Pre-Open Movers 9/4: Ciena (CIEN) Sinks on Warning, China BAK (CBAK) Up on Guidance
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- SunTrust upgrades Abercrombie & Fitch (ANF) to Buy
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- B. Riley Downgrades Captaris (CAPA) to Neutral
- Unusual 11 Mid-Day Movers 9/4: CAPA, TGIC, HAYZ, PSS Higher; CIEN, VOL, BTH, TEX Lower
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- Morning Movers 4/29: DNDN, DWA, MSPD, PFWD, PSYS Higher; ETFC, BCRX, ROC, BLDP, SSYS Lower
StreetInsider.com Pre-Open Movers:
Captaris, Inc. (NASDAQ: CAPA) 24% HIGHER; Open Text Corporation (NASDAQ: OTEX) agreed to acquire Captaris, Inc. for $131 million in total, or $4.80 per share.
Ciena (Nasdaq: CIEN) 17% LOWER; reports Q3 earnings of $0.37 per share, ex-items, in-line with estimates. Revenues came in at $253.2 million, versus the consensus of $253.7 million. Sees Q4 revenues $190-$210 million, versus the consensus of $263 million.
China BAK Battery, Inc. (Nasdaq: CBAK) 15% HIGHER; the company disclosed they raised their FY08 revenue guidance from $210 million to $240 million (consensus is $213.5M). The company also sees FY09 revenues of $370-$410 million (cons is $276.6M).
Terex Corporation (NYSE: TEX) 12% LOWER; lowered guidance, citing changing market conditions. Full year 2008 earnings per share are expected to be between $6.35 and $6.65, versus prior guidance of $6.85 to $7.15 and the consensus of $7.08. Net sales for 2008 are expected to be in the range of $10.2 to $10.6 billion, versus prior guidance of $10.5 to $10.9 billion and the consensus of $10.61 billion. Earnings per share are expected to be between $1.26 and $1.38 for the third quarter of 2008, versus the consensus of $1.57, and between $1.20 and $1.33 in the fourth quarter versus the consensus of $1.60.
Zumiez Inc. (NASDAQ: ZUMZ) 10% HIGHER; company's comparable store sales increased 0.2% in August. Total net sales for the four-week period ended August 30, 2008 increased 13.1% to $53.2 million.
Navistar International (NYSE: NAV) 6% HIGHER; reports Q3 EPS of $3.68. Raises its FY08 EPS guidance to $6.35-$7.45.
Abercrombie & Fitch (NYSE: ANF) 5% LOWER; August comparable store sales decreased 11%
Hovnanian Enterprises, Inc. (NYSE: HOV) 4.5% LOWER; reports a Q3 loss of $2.67, versus the analyst estimate of ($1.57). Revenues for the quarter were $716.5 million, versus the consensus of $702.61 million.
Marvell Technology (Nasdaq: MRVL) 3% LOWER; Deutsche Bank downgrade
Steel Dynamics Inc. (Nasdaq: STLD) 2.5% HIGHER; Goldman upgrades to Buy
Novellus Systems Inc. (Nasdaq: NVLS) 2% HIGHER: Morgan Stanley upgrades to Buy
Legg Mason Inc. (NYSE: LM) 2% LOWER; Credit Suisse downgrades to Underperform
Health Care REIT, Inc. (NYSE: HCN) 2% LOWER; intends to offer, subject to market and other conditions, 6,000,000 shares of its common stock.
Wal-Mart Stores, Inc. (NYSE: WMT) 1% HIGHER; August Comparable store sales rose 3% without fuel, 2.8% at Wal-Mart and 4.2% at Sam's Club.
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