Largest $ Movers of Note - StreetInsider.com - 03/29/2007
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UPWARD MOVERS:
Lone Star Technologies (NYSE: LSS) +$17.45; United States Steel (NYSE: X) and Lone Star Technologies entered into a definitive agreement under which U. S. Steel will acquire Lone Star, a leading manufacturer of welded oilfield tubular goods, for $67.50 per share in cash.
IPSCO Inc. (NYSE: IPS) +$10.02; Stock up following news US Steel to acquire Lone Star Technologies.
Focus Media Holding Limited (Nasdaq: FMCN) +$3.46; Completed its acquisition of Allyes Information Technology Company Limited. As a result, the company raises its total revenues estimates for full year 2007 to a range of $390 million to $400 million, as compared to the previously announced range of $350 million to $360 million. FMCN also raises FY07 EPS guidance.
GOL Linhas Aereas Inteligentes (NYSE: GOL) +$2.69; Agreed with VarigLog and Volo, the controlling shareholders of VRG Linhas Aereas S.A., to acquire the total share capital of VRG.
Patterson Companies (Nasdaq: PDCO) +$2.01; Baird upgrades Patterson Companies (Nasdaq: PDCO) from Neutral to Outperform and raises their price target to $42
DOWNWARD MOVERS:
UTi Worldwide Inc. (Nasdaq: UTIW) -$6.20; Reports Q4 EPS of $0.24, 2 cents worse than estimates. Revenues were $951.3 million vs. $934.87 million consensus.
Insituform Technologies (Nasdaq: INSU) -$6.14; Company to close tunneling business, sees 2007 earnings below 2006.
KMG America Corp. (NYSE: KMA) -$4.32; Announced that A.M. Best, following an annual review of the Company and its operating subsidiary, Kanawha Insurance Company, affirmed Kanawha's financial strength rating of "A-" but revised its outlook from "stable" to "negative". Until this review is completed, the Company is no longer comfortable with its 2007 earnings guidance provided earlier in 2007.
Movado Group (NYSE: MOV) -$4.31; Reports Q4 adjusted EPS of $0.42, 4 cents better than estimates. Revenues were $142.3 million vs. $141.17 million consensus. Sees FY08 EPS of $1.72 vs. consensus of $1.74, sees FY08 revenues between $550-560 million vs. $583.95 million consensus.
The Stride Rite Corp (NYSE: SRR) -$2.08; Reports Q1 EPS of $0.30, 1 cent worse than estimates. Revenues were $194.67 vs. consensus of $196.16 million. Assuming reasonable retail and economic conditions in 2007, we are reaffirming our projected sales growth of 5% to 8% and earnings per share of $1.10 - $1.15, including a full year of Robeez financial results and excluding any Robeez integration costs. Acquisition related integration costs are estimated at approximately $1.0 million or $.02 per diluted share for the year." (Consensus for FY07 is $1.12)
Lone Star Technologies (NYSE: LSS) +$17.45; United States Steel (NYSE: X) and Lone Star Technologies entered into a definitive agreement under which U. S. Steel will acquire Lone Star, a leading manufacturer of welded oilfield tubular goods, for $67.50 per share in cash.
IPSCO Inc. (NYSE: IPS) +$10.02; Stock up following news US Steel to acquire Lone Star Technologies.
Focus Media Holding Limited (Nasdaq: FMCN) +$3.46; Completed its acquisition of Allyes Information Technology Company Limited. As a result, the company raises its total revenues estimates for full year 2007 to a range of $390 million to $400 million, as compared to the previously announced range of $350 million to $360 million. FMCN also raises FY07 EPS guidance.
GOL Linhas Aereas Inteligentes (NYSE: GOL) +$2.69; Agreed with VarigLog and Volo, the controlling shareholders of VRG Linhas Aereas S.A., to acquire the total share capital of VRG.
Patterson Companies (Nasdaq: PDCO) +$2.01; Baird upgrades Patterson Companies (Nasdaq: PDCO) from Neutral to Outperform and raises their price target to $42
DOWNWARD MOVERS:
UTi Worldwide Inc. (Nasdaq: UTIW) -$6.20; Reports Q4 EPS of $0.24, 2 cents worse than estimates. Revenues were $951.3 million vs. $934.87 million consensus.
Insituform Technologies (Nasdaq: INSU) -$6.14; Company to close tunneling business, sees 2007 earnings below 2006.
KMG America Corp. (NYSE: KMA) -$4.32; Announced that A.M. Best, following an annual review of the Company and its operating subsidiary, Kanawha Insurance Company, affirmed Kanawha's financial strength rating of "A-" but revised its outlook from "stable" to "negative". Until this review is completed, the Company is no longer comfortable with its 2007 earnings guidance provided earlier in 2007.
Movado Group (NYSE: MOV) -$4.31; Reports Q4 adjusted EPS of $0.42, 4 cents better than estimates. Revenues were $142.3 million vs. $141.17 million consensus. Sees FY08 EPS of $1.72 vs. consensus of $1.74, sees FY08 revenues between $550-560 million vs. $583.95 million consensus.
The Stride Rite Corp (NYSE: SRR) -$2.08; Reports Q1 EPS of $0.30, 1 cent worse than estimates. Revenues were $194.67 vs. consensus of $196.16 million. Assuming reasonable retail and economic conditions in 2007, we are reaffirming our projected sales growth of 5% to 8% and earnings per share of $1.10 - $1.15, including a full year of Robeez financial results and excluding any Robeez integration costs. Acquisition related integration costs are estimated at approximately $1.0 million or $.02 per diluted share for the year." (Consensus for FY07 is $1.12)
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