Unusual 11 Mid-Day Movers 2/24: HIFN, RMBS, PKD, DDR Higher; MAPP, HPY, ODP, ARP Lower
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MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) 75.5% LOWER; phase 3 study of Budesonide in children with asthma doesn't meet primary endpoints. Click here to see the full report. Following the news, analysts at both Deutsche Bank and Leerink Swann downgraded the stock to Hold and Market Perform, respectively.
Hifn, Inc. (Nasdaq: HIFN) 60.7% HIGHER; Exar Corporation (Nasdaq: EXAR) and Hifn signed a definitive agreement under which Exar will acquire Hifn. Under the terms of the agreement, which was unanimously approved by the board of directors of each company, Exar will acquire all of the outstanding shares of Hifn common stock pursuant to an exchange offer, followed by a second step merger. In the exchange offer, Hifn stockholders will be able to elect to receive either (i) 0.3529 shares of Exar common stock and $1.60 in cash; or (ii) $4.00 in cash.
Rambus Inc. (Nasdaq: RMBS) 39.1% HIGHER; announced that the U.S. District Court for the Northern District of California has granted its request for supplemental damages following an earlier jury verdict finding nine Rambus patents valid and infringed by Hynix SDRAM products.
Parker Drilling (NYSE: PKD) 36.7% HIGHER; reports Q4 EPS of $0.27, versus the analyst estimate of $0.15. Revenues for the quarter were $212.4 million, versus the consensus of $225.73 million.
Developers Diversified Realty (NYSE: DDR) 36.7% HIGHER; today announced that it has entered into a binding purchase agreement with Mr. Alexander Otto for the sale to Mr. Otto and certain members of his family of 30 million of the Company's common shares and warrants entitling the Otto Family to purchase an additional 10 million of the Company's common shares. The stock was also upgraded to Neutral at Bank of America.
Heartland Payment Systems, Inc. (NYSE: HPY) 25.1% LOWER; reports Q4 EPS of $0.21, 5 cents lower than the analyst estimate of $0.26. Revenues for the quarter were $100.1 million, versus $76.2 million in Q407.Sees FY09 sales of $430-$445 million, versus the consensus of $1.56 billion, with EPS of $1.15-$1.22, versus the Street estimate of $1.13. The company also cut its quarterly dividend by 72% from $0.09 to $0.025 per common share.
Melco Crown Entertainment Limited (Nasdaq: MPEL) 22.5% HIGHER; reports Q4 loss of $0.04, 2 cents better than the analyst estimate of ($0.06). Revenues for the quarter were $253.5 million, versus the consensus of $270.94 million.
Boyd Gaming Corporation (NYSE: BYD) 21.5% HIGHER; delivered a non-binding preliminary indication of interest (the "Indication of Interest") to the Board of Directors of Station Casinos, Inc. Click here to read the letter.
Office Depot, Inc. (NYSE: ODP) 21.4% LOWER; reports Q4 adj-loss of $0.73, versus the analyst estimate of ($0.06) and compared to a gain of $0.10 in the same quarter last year. Revenues for the quarter were $3.3 billion, versus the consensus of $3.47 billion.
American Reprographics Company (NYSE: ARP) 21% LOWER; reports Q4 EPS of $0.14, versus the analyst estimate of $0.21. Revenues for the quarter were $154 million, versus the consensus of $158.90 million. Sees FY09 EPS of $0.50-$0.75, versus the consensus of $1.00.
RadioShack (NYSE: RSH) 20.4% LOWER; reports Q4 earnings of $0.50 per share, well below the consensus of $0.70. Revenues came in at $1.26 billion, versus the consensus of $1.36 billion.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
Hifn, Inc. (Nasdaq: HIFN) 60.7% HIGHER; Exar Corporation (Nasdaq: EXAR) and Hifn signed a definitive agreement under which Exar will acquire Hifn. Under the terms of the agreement, which was unanimously approved by the board of directors of each company, Exar will acquire all of the outstanding shares of Hifn common stock pursuant to an exchange offer, followed by a second step merger. In the exchange offer, Hifn stockholders will be able to elect to receive either (i) 0.3529 shares of Exar common stock and $1.60 in cash; or (ii) $4.00 in cash.
Rambus Inc. (Nasdaq: RMBS) 39.1% HIGHER; announced that the U.S. District Court for the Northern District of California has granted its request for supplemental damages following an earlier jury verdict finding nine Rambus patents valid and infringed by Hynix SDRAM products.
Parker Drilling (NYSE: PKD) 36.7% HIGHER; reports Q4 EPS of $0.27, versus the analyst estimate of $0.15. Revenues for the quarter were $212.4 million, versus the consensus of $225.73 million.
Developers Diversified Realty (NYSE: DDR) 36.7% HIGHER; today announced that it has entered into a binding purchase agreement with Mr. Alexander Otto for the sale to Mr. Otto and certain members of his family of 30 million of the Company's common shares and warrants entitling the Otto Family to purchase an additional 10 million of the Company's common shares. The stock was also upgraded to Neutral at Bank of America.
Heartland Payment Systems, Inc. (NYSE: HPY) 25.1% LOWER; reports Q4 EPS of $0.21, 5 cents lower than the analyst estimate of $0.26. Revenues for the quarter were $100.1 million, versus $76.2 million in Q407.Sees FY09 sales of $430-$445 million, versus the consensus of $1.56 billion, with EPS of $1.15-$1.22, versus the Street estimate of $1.13. The company also cut its quarterly dividend by 72% from $0.09 to $0.025 per common share.
Melco Crown Entertainment Limited (Nasdaq: MPEL) 22.5% HIGHER; reports Q4 loss of $0.04, 2 cents better than the analyst estimate of ($0.06). Revenues for the quarter were $253.5 million, versus the consensus of $270.94 million.
Boyd Gaming Corporation (NYSE: BYD) 21.5% HIGHER; delivered a non-binding preliminary indication of interest (the "Indication of Interest") to the Board of Directors of Station Casinos, Inc. Click here to read the letter.
Office Depot, Inc. (NYSE: ODP) 21.4% LOWER; reports Q4 adj-loss of $0.73, versus the analyst estimate of ($0.06) and compared to a gain of $0.10 in the same quarter last year. Revenues for the quarter were $3.3 billion, versus the consensus of $3.47 billion.
American Reprographics Company (NYSE: ARP) 21% LOWER; reports Q4 EPS of $0.14, versus the analyst estimate of $0.21. Revenues for the quarter were $154 million, versus the consensus of $158.90 million. Sees FY09 EPS of $0.50-$0.75, versus the consensus of $1.00.
RadioShack (NYSE: RSH) 20.4% LOWER; reports Q4 earnings of $0.50 per share, well below the consensus of $0.70. Revenues came in at $1.26 billion, versus the consensus of $1.36 billion.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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