Unusual 11 Mid-Day Movers 1/15: OCN, LCBM, VIGN Higher; MGI, CWTR, HIBB, EDU Lower
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Ocwen Financial Corp. (NYSE: OCN) 56% HIGHER; announced that its Board of Directors has received a proposal from a group of investors led by William C. Erbey, Chairman and Chief Executive Officer of the Company, Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P. to acquire all of the outstanding shares of the Company for $7.00 per share in cash.
MoneyGram International, Inc. (NYSE: MGI) 47% LOWER; completed the valuation of its investment portfolio as of November 30, 2007, and has experienced additional net unrealized losses of $571 million from September 30, 2007, bringing cumulative net unrealized losses to $860 million. The Company has commenced a process to realign the portfolio away from asset-backed securities and into highly liquid assets. In January, 2008, the Company sold $1.3 billion of securities, resulting in a realized loss of approximately $200 million, which was an incremental loss of approximately $100 million from the unrealized losses reflected as of November 30 as to these securities. In Exclusive Discussions with Thomas H. Lee Partners for $800 Million Equity Investment. The securities that would be acquired by the Investors in the transaction under discussion would currently be expected to give the Investors an initial equity interest in the Company ranging from 60 to 65%
Lifecore Biomedical (Nasdaq: LCBM) 30% HIGHER; entered into a definitive agreement with affiliates of Warburg Pincus, the global private equity firm, to be acquired through a tender offer, followed by a merger, for a price of $17.00 per share in cash.
Coldwater Creek (Nasdaq: CWTR) 26.9% LOWER; expects a Q4 loss per share in the range of ($0.16) to ($0.20), compared to the company's prior guidance of break-even for the fourth quarter. The Wall Street consensus is $0.00. Comparable store sales for the fourth quarter of 2007 are expected to reflect a decrease of mid- to high-teens versus the prior year level.
Vignette Corporation (NASDAQ: VIGN) 21.7% HIGHER; said Q4 revenues will exceed the high end of guidance and be in the range of $52 to $54 million. Vignette said net income and earnings per share are also expected to exceed the high end of guidance on both a GAAP and Non GAAP basis.
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New York & Company, Inc. (NYSE: NWY) 21.5% LOWER; expects fourth quarter EPS from continuing operations in the range of $0.15 - $0.19, as compared to its previous estimate of $0.23 - $0.32. The Wall Street consensus is $026. The Company also noted that comparable store sales for November and December, the nine week period ended January 5, 2008, were negative 3.5% and slightly below its previously issued guidance ranges.
Hibbett Sports, Inc. (NASDAQ: HIBB) 21.2% LOWER; revised outlook for its fiscal Q4: EPS are expected to be in the range of $0.20 to $0.26, down from previous guidance in the range of $0.36 to $0.44, versus the consensus of $0.40
New Oriental Education & Technology Group (NYSE: EDU) 20.5% LOWER; reports Q2 adj-EPS of $0.10, above the consensus of $0.07. Revenues came in at $32.6 million, versus the consensus of $30.9 million. Sees Q3 revenues of $42.1-$44.2 million, versus the consensus of $44.75 million.
SumTotal Systems (Nasdaq: SUMT) 16% HIGHER; announced this morning the preliminary results for its Q407 and issued guidance for FY07: expects Q4 revenues to be in the range of $33.2 to $33.6 million, up from previous guidance of between $28 and $30 million, and EPS in the range of $0.05 to $0.06, versus prior guidance of $0.02 to $0.05. On a full-year basis, SumTotal said it expects to report revenues of $122.8 to $123.2 million, up from previous guidance of $117.6 and $119.6 million. EPS for the FY07 are expected to be $0.22 to $0.23, versus a previous outlook of $0.19 to $0.22.
Superconductor Technologies (Nasdaq: SCON) 15.9% HIGHER; is surging today despite no news. Such a situation sometimes suggests short covering, especially since about 18% of SCON's float was shorted so far in January.
Kellwood Company (NYSE: KWD) 10.6% HIGHER; Sun Capital Securities Group, LLC has commenced a tender offer to purchase all of the outstanding shares of Kellwood's common stock for $21.00 per share in cash, a 27% premium to the closing stock price yesterday. Kellwood has been resisting the offer.
MoneyGram International, Inc. (NYSE: MGI) 47% LOWER; completed the valuation of its investment portfolio as of November 30, 2007, and has experienced additional net unrealized losses of $571 million from September 30, 2007, bringing cumulative net unrealized losses to $860 million. The Company has commenced a process to realign the portfolio away from asset-backed securities and into highly liquid assets. In January, 2008, the Company sold $1.3 billion of securities, resulting in a realized loss of approximately $200 million, which was an incremental loss of approximately $100 million from the unrealized losses reflected as of November 30 as to these securities. In Exclusive Discussions with Thomas H. Lee Partners for $800 Million Equity Investment. The securities that would be acquired by the Investors in the transaction under discussion would currently be expected to give the Investors an initial equity interest in the Company ranging from 60 to 65%
Lifecore Biomedical (Nasdaq: LCBM) 30% HIGHER; entered into a definitive agreement with affiliates of Warburg Pincus, the global private equity firm, to be acquired through a tender offer, followed by a merger, for a price of $17.00 per share in cash.
Coldwater Creek (Nasdaq: CWTR) 26.9% LOWER; expects a Q4 loss per share in the range of ($0.16) to ($0.20), compared to the company's prior guidance of break-even for the fourth quarter. The Wall Street consensus is $0.00. Comparable store sales for the fourth quarter of 2007 are expected to reflect a decrease of mid- to high-teens versus the prior year level.
Vignette Corporation (NASDAQ: VIGN) 21.7% HIGHER; said Q4 revenues will exceed the high end of guidance and be in the range of $52 to $54 million. Vignette said net income and earnings per share are also expected to exceed the high end of guidance on both a GAAP and Non GAAP basis.
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New York & Company, Inc. (NYSE: NWY) 21.5% LOWER; expects fourth quarter EPS from continuing operations in the range of $0.15 - $0.19, as compared to its previous estimate of $0.23 - $0.32. The Wall Street consensus is $026. The Company also noted that comparable store sales for November and December, the nine week period ended January 5, 2008, were negative 3.5% and slightly below its previously issued guidance ranges.
Hibbett Sports, Inc. (NASDAQ: HIBB) 21.2% LOWER; revised outlook for its fiscal Q4: EPS are expected to be in the range of $0.20 to $0.26, down from previous guidance in the range of $0.36 to $0.44, versus the consensus of $0.40
New Oriental Education & Technology Group (NYSE: EDU) 20.5% LOWER; reports Q2 adj-EPS of $0.10, above the consensus of $0.07. Revenues came in at $32.6 million, versus the consensus of $30.9 million. Sees Q3 revenues of $42.1-$44.2 million, versus the consensus of $44.75 million.
SumTotal Systems (Nasdaq: SUMT) 16% HIGHER; announced this morning the preliminary results for its Q407 and issued guidance for FY07: expects Q4 revenues to be in the range of $33.2 to $33.6 million, up from previous guidance of between $28 and $30 million, and EPS in the range of $0.05 to $0.06, versus prior guidance of $0.02 to $0.05. On a full-year basis, SumTotal said it expects to report revenues of $122.8 to $123.2 million, up from previous guidance of $117.6 and $119.6 million. EPS for the FY07 are expected to be $0.22 to $0.23, versus a previous outlook of $0.19 to $0.22.
Superconductor Technologies (Nasdaq: SCON) 15.9% HIGHER; is surging today despite no news. Such a situation sometimes suggests short covering, especially since about 18% of SCON's float was shorted so far in January.
Kellwood Company (NYSE: KWD) 10.6% HIGHER; Sun Capital Securities Group, LLC has commenced a tender offer to purchase all of the outstanding shares of Kellwood's common stock for $21.00 per share in cash, a 27% premium to the closing stock price yesterday. Kellwood has been resisting the offer.
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