StreetInsider.com Pre-Open Movers 07/17
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StreetInsider.com Pre-Open Movers:
Q.E.P. CO., INC. (Nasdaq: QEPC) 70% HIGHER; Quarterly sales were approximately $57 million for the first time in our history, a 5.5% increase over the $54 million achieved in the first quarter of fiscal 2007. The company reported quarterly net income of $0.9 million, or $0.23 per diluted share, compared to income of $0.3 million or $0.08 per share for the first quarter of fiscal 2007.
Metabasis Therapeutics, Inc. (Nasdaq: MBRX) 59% LOWER; Says Strategic Collaborator Finds CS-917 Product Candidate Failed to Significantly Lower Placebo-Adjusted Level of Glycosylated Hemoglobin
Qiao Xing Universal Telephone Inc. (Nasdaq: XING) 19% LOWER; Release its 2006 Annual Report and Restate its Financial Data for 2005, 2004 and 2003
Lyondell Chemical Company (NYSE: LYO) 16.8% HIGHER; Basell and Lyondell Chemical signed a definitive agreement pursuant to which Basell will acquire Lyondell's outstanding common shares for $48 per common share in an all cash transaction with a total enterprise value of approximately $19 billion, including the assumption of debt.
Pogo Producing Company (NYSE: PPP) 15% HIGHER; Plains Exploration & Production Company (NYSE: PXP) and Pogo Producing entered into a definitive agreement to acquire Pogo in a stock and cash transaction valued at approximately $3.6 billion, based on PXP's closing price on July 16, 2007.
Encysive Pharmaceuticals Inc. (Nasdaq: ENCY) 14.7% HIGHER; has retained the investment banking firm of Morgan Stanley to assist in evaluating its strategic alternatives to maximize stockholder value.
LJ International Inc. (Nasdaq: JADE) 11.6% LOWER; to Delay Filing Its 2006 Form 20-F
Keystone Automotive Industries, Inc. (Nasdaq: KEYS) 7.4% HIGHER; signed a definitive merger agreement with LKQ Corporation (Nasdaq: LKQX) in which LKQ will acquire Keystone for $48.00 per share in cash, representing an aggregate purchase price of approximately $811 million on a fully diluted basis. Shares of KEYS closed at $43.61 on Monday.
Stanley Furniture Company (Nasdaq: STLY) 7.3% LOWER; reports a Q2 loss of $0.23, in-line with estimates. Sees Q3 sale in the range of $70-74 million and EPS between $0.16-0.20. (Consensus is $78.92 million and EPS consensus is $0.35). Sees FY07 sales in the range of $280 million to $290 million and FY EPS between $0.65-0.75. (Consensus is $302.92 million and EPS consensus is $1.05)
Assurant, Inc. (NYSE: AIZ) 6.5% LOWER; said this morning that it has learned that Robert B. Pollock, Assurant's president and chief executive officer, Philip Bruce Camacho, Assurant's executive vice president and chief financial officer, and Adam Lamnin, executive vice president and chief financial officer of Assurant Solutions / Assurant Specialty Property, have each received a "Wells notice" from the staff of the Division of Enforcement of the SEC in connection with its ongoing investigation of certain loss mitigation insurance products.
Universal Forest Products, Inc. (NASDAQ: UFPI) 6% LOWER; reports Q2 EPS of $0.86, 7 cents worse than estimates. Revenues were $773.1 million vs. $791.38 million consensus. The Company's initial targets for 2007 were based, in part, on assumptions that haven't materialized. Therefore, the Company is revising its targets to annual net sales of $2.375 billion to $2.425 billion and annual net earnings of $40.0 million to $42.0 million in 2007. (Consensus is $2.61 billion)
Jefferies Group, Inc. (NYSE: JEF) 4.8% HIGHER; reports Q2 EPS of $0.45, 6 cents better than estimates. Revenues were $465 million vs. $411.48 million consensus.
King Pharmaceuticals Inc. (NYSE: KG) 4.4% LOWER; Citigroup downgrades to Sell
Rohm & Haas Co. (NYSE: ROH) 3.9% HIGHER; Citigroup upgrades to Buy; $2B Buyback
Plains Exploration & Production Company (NYSE: PXP) 3.3% LOWER; Acquiring Pogo Producing Co. (PPP)
NovaStar Financial, Inc. (NYSE: NFI) 2% HIGHER; Announces Investment of $48.8 Million by MassMutual and Jefferies Capital Partners As Part of Commitment to Raise $150 Million in New Equity
Lear Corp. (NYSE: LEA) 2% HIGHER; JP Morgan upgrades to Overweight
Health Care REIT, Inc. (NYSE: HCN) 2% LOWER; announced that it is offering $350 million aggregate principal amount of Convertible Senior Notes due 2027
BHP Billiton Ltd. (NYSE: BHP) 1.9% LOWER; Deutshce Bank downgrades to Hold
Q.E.P. CO., INC. (Nasdaq: QEPC) 70% HIGHER; Quarterly sales were approximately $57 million for the first time in our history, a 5.5% increase over the $54 million achieved in the first quarter of fiscal 2007. The company reported quarterly net income of $0.9 million, or $0.23 per diluted share, compared to income of $0.3 million or $0.08 per share for the first quarter of fiscal 2007.
Metabasis Therapeutics, Inc. (Nasdaq: MBRX) 59% LOWER; Says Strategic Collaborator Finds CS-917 Product Candidate Failed to Significantly Lower Placebo-Adjusted Level of Glycosylated Hemoglobin
Qiao Xing Universal Telephone Inc. (Nasdaq: XING) 19% LOWER; Release its 2006 Annual Report and Restate its Financial Data for 2005, 2004 and 2003
Lyondell Chemical Company (NYSE: LYO) 16.8% HIGHER; Basell and Lyondell Chemical signed a definitive agreement pursuant to which Basell will acquire Lyondell's outstanding common shares for $48 per common share in an all cash transaction with a total enterprise value of approximately $19 billion, including the assumption of debt.
Pogo Producing Company (NYSE: PPP) 15% HIGHER; Plains Exploration & Production Company (NYSE: PXP) and Pogo Producing entered into a definitive agreement to acquire Pogo in a stock and cash transaction valued at approximately $3.6 billion, based on PXP's closing price on July 16, 2007.
Encysive Pharmaceuticals Inc. (Nasdaq: ENCY) 14.7% HIGHER; has retained the investment banking firm of Morgan Stanley to assist in evaluating its strategic alternatives to maximize stockholder value.
LJ International Inc. (Nasdaq: JADE) 11.6% LOWER; to Delay Filing Its 2006 Form 20-F
Keystone Automotive Industries, Inc. (Nasdaq: KEYS) 7.4% HIGHER; signed a definitive merger agreement with LKQ Corporation (Nasdaq: LKQX) in which LKQ will acquire Keystone for $48.00 per share in cash, representing an aggregate purchase price of approximately $811 million on a fully diluted basis. Shares of KEYS closed at $43.61 on Monday.
Stanley Furniture Company (Nasdaq: STLY) 7.3% LOWER; reports a Q2 loss of $0.23, in-line with estimates. Sees Q3 sale in the range of $70-74 million and EPS between $0.16-0.20. (Consensus is $78.92 million and EPS consensus is $0.35). Sees FY07 sales in the range of $280 million to $290 million and FY EPS between $0.65-0.75. (Consensus is $302.92 million and EPS consensus is $1.05)
Assurant, Inc. (NYSE: AIZ) 6.5% LOWER; said this morning that it has learned that Robert B. Pollock, Assurant's president and chief executive officer, Philip Bruce Camacho, Assurant's executive vice president and chief financial officer, and Adam Lamnin, executive vice president and chief financial officer of Assurant Solutions / Assurant Specialty Property, have each received a "Wells notice" from the staff of the Division of Enforcement of the SEC in connection with its ongoing investigation of certain loss mitigation insurance products.
Universal Forest Products, Inc. (NASDAQ: UFPI) 6% LOWER; reports Q2 EPS of $0.86, 7 cents worse than estimates. Revenues were $773.1 million vs. $791.38 million consensus. The Company's initial targets for 2007 were based, in part, on assumptions that haven't materialized. Therefore, the Company is revising its targets to annual net sales of $2.375 billion to $2.425 billion and annual net earnings of $40.0 million to $42.0 million in 2007. (Consensus is $2.61 billion)
Jefferies Group, Inc. (NYSE: JEF) 4.8% HIGHER; reports Q2 EPS of $0.45, 6 cents better than estimates. Revenues were $465 million vs. $411.48 million consensus.
King Pharmaceuticals Inc. (NYSE: KG) 4.4% LOWER; Citigroup downgrades to Sell
Rohm & Haas Co. (NYSE: ROH) 3.9% HIGHER; Citigroup upgrades to Buy; $2B Buyback
Plains Exploration & Production Company (NYSE: PXP) 3.3% LOWER; Acquiring Pogo Producing Co. (PPP)
NovaStar Financial, Inc. (NYSE: NFI) 2% HIGHER; Announces Investment of $48.8 Million by MassMutual and Jefferies Capital Partners As Part of Commitment to Raise $150 Million in New Equity
Lear Corp. (NYSE: LEA) 2% HIGHER; JP Morgan upgrades to Overweight
Health Care REIT, Inc. (NYSE: HCN) 2% LOWER; announced that it is offering $350 million aggregate principal amount of Convertible Senior Notes due 2027
BHP Billiton Ltd. (NYSE: BHP) 1.9% LOWER; Deutshce Bank downgrades to Hold
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