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StreetInsider.com Pre-Open Movers 12/5: (MMR) (PXP) (CIE) Higher; (MFRM) (P) (FCX) Lower (more...)

December 5, 2012 9:27 AM EST Send to a Friend
McMoRan Exploration Co. (NYSE: MMR) 77% HIGHER; Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) acquires the company for approximately $3.4 billion in cash, or $2.1 billion net of 36 percent of the MMR interests currently owned by FCX and PXP.

Plains Exploration & Production (NYSE: PXP) 25% HIGHER; Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) will acquire PXP for approximately $6.9 billion in cash and stock, or ~$50 per share.

Mattress Firm (NASDAQ: MFRM) 22% LOWER; reported Q3 EPS of $0.47, $0.01 better than the analyst estimate of $0.46. Revenue for the quarter came in at $277.3 million versus the consensus estimate of $271.32 million. Comps up 6.6 percent. Mattress Firm sees FY2012 EPS of $1.49-1.52, versus prior guidance of $1.67-1.73 and the consensus of $1.70. Mattress Firm sees FY2012 revenue of $1.010-1.015 billion, versus prior guidance of $1.022-1.039 billion and the consensus of $1.02 billion. Mattress Firm sees FY2012 EPS of $0.30-0.33, versus the consensus of $0.51. Mattress Firm sees FY2012 revenue of $261-266 million, versus the consensus of $281.13 million.

Pandora Media (NYSE: P) 21% LOWER; reported Q3 EPS of $0.05, $0.04 better than the analyst estimate of $0.01. Revenue for the quarter came in at $120 million versus the consensus estimate of $117.16 million. Pandora Media sees Q4 2013 EPS of ($0.06)-(0.09), versus the consensus of $0.02. Pandora Media sees Q4 2013 revenue of $120-123 million, versus the consensus of $130.3 million. Pandora Media sees FY2013 EPS of ($0.09)-(0.12), versus the consensus of ($0.06). Pandora Media sees FY2013 revenue of $422-425 million, versus the consensus of $429.15 million.

Chelsea Therapeutics International, Ltd. (Nasdaq: CHTP) 21% LOWER; issues disappointing Northera results

Peregrine Pharmaceuticals (NASDAQ: PPHM) 17% HIGHER; made significant progress in advancing its Cotara program into late-stage development through its agreement with the U.S. Food and Drug Administration (FDA) on the design of a single registration trial for Cotara in patients with recurrent glioblastoma multiforme (GBM). The FDA has agreed with the company's proposed randomized trial design comparing two dose levels of Cotara in up to 300 patients.

Cobalt International Energy, Inc. (NYSE: CIE) 13% HIGHER; announced a significant oil discovery at its North Platte prospect on Garden Banks Block 959 in the deepwater Gulf of Mexico. Based on extensive wireline evaluation, the discovery well encountered several hundred feet of net oil pay in multiple Inboard Lower Tertiary sands

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) 12% LOWER; will acquire PXP for approximately $6.9 billion in cash and stock and FCX will acquire MMR for approximately $3.4 billion in cash, or $2.1 billion net of 36 percent of the MMR interests currently owned by FCX and PXP.

IBCO Software, Inc. (NASDAQ: TIBX) 12% LOWER; expects total revenue to be in the range of $292 to $295 million. Non-GAAP earnings per share are expected to be in the range of $0.37 to $0.38, with an assumed tax rate of 27%. The Street sees EPS of $0.44 and revs of $315.95 million. For the fiscal year, TIBCO expects total revenue to be in the range of $1,020 to $1,023 million. Non-GAAP earnings per share are expected to be in the range of $1.10 to $1.11. Consensus views expect rev of $1.04 billion and EPS of $1.17.

Oxford Industries, Inc. (NYSE: OXM) 12% LOWER; reported Q3 EPS of $0.19, $0.02 worse than the analyst estimate of $0.21. Revenue for the quarter came in at $181.4 million versus the consensus estimate of $182.78 million. Oxford Industries, Inc. sees FY2012 EPS of $2.60-2.70, versus the consensus of $2.92. Oxford Industries, Inc. sees FY2012 revenue of $845-855 million, versus the consensus of $854.8 million. Oxford Industries, Inc. sees Q4 2012 EPS of $0.64-0.74, versus the consensus of $0.93. Oxford Industries, Inc. sees Q4 2012 revenue of $225-235 million, versus the consensus of $234.3 million

Aerovironment, Inc. (NASDAQ: AVAV) 10% HIGHER; reported Q2 EPS of $0.39, $0.16 better than the analyst estimate of $0.23. Revenue for the quarter came in at $80.3 million versus the consensus estimate of $77.99 million. Aerovironment, Inc. sees FY2013 EPS of $1.41-1.51, versus the consensus of $1.44. Aerovironment, Inc. sees FY2013 revenue of $348-370 million, versus the consensus of $353.5 million.

Net 1 UEPS Technologies Inc. (NASDAQ: UEPS) 10% HIGHER; provides update on government investigations. Shares were down 59% yesterday.

James River Coal Co. (Nasdaq: JRCC) 12% LOWER; credit downgraded at Moody's

OCZ Technology Group, Inc. (Nasdaq: OCZ) 9% HIGHER; announced that SED International (Amex: SED), an established multinational distributor of leading computer technology products, is now authorized to distribute OCZs complete line of consumer-based SSDs in Latin America and the Caribbean. This includes OCZs popular SATA-based Vertex and Agility SSD Series, the PCIe-based RevoDrive SSD Series, and the recently announced Vector SSD Series featuring OCZs new Barefoot 3 controller that delivers advanced I/O performance and enhanced endurance for personal computing environments.

Francesca's Holdings Corp. (NASDAQ: FRAN) 9% HIGHER; reported Q3 EPS of $0.24, $0.02 better than the analyst estimate of $0.22. Revenue for the quarter came in at $72 million versus the consensus estimate of $71.26 million. Francesca's Holdings Corp. sees FY2012 EPS of $1.00-1.01, versus the consensus of $0.98. Francesca's Holdings Corp. sees FY2012 revenue of $292.2-293.2 million, versus the consensus of $292.25 million. Francesca's Holdings Corp. sees Q4 2012 EPS of $0.27-0.28, versus the consensus of $0.28. Francesca's Holdings Corp. sees Q4 2012 revenue of $82.5-83.5 million, versus the consensus of $83.31 million.

Pike Electric Corp. (NYSE: PIKE) 7% HIGHER; declared a special dividend of $1.00 per share

Teavana Holdings, Inc. (NYSE: TEA) 6% HIGHER; Starbucks reaffirms commitment to takeover

Cognizant Technology Solutions Corporation (NASDAQ: CTSH) 6% HIGHER; 8-K comp plans signals better-than-expected revenue growth.

Seachange International, Inc. (NASDAQ: SEAC) 6% HIGHER; reported Q3 EPS of $0.09, $0.03 better than the analyst estimate of $0.06. Revenue for the quarter came in at $39.2 million versus the consensus estimate of $38.33 million. Seachange International, Inc. sees FY2013 EPS of $0.38-0.41, versus the consensus of $0.34. Seachange International, Inc. sees FY2013 revenue of $155-159 million, versus the consensus of $156.3 million.

Select Comfort Corporation (Nasdaq: SCSS) 5% LOWER; weak results from Mattress Firm.

Tempur-Pedic (NYSE: TPX) 5% LOWER; weak results from Mattress Firm.

Altera Corp (NASDAQ: ALTR) 3% LOWER; currently expects that revenue for the fourth quarter will be 8 to 10 percent lower than third quarter levels. Prior guidance was for a decline of 6 to 10 percent.

LyondellBasell Industries Cl A (NYSE: LYB) font color="red">3% LOWER; announced the commencement of an underwritten public offering of 21 million ordinary shares by certain selling shareholders that are affiliates of Apollo Management Holdings L.P.

Facebook, Inc. (NASDAQ: FB) 1% HIGHER; added to Nasdaq-100

Waste Management, Inc. (NYSE: WM) 1% HIGHER; upgraded to Buy at Goldman Sachs

Republic Services, Inc. (NYSE: RSG) 1% HIGHER; Added to CL Buy list at Goldman Sachs




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