StreetInsider.com Pre-Open Movers 07/19

July 19, 2007 9:25 AM EDT

StreetInsider.com Pre-Open Movers:

Sterling Financial Corporation (Nasdaq: SLFI) 74% HIGHER; The PNC Financial Services Group, Inc. (NYSE: PNC) signed a definitive agreement to acquire Lancaster, Pa.-based Sterling Financial Corporation, with approximately $3.3 billion in assets, for $565 million in stock and cash, or approximately $19.00 per share. SLFI closed at $10.55 on Wednesday.

Avici Systems Inc. (NASDAQ: AVCI) 23% HIGHER; reports Q2 non-GAAP EPS of $0.86, (GAAP EPS was $0.82) vs. consensus of $0.21 - Only 1 analyst. Revenues were $29.6 million vs. $15.83 million consensus. Based on final orders received for its router products including network expansion and customer last time purchases, Avici is raising its expected revenue guidance for the full year 2007 to $110 to $125 million with the variability attributable to timing of manufacturing and final shipment dates. (Consensus is $60.16 million)

Partners Trust Financial Group, Inc. (Nasdaq: PRTR) 20% HIGHER; M&T Bank Corporation (NYSE: MTB) and Partners Trust Financial Group entered into a definitive agreement under which Partners Trust will merge into M&T in a transaction valued at approximately $555 million.

Williams Scotsman, Inc. (NASDAQ: WLSC) 20% HIGHER; agreed to be acquired by the parent company of Algeco, the European space rental company, in an all-cash transaction for $2.2 billion, which includes the refinancing of outstanding debt. Under the terms of the transaction, Williams Scotsman shareholders will receive $28.25 per share in cash.

Clearwire (NASDAQ: CLWR) 17.6% HIGHER; Sprint Nextel (NYSE: S) and Clearwire plan to jointly construct the first nationwide mobile broadband network using WiMAX technology, and promote the global development of WiMAX-based services.

Labor Ready (NYSE: LRW) 13.5% HIGHER; reported Q2 earnings of $0.41 per share, 6 cents better than estimates. ($0.35) Revenues came in at $351.1 million versus the consensus of $342.4 million. Sees Q3 EPS of $0.48-$0.50, versus the consensus of $0.49. Sees Q3 revs of $390-$395 million versus the consensus of $388.36 million. Sees FY EPS of $1.45-$1.48, versus the consensus of $1.40. Sees FY revenues of $1.39-$1.4 billion versus the consensus of $1.38 billion.

Cubist Pharmaceuticals Inc. (Nasdaq: CBST) 12% HIGHER; reports Q2 EPS of $0.24, $0.28 ex-items, versus the consensus of $0.16. Revenues came in at $69.8 million versus the consensus of $65.11 million.

Citrix (Nasdaq: CTXS) 10.2% HIGHER; Reports Record Second Quarter Revenue of $334 Million, Above the Consenus of $305.2 Million.

Knoll (NYSE: KNL) 9.3% LOWER; reported Q2 earnings of $0.37 per share, 1 cent better than estimates. ($0.36) Revenues came in at $272.1 million versus the consensus of $270.0 million. Sees Q3 EPS of $0.33-$0.36, versus the consensus of $0.40. Sees Q3 revs of $243-$253M versus the consensus of $267.97M. Sees FY EPS of $1.35-$1.45, versus the consensus of $1.49. Sees FY revs of $1.02-$1.04B versus the consensus of $1.07B.

Kulicke & Soffa Industries, Inc. (Nasdaq: KLIC) 9% HIGHER; sees Q4 revenues of approx. $212 million vs. consensus of $169.94 million.

Foot Locker (NYSE: FL) 8.8% HIGHER; According to reports from the New York Post, Foot Locker is once again considering putting itself up for sale. The paper said the company has hired Lehman Brothers as its advisor

Juniper Networks (NASDAQ: JNPR) 8.7% HIGHER; reported Q2 earnings of $0.20 per share, in-line with estimates. ($0.20) Revenues came in at $664.9 million versus the consensus of $649.6 million. Juniper sees Q3 sale of $695-$715 million versus the consensus of $677.4 million. Sees Q3 EPS of $0.21, versus the consensus of $0.21. Broker upgrades

NVE Corp (NASDAQ: NVEC) 8.4% LOWER; reported Q1 earnings of $0.33 per share, 3 cents better than estimates. ($0.30) Revenues came in at $ 4.71million versus the consensus of $4.7 million.

SAP AG (NYSE: SAP) 6.7% HIGHER; Q2 profits rise 8%

Lumera Corporation (NASDAQ: LMRA) 6% LOWER; filed a universal shelf registration statement with the SEC, covering up $50M in securities.

MGI Pharma (NASDAQ: MOGN) 5.7% HIGHER; reported Q2 earnings of $0.03 per share, $0.13 adjusted, versus the consensus of a $0.01 loss. Revenues came in at $93 million versus the consensus of $84.5 million. Based on strong first half results and current market trends, the Company now expects full year Dacogen sales of approximately $115 million. Gliadel revenues are expected to grow in the single digit range for the remainder of the year.

ICU Medical (NASDAQ: ICUI) 5% LOWER; reported Q2 earnings of $0.37 per share, ex-items, 1 cent worse than estimates. ($0.38) Revenues came in at $48.9 million versus the consensus of $50.7 million.

Textron Inc. (NYSE: TXT) 4.8% HIGHER; reports Q2 EPS of $1.69, versus the consensus of $1.45. Revenues came in at $3.24 billion versus the consensus of $3.09 billion. Third quarter earnings per share from continuing operations are expected to be between $1.45 and $1.55, versus the consensus of $1.53. Sees FY EPS of $6.35-$6.55, $0.25 per share higher than its previous guidance. The consensus is $6.32. NOTE: Board Authorizes Two-for-One Stock Split, 19% Increase to Annualized Dividend Rate and New Share Repurchase Program.

Washington Mutual (NYSE: WM) 3.7% HIGHER; reported Q2 earnings of $0.92 per share, 3 cents better than estimates. ($0.89). On July 17, WaMu\\\'s Board of Directors declared a cash dividend of 56 cents per share on the company\\\'s common stock, up from 55 cents per share in the previous quarter. Dividends on the common stock are payable on August 15, 2007 to shareholders of record as of July 31, 2007. Net losses from the sales of subprime mortgage loans and adjustments to reflect changes in market values of loans held for sale totaled $38 million. In addition, the company decreased the value of its subprime residuals by $93 million for a combined total loss for the quarter of $131 million, or about half the $252 million in losses recognized in the first quarter

Intersil (NASDAQ: ISIL) 3% LOWER; reported adj-Q2 earnings of $0.31 per share, in-line with the consensus of $0.31. Revenues came in at $178.1 million versus the consensus of $175.1 million. Sees Q3 EPS of $0.34, versus the consensus of $0.33. Sees Q3 revenues up 6%-8% versus Q2.

Macy\'s, Inc. (NYSE: M) 3.3% LOWER; Yesterday\'s KKR buyout rumor in questioned due to credit market uncertainty.

Hershey Foods (NYSE: HSY) 2.8% LOWER; reports Q2 earnings of $0.35 per share, ex-items, in-line with the consensus of $0.35. Revenues came in at $1.05 billion versus the consensus of $1.07 billion. Sees FY07 sees EPS of $2.25, ex-items, versus the consensus of $2.46.

Honeywell International Inc. (NYSE: HON) 2.3% HIGHER; reports Q2 EPS of $0.78, 3 cents better than estimates. Revenues came in at $8.5 billion versus the consensus of $8.42. Sees FY EPS of $3.10-$3.16, versus the consensus of $3.08. Sees FY revs of $33.9 billion versus the consensus of $35.5 billion. The company\'s Board of Directors has authorized the repurchase of up to an additional $3 billion of Honeywell common stock.

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