StreetInsider.com Pre-Open Movers 03/20: (GEVO) (BBRY) (ADBE) Higher; (STP) (FTEK) (ZNGA) Lower (more...)

March 20, 2013 9:33 AM EDT Send to a Friend
Get Alerts STP Hot Sheet
Trade STP Now!
Join SI Premium – FREE
Suntech Power Holdings Co. Ltd. (NYSE: STP) 27% LOWER; on March 18, 2013, a group of eight Chinese banks filed a petition for insolvency and restructuring of its Chinese subsidiary Wuxi Suntech Power Holdings Co., Ltd. ("Wuxi Suntech") in the Wuxi Municipal Intermediate People's Court in Jiangsu Province, China. Wuxi Suntech today notified the Court that it will not file an objection against the petition. The Company expects that the Court will decide whether or not to accept the petition in the next few days.

Gevo Inc. (Nasdaq: GEVO) 16% HIGHER; won a court ruling against Butamax Advanced Biofuels today. A federal court ruled Gevo did not infringe on patents owned by the company.

Fuel Tech, Inc. (NASDAQ: FTEK) 9% LOWER; reported Q4 EPS of $0.00, $0.05 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $26.6 million versus the consensus estimate of $28.38 million.

Research In Motion Limited (NASDAQ: BBRY) 6% HIGHER; Morgan Stanley upgraded two-notches from Underweight to Overweight, boosting its price target from $10 up to $22.

Polycom (NASDAQ: PLCM) 6% HIGHER; Goldman Sachs upgraded from Neutral to Buy with a price target of $14.00 (from $11.00) saying revenues and margins reach inflection point.

Adobe Systems, Inc. (NASDAQ: ADBE) 6% HIGHER;
reported Q1 EPS of $0.35, $0.04 better than the analyst estimate of $0.31. Revenue for the quarter came in at $1.01 billion versus the consensus estimate of $986 million. The company sees Q213 EPS of $0.29 - $0.35 and revs of $975 million to $1.025 billion. The Street is looking for EPS of $0.34 and revs of $1.02 billion. For FY13, Adobe raised its EPS outlook to about $1.45 and revs to $4.1 billion, with the Street at EPS of $1.41 and revs of $4.12 billion.

Walter Investment Management Corp. (NYSE: WAC) 4% HIGHER; upgraded at Sterne Agee

Cobalt International Energy, Inc. (NYSE: CIE) 4% HIGHER; Shenandoah-2 well in the deepwater Gulf of Mexico encountered more than 1,000 net feet of oil pay in multiple high-quality Lower Tertiary-aged reservoirs.

Francesca's Holdings Corp. (NASDAQ: FRAN) 4% HIGHER; reported Q4 EPS of $0.33, $0.03 better than the analyst estimate of $0.30. Revenue for the quarter came in at $86.7 million versus the consensus estimate of $84.89 million.

Williams-Sonoma, Inc. (NYSE: WSM) 4% HIGHER; reported Q4 EPS of $1.34, $0.05 better than the analyst estimate of $1.29. Revenue for the quarter came in at $1.41 billion versus the consensus estimate of $1.4 billion. Comps up 4.0%. Williams-Sonoma, Inc. sees Q1 2013 EPS of $0.33-0.36, versus the consensus of $0.39. Williams-Sonoma, Inc. sees Q1 2013 revenue of $850-870 million, versus the consensus of $868.99 million. Williams-Sonoma, Inc. sees FY2013 revenue of $4.20-4.28 million, versus the consensus of $4.04 million. Also, raises buyback and dividend.

Memorial Production Partners LP (Nasdaq: MEMP) 4% LOWER; announced today that it has commenced an underwritten public offering of 8,500,000 common units representing limited partner interests in MEMP. The underwriters will be granted a 30-day option to purchase up to an additional 1,275,000 common units.

Zynga, Inc. (NASDAQ: ZNGA) 4% LOWER; downgraded at BofA

Fedex Corp. (NYSE: FDX) 4% LOWER; reported Q3 non-GAAP EPS of $1.23, versus the analyst estimate of $1.39. Revenue for the quarter came in at $11 billion versus the consensus estimate of $10.85 billion. Looking ahead, Fedex sees Q4 2013 EPS of $1.90 to $2.10, versus the consensus of $2.13 and $1.99 reported in the same period last year. The company also sees FY2013 adjusted EPS of $6.00 to $6.20, versus the consensus of $6.35.

Cintas Corp (NASDAQ: CTAS) 3% LOWER; reported Q3 EPS of $0.60, $0.01 worse than the analyst estimate of $0.61. Revenue for the quarter came in at $1.08 billion versus the consensus estimate of $1.06 billion. Cintas Corp sees FY2013 EPS of $2.50-2.54, versus the consensus of $2.55. Cintas Corp sees FY2013 revenue of $4.3-4.325 billion, versus the consensus of $4.28 billion.

New Mountain Finance Corporation (NYSE: NMFC) 3% LOWER; announced today that it has commenced an underwritten primary offering of 2,000,000 shares of its common stock and a concurrent underwritten secondary offering of 4,000,000 shares of its common stock on behalf of a selling stockholder, New Mountain Finance AIV Holdings Corporation (“AIV Holdings”). In connection with the proposed offering, AIV Holdings intends to grant the underwriters for the offering an option to purchase up to an additional 900,000 shares of the Company’s common stock.

RLJ Lodging Trust (NYSE: RLJ) 2% LOWER; announced the commencement of an underwritten public offering of 11,500,000 common shares of beneficial interest. The Company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 1,725,000 common shares.

Cardiovascular Systems, Inc. (Nasdaq: CSII) 2% LOWER; intends to offer and sell shares of its common stock, subject to market and other conditions, in an underwritten public offering. All of the shares in the offering are to be sold by CSI. CSI also expects to grant the underwriters a 30-day option to purchase additional shares of its common stock to cover over-allotments, if any. Leerink Swann LLC is acting as the sole book-running manager.

Erickson Air-Crane Incorporated (NASDAQ: EAC) 2% HIGHER; executed a stock purchase agreement for the purchase of Evergreen Helicopters, Inc. from Evergreen International Aviation, Inc. for $250 million, which doubles the size of the company.

Anadarko Petroleum Corporation (NYSE: APC) 2% HIGHER; announced its Shenandoah-2 well in the deepwater Gulf of Mexico encountered more than 1,000 net feet of oil pay in multiple high-quality Lower Tertiary-aged reservoirs.

United Parcel Service, Inc. (NYSE: UPS) 1% LOWER; down on FedEx numbers


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Special Reports

Related Entities

Morgan Stanley, Bank of America, Sterne Agee, Dividend

Add Your Comment