Pre-Open Movers: JP Morgan (JPM) Higher On Better-Than-Expected Results; ValueClick (VCLK) Sinks On Lower Guidance

July 17, 2008 9:30 AM EDT

StreetInsider.com Pre-Open Movers:

Catalyst Semiconductor, Inc. (Nasdaq: CATS) 45% HIGHER; ON Semiconductor Corporation (Nasdaq: ONNN) and Catalyst Semiconductor signed a definitive merger agreement providing for the acquisition of Catalyst Semiconductor by ON Semiconductor in an all-stock transaction in which Catalyst shareholders will receive 0.706 shares of ON Semiconductor common stock for each share of Catalyst common stock they own.

ValueClick, Inc. (Nasdaq: VCLK) 17% LOWER; lowers guidance. Sees Q2 revenue between $163 and $164 million compared to the Company’s prior guidance range of $166 to $170 million. Sees Q2 EPS between $0.17 and $0.18 compared to the Company’s prior guidance range of $0.15 to $0.16. ValueClick also adjusted FY EPS lower. Sees FY08 revenues between $655-$675 million, versus prior view of $730-$745 million. Sees FY08 EPS of $0.69-$0.71, versus prior view of $0.81-$0.83.

Barr Pharmaceuticals Inc. (NYSE: BRL) 15% HIGHER; Reports from Globes Online that Teva Pharmaceutical (Nasdaq: TEVA) is in talks to buy the company for over $5 bilion.

Knoll Inc. (NYSE: KNL) 12% HIGHER; reports Q2 adj-EPS of $0.49, above the consensus of $0.40. Revenues came in at $292.5 millino, versus the consensus of $279.5 million. Sees Q3 EPS of $0.38-$0.41, versus the consensus of $0.37. Sees Q3 revs of $266-$272 million, versus the consensus of $258 million.

Colonial Bancgroup Inc. (NYSE: CNB) 12% HIGHER; JPMorgan and SunTrust

Huntington Bancshares Inc. (Nasdaq: HBAN) 12% HIGHER; reports Q2 EPS of $0.25, 2 cents better than the analyst estimate of $0.23. Lowers its FY08 EPS guidance from $1.45-$1.50 to $1.25-$1.35, versus the consensus of $1.04.

eBay (Nasdaq: EBAY) 11% LOWER; reports Q2 EPS of $0.43, 2 cents better than the analyst estimate of $0.41. Revenues for the quarter were $2.2 billion, versus the consensus of $2.17 billion. Sees FY08 EPS of $1.72-$1.77, versus the consensus of $1.74 and revs of $8.8-$9.05 billion, versus $9.01 billion.

Brightpoint, Inc. (Nasdaq: CELL) 10% HIGHER; announced that its subsidiary Brightpoint North America L.P. has entered into an agreement with Nokia Inc. whereby Brightpoint will operate Nokia's U.S. e-commerce web site

Harley-Davidson, Inc. (NYSE: HOG) 9% HIGHER; reports Q2 EPS of $0.95, 19 cents better than estimates. Revenue for the quarter was $1.57 billion vs. consensus of $1.4 billion. The Company continues to expect full-year EPS of $3.00 to $3.18, a decrease of 15 to 20 percent compared to 2007. (FY EPS Consensus is $3.05).

Resources Connection (Nasdaq: RECN) 9% HIGHER; reports Q3 EPS of $0.35, 7 cents better than the analyst estimate of $0.28. Revenues for the quarter were $236.7 million, versus the consensus of $227.98 million.

Amedisys, Inc. (Nasdaq: AMED) 8% HIGHER; increased its revenue and earnings per share guidance for 2008. Net service revenue is anticipated to be in the range of $1.10 billion to $1.15 billion, including the anticipated impact of our recent acquisitions, but excluding the impact of any future acquisitions should they occur. (Consensus is $1.09 billion). 2008 EPS is expected to be in the range of $3.00 to $3.10 (after adding back for one-time expenses related to the acquisition of TLC Health Care Services, Inc. (“TLC”)), based on an estimated 26.9 million shares outstanding. (Consensus is $2.75) Previous guidance released by the Company on April 30, 2008 anticipated 2008 revenue to be $1.05 billion to $1.10 billion and diluted earnings per share to be $2.70 to $2.80.

Johnson Controls (NYSE: JCI) 7% LOWER; reports Q3 earnings of $0.73 per share, in-line with the consensus. Revenues came in at $9.87 billion, versus the consensus of $9.84 billion. Sees Q4 EPS of $0.72-0.74 versus the consensus of $0.84. Sees FY08 EPS of $2.32-$2.34, versus prior guidance of $2.45-$2.50 and the consensus of $2.42.

Polycom (Nasdaq: PLCM) 7% LOWER; reports Q2 EPS of $0.35, 1 cent lower than the analyst estimate of $0.36. Revenues for the quarter were $271.6 million, versus the consensus of $265.47 million.

A.O. Smith (NYSE: AOS) 6% HIGHER; reports Q2 earnings of $1.03 per share, ex-items, well above the consensus of $0.78. Revenues came in at $622.2 million, versus the consensus of $606.3 million. A.O. Smith sees FY08 EPS of $2.95$-3.10, ex-items, above the consensus of $2.89.

Crown Holdings, Inc. (NYSE: CCK) 6% HIGHER; reports Q2 EPS of $0.59, 4 cents better than the analyst estimate of $0.55. Revenues for the quarter were $2.2 billion, versus the consensus of $2.12 billion.

Orbital Sciences Corp. (NYSE: ORB) 6% HIGHER; reports Q2 EPS of $0.35, above the consensus of $0.23. Revenues came in at $301.2 million, versus the consensus of $293.8 million. Sees 2008 EPS of $0.93-$0.97, versus the consensus of $0.89. Sees FY revs of $1.1-$1.12 billion, versus the consensus of $1.18 billion.

JP Morgan Chase (NYSE: JPM) 5% HIGHER; reports Q2 earnings of $0.54 per share, 10 cents above the consensus of $0.44. The net-income excludes $540 million for Bear Stearns merger-related items. Revenues were $18.4 billion, includes Bear, may not compare to the $16.55 billion.

Insteel Industries, Inc. (Nasdaq: IIIN) 5% HIGHER; reports Q3 EPS of $0.97, versus the analyst estimate of $0.64. Revenues for the quarter were $104.33 million, versus the consensus of $92.85 million.

Nucor (NYSE: NUE) 5% LOWER; reports Q2 EPS of $1.94, 11 cents better than the analyst estimate of $1.83. Revenues for the quarter were $7.09 billion, versus the consensus of $6.37 billion. Sees Q3 EPS in the range of $1.80-$1.85, versus the consensus of $1.95.

Cypress Semiconductor (NYSE: CY) 4% HIGHER; reports Q2 EPS of $0.28, ex-items, versus the consensus of $0.21. Revenues came in at $592.3 million, versus the consensus of $540 million. Cypress will spin-off remaining stake in SunPower.

Yum! Brands, Inc. (NYSE: YUM) 4% LOWER; reports Q2 EPS of $0.45, 3 cents better than the analyst estimate of $0.42. Revenues for the quarter were $2.65 billion, versus the consensus of $2.55 billion. Raises FY08 EPS from $1.87 to $1.89, versus the consensus of $1.89

Xilinx, Inc. (Nasdaq: XLNX) 3.6% LOWER; reports Q1 EPS of $0.37 ex-items, 2 cents better than the analyst estimate of $0.35. Revenues for the quarter were $488.2 million, versus the consensus of $481.89 million. Sees sales Q2 down 3% to up 1% sequentially.

Hoku Scientific, Inc. (Nasdaq: HOKU) 3.6% LOWER; reports Q1 EPS of $0.03, versus the analyst estimate of ($0.11). Revenues for the quarter were $2.2 million, versus the consensus of $2.36 million. Sees Q2 revs of $1.6-$2 million, versus the consensus of $3 million.

Starbucks Corp. (Nasdaq: SBUX) 2% LOWER; Piper cuts to Neutral

Best Buy Co. Inc. (NYSE: BBY) 2% LOWER; Goldman rates Sell

TrueBlue, Inc (NYSE: TBI) 2% HIGHER; reports Q2 EPS of $0.35, ex-items, 6 cents better than the analyst estimate of $0.29. Revenues for the quarter were $371 million, versus the consensus of $368.24 million. Sees Q3 EPS of $0.38-$0.42, versus the consensus of $0.47 and revs of $390-$400 million, versus $403 million consensus.

BlackRock, Inc. (NYSE: BLK) INDICATED HIGHER; Reports Merrill Lynch will sell its Bloomberg stake, not its Blackrock stake.

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