After-Hours Movers 6/8: MW, PBY, NVO, TXN Higher; ZQK, CBL, FNB, PLL, EPB, DGII, ELY Lower

June 8, 2009 5:27 PM EDT

Quiksilver (NYSE: ZQK) 13.5% LOWER; reports Q2 EPS of $0.05, ex-items, 1 cent better than the analyst estimate of $0.04. Revenue for the quarter was $494.2 million, versus the consensus of $502.10 million. Sees Q3 EPS in the low-single digit range. Q3 sales are expected to be down in the mid-teens on a percentage basis compared to the same quarter a year ago.

The Men's Wearhouse (NYSE: MW) 9% HIGHER; reports Q1 EPS of $0.10, versus the analyst estimate of ($0.01). Revenue for the quarter was $464.1 million, versus the consensus of $459.30 million. Same stores sales for the quarter fell 7%. Sees Q2 GAAP EPS of $0.56-$0.60, versus the consensus of $0.. Same store sales of its retail apparel business are expected to decline in a range of 4-6%, while comparable store sales of its tuxedo rental revenues to increase in a range of 3%-5%.

CBL & Associates Properties, Inc. (NYSE: CBL) 7.6% LOWER; today announced that it plans to sell 50,000,000 shares of newly-issued common stock in an underwritten public offering. The underwriters will be granted a 30-day option to purchase up to an additional 7,500,000 shares of common stock. The company intends to use the net proceeds from the offering to repay outstanding borrowings under its credit facilities and for general corporate purposes. Following the news, the company said it sees FY09 FFO of $2.41-$2.53, which compares to the Street estimate of $2.73.

The Pep Boys – Manny, Moe & Jack (NYSE: PBY) 7.2% HIGHER; reports Q1 GAAP EPS of $0.21, so many not compare to the analyst estimate of $0.07. Revenue for the quarter was $496.5 million, versus the consensus of $495.63 million. Same store sales fell 0.3%, including a 1.3% comparable merchandise sales decrease and a 3.8% comparable service revenue increase.

F.N.B. Corporation (NYSE: FNB) 7% LOWER; today announced that it intends to offer and sell approximately $115 million in common stock. F.N.B. Corporation intends to grant the underwriters an option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any. F.N.B. Corporation expects the net proceeds from the offering will be used for general corporate purposes and the possible repurchase of the $100 million of preferred shares plus the warrant issued in connection therewith held by the U.S. Treasury.

Novo Nordisk's (NYSE: NVO) 6% HIGHER; CNBC's Mike Huckman is reporting that a study comparing Novo Nordisk's Victoza and Eli Lilly's (NYSE: LLY)/Amylin's (Nasdaq: AMLN) Byetta returned better results for the Novo drug. Novo's Victoza lowered patients blood sugar levels by 1.1%. During the study, 54% of patients taking Victoza reached their blood sugar level goal, while only 43% of patients taking Byetta achieved their goal. Also, patients taking Novo's product lost 7 pounds, compared to Byetta's 6.4 pounds lost.

Pall Corp. (NYSE: PLL) 5% LOWER; reports Q3 EPS of $0.42, ex-items, in-line with the analyst estimate of $0.42. Revenue for the quarter was $555.9 million, versus the consensus of $563.61 million.

El Paso Pipeline Partners, L.P. (NYSE: EPB) 4.3% LOWER; plans to sell 11,000,000 common units in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC. The partnership currently intends to use the net proceeds of this offering, including the general partner's proportionate capital contribution and any exercise of the underwriters' option to purchase additional units, for general partnership purposes, including potential future acquisitions and growth capital expenditures.

Texas Instruments (NYSE: TXN) 3.8% HIGHER; raises its Q2 sales guidance from $1.95-$2.4 billion to $2.3-$2.5 billion, which compares to the Street estimate of $2.21 billion. EPS for the quarter move from $0.01-$0.15 to $0.14-$0.22, versus the consensus of $0.10.

Digi International(R) Inc. (NASDAQ: DGII) 3.6% LOWER; today announced the purchase of substantially all the assets of the U.S., Indian and Singapore affiliates of MobiApps Holdings Private Limited, a developer of machine-to-machine communications technology, focusing on satellite, cellular, and hybrid satellite/cellular solutions. MobiApps employs 63 people in India, Singapore, and the United States with a vast majority based in its India headquarters in Bangalore. The asset purchase positions Digi with satellite products and technologies that complement its wireless M2M strategy. MobiApps has a strong technology and product position in the Orbcomm satellite ecosystem. The purchase price of $3.0 million is a cash transaction for substantially all of the assets of MobiApps. An additional $0.5 million may be payable at the end of fiscal 2010, contingent on the achievement of certain performance milestones.

Callaway Golf Company (NYSE: ELY) 3.1% LOWER; today announced its intention to offer, subject to market and other conditions, shares of Series B Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $100 per share, with an aggregate liquidation preference of $110 million, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company expects to grant the initial purchaser of the preferred stock a 30-day option to purchase up to an additional $15 million of the preferred stock, solely to cover over-allotments. Separately, Callaway's Board has also approved an 85.7% reduction in its quarterly dividend from $0.07 to $0.01 per common share. The dividend is payable on July 15, 2009 to shareholders of record as of June 26, 2009. The dividend now yields 0.55%, down from 3.85% previously.

XOMA Ltd. (Nasdaq: XOMA) 3% HIGHER; announced the presentation of new preclinical results with XOMA 052 in the diet-induced obesity mouse model. XOMA 052 addresses the inflammatory cause of Type 2 diabetes by targeting interleukin 1 beta (IL-1 beta), a master signaling protein which triggers inflammatory pathways. Click here for the full report.

Vanda Pharmaceuticals, Inc. (Nasdaq: VNDA) 1.9% HIGHER; In a 13G filing on Vanda, Steven Cohen's SAC Capital hedge fund disclosed an 8.6% stake, or 2,279,423 shares, in the company. A 13G indiates a 'passive investment' over 5%.

Blyth Inc. (NYSE: BTH) INDICATED LOWER; reports Q1 EPS of $0.31, ex-items, versus the analyst estimate of $0.47. Revenue for the quarter was $214.7 million, versus the consensus of $220.40 million. Affirms its FY10 EPS guidance of $3.00-$3.10, which compares to the Street estimate of $2.83.

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• SAC Capital
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• Steven A. Cohen
• Dividend
• Hedge Funds
• After-Hours Movers
• 13G

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