Unusual 11 Mid-Day Movers 7/17: CATS, DSL, MTG, CNB Higher; CHB, TTEC, IIIN, VCLK Lower
StreetInsider.com Unusual 11 Mid-Day Movers:
Catalyst Semiconductor, Inc. (Nasdaq: CATS) 45% HIGHER; ON Semiconductor Corporation (Nasdaq: ONNN) and Catalyst Semiconductor signed a definitive merger agreement providing for the acquisition of Catalyst Semiconductor by ON Semiconductor in an all-stock transaction in which Catalyst shareholders will receive 0.706 shares of ON Semiconductor common stock for each share of Catalyst common stock they own.
Champion Enterprises, Inc. (NYSE: CHB) 31.7% LOWER; reports Q2 EPS of $0.04, 7 cents lower than the analyst estimate of $0.11. Revenues for the quarter were $289.2 million, versus the consensus of $325.40 million.
Downey Financial (NYSE: DSL) 32.4% HIGHER; after climbing more than 65% yesterday, shares continue higher today. The financial sector is absolutely on fire today, keeping the broader markets in the positive, on the back of strong earnings from JPMorgan (NYSE: JPM).
MGIC Investment Corporation (NYSE: MTG) 29% HIGHER; reports a Q2 loss of $0.74, 13 cents worse than the analyst estimate of ($0.61). Revenues for the quarter were $424.5 million, versus the consensus of $456.98 million. Despite the earnings miss, a drastic change in sentiment surrounding the financial sector over the last two days has failed to push shares of MGIC down today.
Colonial Bank (NYSE: CNB) 23.8% HIGHER; after the close yesterday, reported a Q2 loss of $0.05, below the consensus of a $0.01 profit. Recorded a Q2 net charge-off of $73 million. Increase foreclosure assets by $94 million, bringing non-performing assets to 2.62%. This morning, JPMorgan and SunTrust upgraded the stock to Overweight and Buy, respectively.
TeleTech (Nasdaq: TTEC) 21% LOWER; after announcing yesterday that it has completed its financial restatement, Merrill downgraded TeleTech from Buy to Neutral this morning.
HNI Corp. (NYSE: HNI) 20.3% HIGHER; after the close yesterday, reported Q2 non-GAAP EPS of $0.36, versus the analyst estimate of $0.21. Revenues for the quarter were $613.1 million, versus the consensus of $600.57 million. This morning, HNI was upgraded to Market Perform by Raymond James.
Insteel Industries, Inc. (Nasdaq: IIIN) 20.2% LOWER; reports Q3 EPS of $0.97, versus the analyst estimate of $0.64. Revenues for the quarter were $104.33 million, versus the consensus of $92.85 million.
ValueClick, Inc. (Nasdaq: VCLK) 19.9% LOWER; lowers guidance. Sees Q2 revenue between $163 and $164 million compared to the Company’s prior guidance range of $166 to $170 million. Sees Q2 EPS between $0.17 and $0.18 compared to the Company’s prior guidance range of $0.15 to $0.16. ValueClick also adjusted FY EPS lower. Sees FY08 revenues between $655-$675 million, versus prior view of $730-$745 million. Sees FY08 EPS of $0.69-$0.71, versus prior view of $0.81-$0.83.
eBay (Nasdaq: EBAY) 15.3% LOWER; reports Q2 EPS of $0.43, 2 cents better than the analyst estimate of $0.41. Revenues for the quarter were $2.2 billion, versus the consensus of $2.17 billion. Sees FY08 EPS of $1.72-$1.77, versus the consensus of $1.74 and revs of $8.8-$9.05 billion, versus $9.01 billion. This morning, the stock was downgraded at Goldman Sachs, Merrill Lynch and AmTech. Goldman and Merrill moved eBay to Neutral, while AmTech lowered the stock to Sell.
Barr Pharmaceuticals Inc. (NYSE: BRL) 14.3% HIGHER; Reports from Globes Online that Teva Pharmaceutical (Nasdaq: TEVA) is in talks to buy the company for over $5 bilion.
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