 cents worse than the analyst estimate of ($0.27). Revenues for the quarter were $27.9 million, versus the consensus of $21.06 million.

Freddie Mac (NYSE: FRE) 10% HIGHER; Continues to bounce of lows on hopes the Treasury will not have to bail out the GSEs.

Williams-Sonoma, Inc. (NYSE: WSM) 8% LOWER; reports Q2 EPS of $0.08 ($0.17 Including a $0.09 Benefit from an Unusual Business Event) vs. consensus of $0.07. Revenues were $819.6 million vs. $832 million consensus. Net revenues in the third quarter of fiscal year 2008 (“Q3 2008�) are projected to be in the range of $802 to $820 million, versus previous guidance of $869 to $887 million. (Consensus is $869.48 million). Diluted EPS on a GAAP basis in Q3 2008 are expected to be in the range of $0.00 to $0.04, versus previous guidance of $0.17 to $0.23. (Consensus is $0.18). Net revenues in fiscal year 2008 (“FY 2008�) are projected to be in the range of $3.572 to $3.638 billion, versus previous guidance of $3.738 to $3.804 billion. (Consensus is $3.75 billion). Diluted EPS on a GAAP basis in FY 2008 are expected to be in the range of $1.03 to $1.15, versus previous guidance of $1.45 to $1.58. (Consensus is $1.31)

Tiffany & Co (NYSE: TIF) 7% HIGHER; reports Q2 earnings of $0.63 per share, well above the consensus of $0.55. Revenues came in at $732.4 million, versus the consensus of $720.6 million. Tiffany & Co sees FY09 EPS of $2.82-$2.92, versus prior guidance of $2.80-2.90 and the consensus of $2.83 consensus. This expectation includes worldwide sales growth of approximately 9%.

Radian Group Inc. (NYSE: RDN) 7% HIGHER; MBIA news (see above)

Ambac Financial (NYSE: ABK) 7% HIGHER; MBIA news (see above)

MGIC Investment Corp. (NYSE: MTG) 7% HIGHER; MBIA news (see above)

Jo-Ann Stores, Inc. (NYSE: JAS) 7% HIGHER; reports a Q2 loss of $0.47, versus the analyst estimate of ($0.66). Revenues for the quarter were $403 million, versus the consensus of $403.38 million. Raises its FY08 EPS guidance from $0.75-$0.85 to $0.95-$1.05, versus the consensus of $0.94. Same store sales growth of 2-3.5% for the year.

TiVo Inc. (Nasdaq: TIVO) 5% LOWER; reports Q2 EPS of $0.03, 5 cents better than the analyst estimate of ($0.02). Revenues for the quarter were $65.2 million, versus the consensus of $55.35 million. TiVo sees Q3 revenues of $49 million to $51 million versus $57 million consensus. Sees Q3 $7 million-$9 million net loss.

Amylin Pharmaceuticals (Nasdaq: AMLN) 4% HIGHER; Merrill Lynch upgrades to Buy

Energy Conversion (Nasdaq: ENER) 3.4% HIGHER; reports Q4 earnings of $0.24 per share, well above the consensus of $0.16. Revenues came in at $82.4 million, versus the consensus of $77.5 million. Energy Conversion sees Q1 revenues of $95-98 million, versus the consensus of $87.86 million. Energy Conversion Sees FY09 revenue of of $455-$485 million, versus the consensus of $443.06 million.

Giant Interactive (NYSE: GA) 3.5% LOWER; reports Q2 non-GAAP EPS of $0.21, 1c better than the analyst estimate of $0.20. Revenues for the quarter were $73.6 million, versus the consensus of $72.18 million.

Men's Wearhouse (NYSE: MW) 3.3% HIGHER; reports Q2 EPS of $0.72, 2 cents better than the analyst estimate of $0.70. Revenues for the quarter were $545.3 million, versus the consensus of $554.62 million. Men's Wearhouse sees Q3 36c-40c versus 53 cents consensus. Men's Wearhouse sees $1.50 to $1.60 versus $1.63.

PMI Group Inc. (NYSE: PMI) 2% HIGHER; MBIA news (see above)

Fannie Mae (NYSE: FNM) 2% LOWER; announces management restructuring. The executives include Peter Niculescu, who has assumed the duties of Chief Business Officer, as well as the appointments of David C. Hisey as Chief Financial Officer and Michael Shaw as Chief Risk Officer. Executive Vice President and current Chief Business Officer, Robert J. Levin, has announced his intention to retire from the company early next year after 27 years of service. David C. Hisey has been named Executive Vice President and Chief Financial Officer, reporting to the President and Chief Executive Officer. Michael Shaw has been named Chief Risk Officer, reporting to the President and Chief Executive Officer and the Board of Directors. David C. Benson, currently Senior Vice President and Treasurer, has been promoted to Executive Vice President-Capital Markets and Treasury, with management responsibilities for the company's retained mortgage investment portfolio, liquidity and debt issuance. Fannie Mae's current Executive Vice President and Chief Financial Officer, Stephen Swad, who joined Fannie Mae in the spring of 2007, has chosen to leave the company and will pursue other opportunities in private equity. The company's current Executive Vice President and Chief Risk Officer, Enrico Dallavecchia, has informed the company that he intends to leave the company to pursue other opportunities in finance and risk management.

Gilead Sciences Inc. (Nasdaq: GILD) 1.4% LOWER; Lehman downgrades to Equal-Weight

Coca-Cola Co. (NYSE: KO) 1% LOWER; Credit Suisse downgrades to Neutral

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