StreetInsider.com Pre-Open Movers 01/23: (MAPP) (CREE) (GOOG) Higher; (COH) (BNNY) (MCP) Lower (more...)

January 23, 2013 9:31 AM EST Send to a Friend
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MAP Pharmaceuticals, Inc. (NASDAQ: MAPP) 59% HIGHER; Allergan, Inc. (NYSE: AGN) agreed to acquire MAP Pharmaceuticals, Inc. for $25 per share, or approximately $958 million. The offer represents a 60% premium over MAPs closing stock price on the Nasdaq Stock Market of $15.58 on January 22, 2013.

Telik, Inc. (Nasdaq: TELK) 23% HIGHER; announced the completion of an End of Phase 2 meeting with the US Food and Drug Administration (FDA). Preliminary agreement was reached regarding the design of a Phase 3 placebo-controlled randomized registration trial of Telintra (ezatiostat) for the treatment of Low to Intermediate-1 risk myelodysplastic syndrome (MDS), using red-blood-cell transfusion independence as the endpoint. In accordance with the FDA's guidance, Telik plans to complete the design of the Phase 3 registration trial. In order to focus its resources on the registration program, Telik has decided to stop further enrollment in its ongoing Phase 2 exploratory trials.

Coach, Inc. (NYSE: COH) 16% LOWER; reported Q2 EPS of $1.23, compared to estimates of $1,29. Revenue for the quarter came in at $1.5 billion versus the consensus estimate of $1.6 billion. Q2 N.A. comps fell 2%.

Cree, Inc. (NASDAQ: CREE) 14% HIGHER; reported Q2 EPS of $0.32, $0.02 better than the analyst estimate of $0.30. Revenue for the quarter came in at $346.3 million versus the consensus estimate of $331.2 million. Cree, Inc. sees Q3 2013 EPS of $0.30-0.35, versus the consensus of $0.28. Cree, Inc. sees Q3 2013 revenue of $325-345 million, versus the consensus of $322.5 million.

Annies Inc. (NYSE: BNNY) 14% LOWER; initiated a voluntary recall of Annies Homegrown Frozen Pizza due to the possible presence of fragments of flexible metal mesh caused by a faulty screen at a third-party flour mill.

Silicom Ltd (NASDAQ: SILC) 13% HIGHER; reported Q4 EPS of $0.49, versus $0.36 reported last year. Revenue for the quarter came in at $16.7 million, versus $11.1 million reported last year.

Molycorp (NYSE: MCP) 11% LOWER; intends to offer and sell $200 million of its common stock and $100 million aggregate principal amount of its Convertible Senior Notes due 2018 in separate registered public offerings.

Intuitive Surgical, Inc. (NASDAQ: ISRG) 10% HIGHER; reported Q4 EPS of $4.25, $0.21 better than the analyst estimate of $4.04. Revenue for the quarter came in at $609.3 million versus the consensus estimate of $584.36 million.

Super Micro Computer, Inc. (NASDAQ: SMCI) 7% HIGHER; reported Q2 EPS of $0.11, $0.03 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $291.5 million versus the consensus estimate of $280.13 million. Super Micro Computer, Inc. sees FY2013 EPS of $0.17-0.21, versus the consensus of $0.15. Super Micro Computer, Inc. sees FY2013 revenue of $275-295 million, versus the consensus of $269.82 million.

Google, Inc. (NASDAQ: GOOG) 5% HIGHER; reported Q4 EPS of $10.65, $0.13 better than the analyst estimate of $10.52. An updated ex-TAC revenue number for the quarter is $12.16 billion versus the consensus estimate of $12.36 billion.

Symantec Corp (NASDAQ: SYMC) 4% HIGHER; reported Q3 EPS of $0.45, $0.07 better than the analyst estimate of $0.38. Revenue for the quarter came in at $1.79 billion versus the consensus estimate of $1.74 billion.

IBM (NYSE: IBM) 4% HIGHER; reported Q4 EPS of $5.39, $0.14 better than the analyst estimate of $5.25. Revenue for the quarter came in at $29.3 billion versus the consensus estimate of $29.1 billion. IBM sees FY2013 EPS of at least $16.70, versus the consensus of $16.63.

Alcatel-Lucent, S.A. (NYSE: ALU) 3% HIGHER; upgraded at Citi

Veeco Instruments Inc. (NASDAQ: VECO) 3% HIGHER; up on CREE results.

Tiffany & Co. (NYSE: TIF) 3% LOWER; Down on peer Coach results.

Incyte Corporation (NASDAQ: INCY) 3% LOWER; Downgraded at Morgan Stanley

Synovus Financial Corporation (SNV) 2% LOWER; Downgraded at Bernstein and Morgan Stanley

Hartford Financial (NYSE: HIG) 2% LOWER; Downgraded at FBR

Advanced Micro Devices, Inc. (NYSE: AMD) 2% HIGHER; reported Q4 EPS of ($0.14), $0.06 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $1.16 billion versus the consensus estimate of $1.15 billion.

Alpha Natural Resources (NYSE: ANR) 1% HIGHER; Dahlman Rose upgraded from Hold to Buy with a price target of $12.00 on improving pricing and the emergence of potential supply disruptions in the seaborne market.

Walter Energy (NYSE: WLT) 1% HIGHER; Dahlman Rose upgraded from Hold to Buy with a price target of $48.00 on improving pricing and the emergence of potential supply disruptions in the seaborne market.

CSX Corp. (NYSE: CSX) 1% HIGHER; reported Q4 EPS of $0.43, $0.04 better than the analyst estimate of $0.39. Revenue for the quarter came in at $2.9 billion versus the consensus estimate of $2.85 billion.

Texas Instruments (NASDAQ: TXN) 1% LOWER; reported Q4 EPS of $0.36, $0.02 better than the analyst estimate of $0.34. Revenue for the quarter came in at $2.98 billion versus the consensus estimate of $2.95 billion. Texas Instruments sees Q1 2013 EPS of $0.24-0.32, versus the consensus of $0.34. Texas Instruments sees Q1 2013 revenue of $2.69-2.91 billion, versus the consensus of $2.89 billion.

Michael Kors (NYSE: KORS) 1% LOWER; Down on Coach results.


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