Pre-Open Movers 5/15: CNET (CNET) Up On CBS Buyout, Sina (SINA) Up on Results/Outlook; Salary.com (SLRY) Sinks On Results/Outlook

May 15, 2008 9:27 AM EDT

StreetInsider.com Pre-Open Movers:

CNET Networks, Inc. (Nasdaq: CNET) 42% HIGHER; CBS Corporation (NYSE: CBS.A) (NYSE: CBS) has entered into an agreement to acquire CNET Networks. Under the terms of the agreement, CBS will make a cash tender offer for all issued and outstanding shares of CNET Networks for $11.50 per share, representing an equity value of approximately $1.8 billion. CNET closed at $7.95 yesterday.

Salary.com (Nasdaq: SLRY) 27% LOWER; reports a Q4 loss of $0.09, 1 cent lower than the analyst estimate of ($0.08). Revenues for the quarter were $9.3 million, versus the consensus of $9.91 million. Sees Q1 revs of $9.3-$9.7 million, versus the consensus of $10.23 million. Sees FY08 revs of $45-$49 million, versus $45.7 million.

Nortech Systems (NASDAQ: NSYS) 20% HIGHER; Reported that Q1 revenues rose 12% to $31.2 million. Net income rose 118% to $0.23 per share.

Steak n' Shake (NYSE: SNS) 14% LOWER; reports a Q1 adjusted-loss of $0.08, 9 cents lower than the analyst estimate of $0.01. Revenues for the quarter were $190.5 million, versus the consensus of $188.63 million.

SINA Corp. (Nasdaq: SINA) 11.6% HIGHER; reports Q1 adj-EPS of $0.33 (GAAP EPS of $0.27), 6 cents better than the analyst estimate of $0.27. Revenues for the quarter were $71.3 million, versus the consensus of $67.35 million. Sees Q2 revs of $88-$90 million, versus the consensus of $81.6 million.

Blockbuster Inc. (NYSE: BBI) 11% HIGHER; reports Q1 EPS of $0.20, cents better than the analyst estimate of $0.15. Revenues for the quarter were $1.39 million, versus the consensus of $1.44 million

FUQI International, Inc. (Nasdaq: FUQI) 7.5% HIGHER; reports Q1 EPS of $0.04, versus the analyst estimate of $0.27. Revenues for the quarter were $77.6 million, versus the consensus of $77.55 million. Sees Q2 revs of $62-$64 million and EPS of $0.20-$0.21, versus the Street estimates of $63.58 million and $0.19, respectively. For FY08, FUQI raised its revs guidance to $305-$315 million and EPS of $0.98-$1.04, versus the consensuses of $311.44 million for revs and $0.95 for EPS.

Brocade Communications (Nasdaq: BRCD) 6.6% HIGHER; reports Q1 EPS of $0.15, 1 cent better than the analyst estimate of $0.14. Revenues for the quarter were $354.9 million, versus the consensus of $346.54 million.

Agilent Technologies Inc. (NYSE: A) 5.9% HIGHER; reports Q2 adj-EPS of $0.51, 3 cents better than the analyst estimate of $0.48. Revenues for the quarter were $1.46 billion, versus the consensus of $1.43 billion.

China Digital TV Holding Co. Ltd (NYSE: STV) 5.8% LOWER; reports Q1 EPS of $0.20, 4 cents better than the analyst estimate of $0.16. Revenues for the quarter were $17.4 million, versus the consensus of $15.91 million. China Digital sees Q2 revenues $17.5 to $19.5 million versus $18 million consensus. China Digital sees FY revenues of $79-$84 million versus the $81 million consensus.

Syneron Medical Ltd. (Nasdaq: ELOS) 4.6% HIGHER; Merriman upgrades to Buy


TiVo Inc. (Nasdaq: TIVO) 3% HIGHER; FBR upgrades to Market Perform

Ituran Location & Control (Nasdaq: ITRN) 2.6% HIGHER; JPM upgrades to Overweight

J. C. Penney Company, Inc (NYSE: JCP) 2.6% HIGHER; reports Q1 EPS of $0.54, versus the consensus of $0.49. Revenues came in at $4.13 billion, versus the consensus of $4.17 billion. (Note: In March JCP lowered Q1 guidance). Sees Q2 EPS of $0.38, versus the consensus of $0.37. Sees Q2 sales down low-single digits. Sees Q2 comps down mid-single digits.

CEC Entertainment Inc. (NYSE: CEC) 2% LOWER; KeyBanc downgrades to Hold

Yahoo! Inc. (Nasdaq: YHOO) 1.4% HIGHER; Reports Icahn to move ahead with a proxy fight.

General Electric (NYSE: GE) 1% HIGHER; Reports from the WSJ the company seeking buyers for their appliance business.

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