StreetInsider.com Pre-Open Movers: 08/15
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StreetInsider.com Pre-Open Movers:
Accredited Home Lenders Holding Co. (Nasdaq: LEND) 25% HIGHER; Court sets expedited trial date related to its lawsuit against Lone Star seeks specific performance of Lone Star's obligations to close its tender offer. The company said 97% of Accredited's outstanding common stock had been validly tendered and not withdrawn in response to Lone Star's tender offer.
KKR Financial Corp. (NYSE: KFN) 15% LOWER; Lehman Bros and Friedman Billings downgrade on mortgage exposure. Company selling $5.1 Billion of Residential Mortgage Loans.
Agilent (NYSE: A) 11.7% LOWER; reported Q3 earnings of $0.48 per share, in-line with estimates. ($0.48) Revenues came in at $1.37 billion versus the consensus of $1.4 billion. For the fiscal fourth quarter of 2007, Agilent expects a softer than normal seasonal increase in revenues because of weak Asian electronic measurement markets. Revenues are expected to be in the range of $1.39 billion to $1.43 billion, up 5-8% from last year. Adjusted net income is expected to be in the range of $0.50 to $0.54 per share, 9-17% above last year's comparable earnings. (Q4 revenue consensus is $1.47 billion and EPS consensus is $0.58)
Progen Pharmaceuticals Limited (Nasdaq: PGLA) 11% HIGHER; announced that the Committee for Orphan Medical Products of the European Agency for the Evaluation of Medicinal Products has adopted a positive opinion recommending the granting of orphan medicinal product designation for PI-88 for the treatment of hepatocellular carcinoma, or primary liver cancer.
WCI Communities Inc. (NYSE: WCI) 10% LOWER; Delays second quarter earnings release. The company said, "Preliminarily, it appears that WCI will record asset impairment charges of $34 million to $54 million before taxes for the second quarter of 2007."
Daktronics Inc. (Nasdaq: DAKT) 8.9% HIGHER; reports Q1 EPS of $0.17, versus the consensus of $0.14. Revenues came in at $120.9 million versus the consensus of $124.3 million. Sees Q2 ESP of $0.17-$0.25, versus the consensus of $0.21. Sees year sales target intact.
Wind River Systems (Nasdaq: WIND) 8.9% HIGHER; Reports from Silicon Valley Watcher the company is on the auction block, with IBM mentioned as a lead buyer.
Novacea, Inc. (Nasdaq: NOVC) 8% LOWER;The company's net loss for the second quarter of 2007 was $16.0 million, or $0.69 per share.
Countrywide Financial Corp. (NYSE: CFC) 6% LOWER; Merrill Lynch downgrades Countrywide from Buy to Sell, citing mortgage liquidity concerns.
Midwest Air Group Inc. (AMEX: MEH) 5% HIGHER; AirTran Holdings Inc. (AAI) discloses $16.50 per share offer for the company.
Macy's, Inc. (NYSE: M) 3% LOWER; reports Q2 EPS of $0.29, ex-items, 3 cents better than estimates. Revenues came in at $5.89 billion versus the consensus of $5.9 billion. Sees Q3 EPS of $0.05-$0.10, versus the consensus of $0.19. Sees Q3 sales of $5.9-$6 billion versus the consensus of $5.96 billion. Sees Q4 EPS of $1.70-$1.80, versus the consensus of $1.83. Sees FY EPS of $2.15-$2.30, versus the consensus of $2.37.
Applied Materials (NASDAQ: AMAT) 2.8% LOWER; reported Q3 earnings of $0.35 per share, 3 cents better than estimates. ($0.32) Revenues came in at $2.56e billion versus the consensus of $2.5 billion.
Deere & Co. (NYSE: DE) 2% HIGHER; reports Q3 EPS of $2.37, above the consensus of $1.99. Revenues came in at $6.634 billion versus the consensus of $6.65 billion. Sees Q4 sales up by 16%. Sees year sales up by 7%.
Thornburg Mortgage Inc. (NYSE: TMA) INDICTED HIGHER; Bounces after providing an update on the mortgate market; delays dividend, sees disruptions in ability to fund mortgage assets. The stock lost 46.7% intra-day Tuesday.
H. J. Heinz Company (NYSE: HNZ) INDICTED HIGHER; in a pre-earnings announcement before its annual shareholders meeting said that it expects to report strong first quarter results on August 24, 2007, including sales growth of approximately 9%, operating income growth of approximately 14% and EPS of $0.62 to $0.63. (Consensus is $0.55). Heinz expects organic sales growth (volume plus price) in Q1 of more than 5% across its global businesses including double-digit organic sales growth of the Company's Ketchup, Beans and Soup brands. As a result of the fast start to the fiscal year, Heinz now expects its full-year results to be near the top of the Company's previously announced FY2008 earnings range of $2.54-$2.60, a growth rate of 8% to 9%. (Consensus is $2.59)
Accredited Home Lenders Holding Co. (Nasdaq: LEND) 25% HIGHER; Court sets expedited trial date related to its lawsuit against Lone Star seeks specific performance of Lone Star's obligations to close its tender offer. The company said 97% of Accredited's outstanding common stock had been validly tendered and not withdrawn in response to Lone Star's tender offer.
KKR Financial Corp. (NYSE: KFN) 15% LOWER; Lehman Bros and Friedman Billings downgrade on mortgage exposure. Company selling $5.1 Billion of Residential Mortgage Loans.
Agilent (NYSE: A) 11.7% LOWER; reported Q3 earnings of $0.48 per share, in-line with estimates. ($0.48) Revenues came in at $1.37 billion versus the consensus of $1.4 billion. For the fiscal fourth quarter of 2007, Agilent expects a softer than normal seasonal increase in revenues because of weak Asian electronic measurement markets. Revenues are expected to be in the range of $1.39 billion to $1.43 billion, up 5-8% from last year. Adjusted net income is expected to be in the range of $0.50 to $0.54 per share, 9-17% above last year's comparable earnings. (Q4 revenue consensus is $1.47 billion and EPS consensus is $0.58)
Progen Pharmaceuticals Limited (Nasdaq: PGLA) 11% HIGHER; announced that the Committee for Orphan Medical Products of the European Agency for the Evaluation of Medicinal Products has adopted a positive opinion recommending the granting of orphan medicinal product designation for PI-88 for the treatment of hepatocellular carcinoma, or primary liver cancer.
WCI Communities Inc. (NYSE: WCI) 10% LOWER; Delays second quarter earnings release. The company said, "Preliminarily, it appears that WCI will record asset impairment charges of $34 million to $54 million before taxes for the second quarter of 2007."
Daktronics Inc. (Nasdaq: DAKT) 8.9% HIGHER; reports Q1 EPS of $0.17, versus the consensus of $0.14. Revenues came in at $120.9 million versus the consensus of $124.3 million. Sees Q2 ESP of $0.17-$0.25, versus the consensus of $0.21. Sees year sales target intact.
Wind River Systems (Nasdaq: WIND) 8.9% HIGHER; Reports from Silicon Valley Watcher the company is on the auction block, with IBM mentioned as a lead buyer.
Novacea, Inc. (Nasdaq: NOVC) 8% LOWER;The company's net loss for the second quarter of 2007 was $16.0 million, or $0.69 per share.
Countrywide Financial Corp. (NYSE: CFC) 6% LOWER; Merrill Lynch downgrades Countrywide from Buy to Sell, citing mortgage liquidity concerns.
Midwest Air Group Inc. (AMEX: MEH) 5% HIGHER; AirTran Holdings Inc. (AAI) discloses $16.50 per share offer for the company.
Macy's, Inc. (NYSE: M) 3% LOWER; reports Q2 EPS of $0.29, ex-items, 3 cents better than estimates. Revenues came in at $5.89 billion versus the consensus of $5.9 billion. Sees Q3 EPS of $0.05-$0.10, versus the consensus of $0.19. Sees Q3 sales of $5.9-$6 billion versus the consensus of $5.96 billion. Sees Q4 EPS of $1.70-$1.80, versus the consensus of $1.83. Sees FY EPS of $2.15-$2.30, versus the consensus of $2.37.
Applied Materials (NASDAQ: AMAT) 2.8% LOWER; reported Q3 earnings of $0.35 per share, 3 cents better than estimates. ($0.32) Revenues came in at $2.56e billion versus the consensus of $2.5 billion.
Deere & Co. (NYSE: DE) 2% HIGHER; reports Q3 EPS of $2.37, above the consensus of $1.99. Revenues came in at $6.634 billion versus the consensus of $6.65 billion. Sees Q4 sales up by 16%. Sees year sales up by 7%.
Thornburg Mortgage Inc. (NYSE: TMA) INDICTED HIGHER; Bounces after providing an update on the mortgate market; delays dividend, sees disruptions in ability to fund mortgage assets. The stock lost 46.7% intra-day Tuesday.
H. J. Heinz Company (NYSE: HNZ) INDICTED HIGHER; in a pre-earnings announcement before its annual shareholders meeting said that it expects to report strong first quarter results on August 24, 2007, including sales growth of approximately 9%, operating income growth of approximately 14% and EPS of $0.62 to $0.63. (Consensus is $0.55). Heinz expects organic sales growth (volume plus price) in Q1 of more than 5% across its global businesses including double-digit organic sales growth of the Company's Ketchup, Beans and Soup brands. As a result of the fast start to the fiscal year, Heinz now expects its full-year results to be near the top of the Company's previously announced FY2008 earnings range of $2.54-$2.60, a growth rate of 8% to 9%. (Consensus is $2.59)
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