Pre-Open Movers 8/29: Dell Falls On Earnings/Margin Miss, Magma Design (LAVA) Down on Results/Guidance
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StreetInsider.com Pre-Open Movers:
Magma Design Automation, Inc. (Nasdaq: LAVA) 16% LOWER; reports Q1 EPS of $0.02, 3 cents better than the analyst estimate of ($0.01). Revenues for the quarter were $45.7 million, versus the consensus of $44.93 million. Sees FY revs of $158-$160M, versus the consensus of $210M.
Force Protection, Inc. (NASDAQ: FRPT) 15% LOWER; to Restate Interim Consolidated Financial Statements for First and Second Quarters 2007
Dell, Inc. (Nasdaq: DELL) 10% LOWER; reports Q2 EPS of $0.31, which may not compare to the analyst estimate of $0.36. Revenues for the quarter were $16.4 billion, versus the consensus of $15.95 billion. The company sees continued conservatism in IT spending in the U.S., which has extended into Western Europe and several countries in Asia.
Sigma Designs (Nasdaq: SIGM) 7% LOWER; reports Q2 non-GAAP EPS of $0.47, versus the analyst estimate of $0.40. Revenues for the quarter were $58.2 million, versus the consensus of $58.68 million.
China Finance Online (Nasdaq: JRJC) 4% HIGHER; reports Q2 EPS of $0.28 adjusted, 14 cents better than the analyst estimate of $0.14. Revenues for the quarter were $14.7 million, versus the consensus of $13.25 million. China Finance Online re-affirms forecast for the year.
PetSmart (Nasdaq: PETM) 3% HIGHER; reports Q2 EPS of $0.30, 2 cents better than the analyst estimate of $0.28. Revenues for the quarter were $1.2 billion, versus the consensus of $1.22 billion. PetSmart sees q3 eps 25c-29c versus 27 cents consensus. Sees FY08 eps $1.51 to $1.59 versus $1.49 consensus.
Elan (NYSE: ELN) 2.6% HIGHER; Morgan Stanley initiates coverage on Elan with an Overweight rating, citing valuation and its view that Tysabri's withdrawal is a low probability even.
Marvell Technology Group (Nasdaq: MRVL) 2% LOWER; reports Q2 EPS of $0.24, 2 cents better than the analyst estimate of $0.22. Revenues for the quarter were $843 million, versus the consensus of $836.73 million. Sees Q3 EPS of $0.24-$0.26, versus the consensus of $0.24. Sees Q3 revs of $860-$880M versus the consensus of $887M.
LDK Solar (NYSE: LDK) 2% HIGHER; signed a seven-year contract to supply multicrystalline solar wafers to Republic of Korea-based Hyundai Heavy Industries Co., Ltd.
Intel Corporation (Nasdaq: INTC) 1.2% LOWER; Weak results from Dell
Cisco (Nasdaq: CSCO) 1% LOWER; Weak results from Dell
HP (NYSE: HPQ) 1% LOWER; Weak results from Dell
Energy Conversion Devices (Nasdaq: ENER) 1% LOWER; Piper Jaffray downgrades Energy Conversion Devices from Buy to Neutral but raises its price target from $58 to $73, citing valuation and limited F1H09 upside as production ramps.
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