Pre-Open Movers 8/31: Deere (DE) Sinks After Missing Numbers; Longs Drug (LDG) Up on CVS Buyout

August 13, 2008 9:26 AM EDT

StreetInsider.com Pre-Open Movers:

Tween Brands (NYSE: TWB) 33% LOWER; reports a Q1 loss of $0.27, versus the analyst estimate of ($0.01). Revenues for the quarter were $223.1 million, versus the consensus of $245.11 million. Sees 2H08 EPS in the range of $0.35-$0.65. 2H sales are expected to be in the range of $577-$592 million. Same store sales for the quarter are expected to be down 6-9%. Also, Tween announced that it will convert approximately 560 Limited Too stores across the country to its more value-oriented Justice brand to drive growth and profitability.

Longs Drug Stores (NYSE: LDG) 29% HIGHER; CVS Caremark and Longs Drug Stores entered into a definitive agreement under which CVS Caremark will acquire Longs for $71.50 per share in cash for a total purchase price of $2.9 billion including the assumption of net debt. Shares of Longs closed at $54.04 today.

Longtop Financial Technologies (NYSE: LFT) 11% HIGHER; reports Q1 adj-EPS of $0.14, 3 cents better than the analyst estimate of $0.11. Revenues for the quarter were $11.41 million, versus the consensus of $15.26 million. Raises its Q2 sales guidance from $25 million to $26 million, versus the consensus of $25.06 million. EPS for the quarter remain unchanged at $0.25, versus the Street estimate of $0.25. For FY09, Longtop raises its sales guidance from $86 million to $93 million, versus the consensus of $87.18 million. Adj-EPS for the year goes from $0.80 to $0.87, versus $0.81 expected from the Street.

China Fire & Security Group, Inc. (Nasdaq: CFSG) 11% LOWER; reports Q2 non-GAAP EPS of $0.24, 4 cents better than the analyst estimate of $0.20. Revenues for the quarter were $16.7 million, versus the consensus of $16.70 million. Raises its FY08 sales and EPS guidance from $66.6 million to at least $68 million and from $0.78 to $0.84, respectively. The Street estimates are $67.64 million for sales and $0.80 for EPS.

Rite Aid Corp. (NYSE: RAD) 10% HIGHER; Sees interest after CVS/Longs Drug merger

Image Entertainment Inc. (Nasdaq: DISK) 10% HIGHER; said Net revenues increased 56.0% to $32.6 million. EPS was $0.08, versus a loss of $0.12 last year. Image Entertainment reiterated its previous annual guidance with net revenues expected for fiscal 2009 to be in the range of $115 million to $125 million. Image Entertainment also anticipates that it will be profitable for fiscal 2009 at the high end of the revenue range guidance, although it has not provided specific earnings guidance.

Liz Claiborne Inc. (NYSE: LIZ) 9% LOWER; reports Q2 adjusted EPS of $0.09 vs. consensus of $0.00 - may not be comparable. Revenues were $974 million vs. $970.41 million consensus. Narrowing fiscal 2008 adjusted EPS guidance range, resulting in a new range of $1.40 to $1.50, compared to the previous range of $1.40 to $1.60. For the third quarter of 2008, we expect adjusted EPS to be in the range of $0.37 to $0.42." (FY08 EPS consensus is $1.39 and Q3 EPS consensus is $0.58).

Cree Inc. (Nasdaq: CREE) 9% HIGHER; reports Q4 EPS of $0.16, ex-items, versus the analyst estimate of $0.09. Revenues for the quarter were $135.9 million, versus the consensus of $130.92 million. Sees Q1 EPS of $0.13-$0.15, versus the consensus of $0.10 and revs of $138-$142 million, versus the consensus of $136.3 million.

Deere (NYSE: DE) 8% LOWER; reports Q3 earnings of $1.32 per share, versus the consensus of $1.36. Equipment sales were $7.07 billion, versus the consensus of $7.23 billion. Deere sees equipment sales up by about 21 percent for the full year and 29 percent for the fourth quarter. Sees Q4 net income of about $425 million. Deere also cautioned that escalating raw material costs are expected to have an impact on margins for the quarter.

Canadian Solar (Nasdaq: CSIQ) 7% LOWER; reports Q2 earnings of $0.36 per share, or $0.78 ex-items, versus the consensus of $0.47. Revenues came in at $212.6 million, versus the consensus of $206.8 million. Canadian Solar sees Q3 revenues of $245-$255 million, versus the consensus of $247.63 million. Canadian Solar sees FY08 revenues of $850-$970 million, versus the prior gudiance of $750-$870 million and consensus of $908.93 million.

NVIDIA Corporation (Nasdaq: NVDA) 6% HIGHER; reports Q2 EPS of $0.13, ex-items, 1 cent better than the analyst estimate of $0.12. Revenues for the quarter were $892.7 million, versus the consensus of $908.38 million. Raises its buyback by a $1 billion.

CVS Caremark Corporation (NYSE: CVS) 4% LOWER; Acquires Longs Drug Stores

Brocade (Nasdaq: BRCD) 2% HIGHER; reports Q3 EPS of $0.16, ex-items, versus the consensus of $0.14. Revenues came in at $365.7 million, versus the consensus of $351.7 million.

REIS, Inc. (Nasdaq: REIS) INDICATED HIGHER; CoStar Group, Inc. (Nasdaq: CSGP) offered to acquire REIS, Inc. (Nasdaq: REIS) for a per share consideration of $8.75, all cash with no financing contingency.
CoStar's proposal represents a premium of approximately 97% above the $4.44 per share closing price of REIS common stock on August 12, 2008. CoStar said it initially made the offer on June 5, 2008, but received a response from REIS that is was not interested in the proposal. CoStar said since that time, REIS has dropped approximately 20%.

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