Unusual 11 Mid-Day Movers 2/11: TSCC, NFP, XL, CRAY Higher; EMAG, MOD, GXP, LBY Lower
Technology Solutions Company (NASDAQ: TSCC) 87.4% HIGHER; today announced that its Board of Directors has determined, after extensive and careful consideration of the Company's strategic alternatives and analysis of the prevailing economic and industry conditions, that it is in the best interests of the Company and its stockholders to liquidate the Company's assets and to dissolve the Company.
National Financial Partners (NYSE: NFP) 66 HIGHER; reports Q4 adj-cash EPS of $0.70, 8 cents better than the analyst estimate of $0.62. Revenue for the quarter was $299.3 million, versus the consensus of $323.95 million.
Emageon Inc. (Nasdaq: EMAG) 45.8% LOWER; announced today that it has been informed by Health Systems Solutions, Inc. (OTCBB: HSSO) that it does not expect that Stanford International Bank Ltd. will provide the funding necessary to consummate the parties' merger transaction today. The merger was scheduled to close today, February 11, 2009.
XL Capital Ltd (NYSE: XL) 40% HIGHER; reports a Q4 loss of $4.36 (& Operating income of $0.58 profit) vs. consensus of $0.38 - may not be comparable. Revenues were $1.11 billion vs. $1.66 billion consensus. The Company also announced that XL's Board of Directors has approved a reduction in the quarterly dividend payable on the Company's Class A Ordinary Shares to $0.10 per ordinary share.
Modine Manufacturing (NYSE: MOD) 38.4% LOWER; announced that it has breached the covenants of a loan agreement and that it will likely report a loss for the quarter.
Great Plains Energy (NYSE: GXP) 22.9% LOWER; reports Q4 EPS of $0.08, ex-items, versus the analyst estimate of $0.24. Lowers its FY09 EPS guidance from $1.30-$1.60 to $1.10-$1.40, versus the consensus of $1.44. The company also slashed its quarterly dividend in half to $0.2075 per common share.
Libbey Inc. (NYSE: LBY) 21.5% LOWER; reports Q4 loss of $1.61, ex-items, versus the analyst estimate of ($0.52). Revenue for the quarter was $186.6 million, versus the consensus of $194.63 million. Suspension of the 401 (k) match for all salaried and non-union hourly employees. Libbey has announced that, in light of current economic conditions, its Board of Directors has voted to suspend paying its $0.10 per share annual cash dividend
Cray (Nasdaq: CRAY) 20.4% HIGHER; reports a Q4 loss of $0.63 (including the goodwill impairment) vs. consensus for $0.51 profit - may not be comparable. Revenue for the quarter was $155.4 million, versus the consensus of $136.02 million. Cray currently expects revenue in the range of $260 million with a small operating loss.
YRC Worldwide (Nasdaq: YRCW) 19.8% HIGHER; in a Form 8-K issued this morning, YRC released the presentation that it is presenting at the BB&T Capital Markets Transportation Conference today. Among other announcements, the presentation highlights improved levels of cost savings due to initiatives implemented last year. The company also said that it expects to add another $100 million of excess property proceeds this year, as well as a reduced level of capex.
Ticketmaster (Nasdaq: TKTM) 17.7% LOWER; following yesterday's news that Ticketmaster and Live Nation (NYSE: LYV) have proposed a merger, shares of both stocks are tumbling once again today as numerous sources have voiced their concerns related to a possible combination. Specifically, according to the WSJ, three members of the Senate Judiciary Committee have already expressed concerns about the deal. Also, the news has sparked several announcements related to investigations surrounding options in the possible merger. Shares of Live Nation are down 16.8% today.
Hanger Orthopedic Group (NYSE: HGR) 17.5% HIGHER; reports Q4 EPS of $0.26, ex-items, 3 cents better than the analyst estimate of $0.23. Revenue for the quarter was $185.5 million, versus the consensus of $179.85 million. Sees FY09 sales of $750-$760 million, versus the consensus of $756.50 million. EPS for the year are expected to be in the range of $0.96-$0.98, versus the Street estimate of $0.97.
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