Pre-Open Movers 11/08: Rio Tinto (RTP), Restoration Hardware (RSTO) Surge on M&A; Sotheby's Falls
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StreetInsider.com Pre-Open Movers:
Rio Tinto (NYSE: RTP) 29% HIGHER; rejected a takeover approach from rival BHP Billiton (NYSE: BHP). Under BHP Billiton\'s proposal, each Rio Tinto share would be exchanged for three BHP Billiton shares. Rio Tinto said the offer, "significantly undervalues Rio Tinto and its prospects." The board unanimously rejected the proposal, saying it was not in shareholders best interest.
Zumiez Inc. (NASDAQ: ZUMZ) 25% LOWER; Said comparable store sales increased 5.1% for the four-week period ended November 3, 2007. The company sees Q3 EPS of $0.27 to $0.28 per share, versus the consensus of $0.33. The company now expects full year fiscal 2007 earnings per diluted share to be in the range of $0.92 to $0.94, versus the consensus of $1.01. The company is taking a more conservative outlook for the remainder of fiscal 2007 due to the reliance on seasonal merchandise in the fourth quarter.
NetSol Technologies (Nasdaq: NTWK) 25% HIGHER; Revenues increased 48% year-over-year to a record $8.7 million. GAAP net income increased to a record $1.8 million, or $0.08 per share, versus a loss of $1.3 million or ($0.08) per share in the year ago period.
Vonage Holdings (NYSE: VG) 23% HIGHER; reported Q3 loss of ($0.10), 3 cents better than the analyst estimate of ($0.13). Revenues for the quarter were $211 million, versus the consensus of $209.98 million.
Sotheby\'s (NYSE: BID) 23% LOWER; reports saY recent New York auction indicates the art boom has slowed. BofA downgrades
Kenexa (Nasdaq: KNXA) 23% LOWER; reported Q3 EPS of $0.33, in line with analyst estimates of $0.33. Revenues for the quarter were $46.8 million, versus the consensus of $49.25 million. Kenexa\'s Q4 EPS guidance 30-31 cents versus 39 cents. Full 07 $1.14-$1.15 versus consensus of $1.23.
Hansen Natural Corporation (NASDAQ: HANS) 23% LOWER; reported Q3 EPS of $0.46, 3 cents below the analysts consensus of $0.49. Net sales came in at $247.2 million, versus the consensus of $258.4 million.
First Solar, Inc. (Nasdaq: FSLR) 22% HIGHER; First Solar reported Q3 EPS of $0.58, (9 cent tax benefit) 39 cents better than the analyst estimate of $0.19. Revenues for the quarter were $159 million, versus the consensus of $120.4 million. First Solar said 2007 production will total 200 megawatts. 2008 output to almost double to 370-390 megawatts.
Greenfield Online Inc. (Nasdaq: SRVY) 15% HIGHER; reported Q3 EPS of $0.12, 1 cent better than
the analyst estimate of $0.11. Revenues for the quarter were $32.3 million, versus the consensus of $30.43 million.
Transmeta (Nasdaq: TMTA) 10% LOWER; reported Q3 EPS of ($1.24), cents better than the analyst estimate of ($0.96). Revenues for the quarter were $44 million, versus the consensus of $200,000 may not compare because of settlement.
Heelys Inc (Nasdaq: HLYS) 10% LOWER; reported Q3 EPS of $0.24, 1 cent better than the analyst estimate of $0.23. Revenues for the quarter were $49.9 million, versus the consensus of $49.03 million.
Heelys expects 2007 net sales to be flat compared to 2006 and sees Q4 EPS to be roughly break even, versus the consensus of $0.10.
Cisco Systems (Nasdaq: CSCO) 9% LOWER; reported Q3 EPS of $0.40, $0.37 ex-gain, versus estimate of $0.36. Revenues for the quarter were $9.6 billion, versus the consensus of $9.54 billion. Saw dramatic drop in financial, auto orders.
Christopher & Banks Corporation (NYSE: CBK) 8.8% HIGHER; said October same-store sales for the five-weeks ended November 3, 2007 as compared to the five-week period ended November 4, 2006 increased 22% due in large part to the positive results of the Company’s first ever friends and family promotion. The Company currently anticipates fiscal 2008 third quarter earnings per diluted share to be in the range of $0.26 to $0.28. The consensus is $0.22. For the year, the Company estimates earnings per diluted share to be in the range of $0.74 to $0.78. The consensus is $0.72.
McDermott International Inc. (NYSE: MDR) 7% LOWER; reported Q3 EPS of $0.61, 7 cents better than the analyst estimate of $0.54. Revenues for the quarter were $1.32 billion, versus the consensus of $1.40 billion.
China Sunergy Co. Ltd. (Nasdaq: CSUN) 5.8% HIGHER; strong results from First Solar
Evergreen Solar Inc. (Nasdaq: ESLR) 5.6% HIGHER; strong results from First Solar
JA Solar Holdings Co., Ltd. (Nasdaq: JASO) 5.5% HIGHER; strong results from First Solar
Companhia Vale do Rio Doce (NYSE: RIO) 5% HIGHER; Rio Tinto rejected a takeover approach from rival BHP Billiton.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) 5% HIGHER; Rio Tinto rejected a takeover approach from rival BHP Billiton.
Gap Inc. (NYSE: GPS) 5% HIGHER; said comparable store sales for October 2007 decreased 8 percent. The company reported net sales of $1.23 billion for the four-week period ended November 3, 2007. “While comparable store sales were down in October, merchandise margins were significantly above last year,” said Sabrina Simmons, executive vice president of Gap Inc. finance. For the thirteen weeks ended November 3, 2007, total company net sales were $3.85 billion. For the third quarter of fiscal year 2007, Gap Inc. expects diluted earnings per share to be $0.28 to $0.30, as the company continues to make progress on its strategies of driving earnings with healthy margins and controlling expenses. The consensus is $3.86 billion and $0.22, respectively.
Ford (NYSE: F) 4% HIGHER; reports a Q3 loss from continuing operations, excluding special items, of $0.01, better than the consensus of a $0.46 loss. Q3 revenues were $36.27 billion, versus the consensus of $33.2 billion.
Rambus Inc. (NASDAQ: RMBS) 4% HIGHER; signed a memorandum of understanding with Intel to explore possible uses for Rambus\' family of XDR memory solutions.
Juniper Networks, Inc. (Nasdaq: JNPR) 4% LOWER; Cisco results.
Chico\'s FAS, Inc. (NYSE: CHS) 3.4% LOWER; said comparable store sales for the Company-owned stores decreased 10.6% for the four-week period ended November 3, 2007. Based on lower than expected overall sales and merchandise margins, we expect earnings per share for the third quarter to be in the $.10 to $.13 range, which includes an approximately $.02 gain for the lucy transaction." The consensus is $0.17.
Tellabs Inc. (Nasdaq: TLAB) 3% HIGHER; said Krish Prabhu to resign as Pres/CEO; to Buyback $600M in shares
Kohl’s Corporation (NYSE: KSS) 2.3% LOWER; said comparable store sales decreased 3.8 percent in October. Based on October’s results, the Company expects its third quarter earnings to be $0.59 to $0.60 per diluted share. The consensus is $0.66.
Restoration Hardware, Inc. (Nasdaq: RSTO) INDICATED HIGHER; entered into a definitive merger agreement with an affiliate of Catterton Partners to be acquired for $6.70 per share. Gary Friedman, Restoration Hardware\'s Chairman, President and Chief Executive Officer, will participate with Catterton Partners in the transaction.
Emergent BioSolutions Inc. (NYSE: EBS) INDICATED LOWER; has been advised that the U.S. Department of Defense intends to pursue a collaborative arrangement with the U.S. Department of Health and Human Services to facilitate the use by DoD of stockpiled doses of BioThrax to prevent future waste of government funding and resources and that DoD is therefore cancelling its previously announced request for proposal.
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Rio Tinto (NYSE: RTP) 29% HIGHER; rejected a takeover approach from rival BHP Billiton (NYSE: BHP). Under BHP Billiton\'s proposal, each Rio Tinto share would be exchanged for three BHP Billiton shares. Rio Tinto said the offer, "significantly undervalues Rio Tinto and its prospects." The board unanimously rejected the proposal, saying it was not in shareholders best interest.
Zumiez Inc. (NASDAQ: ZUMZ) 25% LOWER; Said comparable store sales increased 5.1% for the four-week period ended November 3, 2007. The company sees Q3 EPS of $0.27 to $0.28 per share, versus the consensus of $0.33. The company now expects full year fiscal 2007 earnings per diluted share to be in the range of $0.92 to $0.94, versus the consensus of $1.01. The company is taking a more conservative outlook for the remainder of fiscal 2007 due to the reliance on seasonal merchandise in the fourth quarter.
NetSol Technologies (Nasdaq: NTWK) 25% HIGHER; Revenues increased 48% year-over-year to a record $8.7 million. GAAP net income increased to a record $1.8 million, or $0.08 per share, versus a loss of $1.3 million or ($0.08) per share in the year ago period.
Vonage Holdings (NYSE: VG) 23% HIGHER; reported Q3 loss of ($0.10), 3 cents better than the analyst estimate of ($0.13). Revenues for the quarter were $211 million, versus the consensus of $209.98 million.
Sotheby\'s (NYSE: BID) 23% LOWER; reports saY recent New York auction indicates the art boom has slowed. BofA downgrades
Kenexa (Nasdaq: KNXA) 23% LOWER; reported Q3 EPS of $0.33, in line with analyst estimates of $0.33. Revenues for the quarter were $46.8 million, versus the consensus of $49.25 million. Kenexa\'s Q4 EPS guidance 30-31 cents versus 39 cents. Full 07 $1.14-$1.15 versus consensus of $1.23.
Hansen Natural Corporation (NASDAQ: HANS) 23% LOWER; reported Q3 EPS of $0.46, 3 cents below the analysts consensus of $0.49. Net sales came in at $247.2 million, versus the consensus of $258.4 million.
First Solar, Inc. (Nasdaq: FSLR) 22% HIGHER; First Solar reported Q3 EPS of $0.58, (9 cent tax benefit) 39 cents better than the analyst estimate of $0.19. Revenues for the quarter were $159 million, versus the consensus of $120.4 million. First Solar said 2007 production will total 200 megawatts. 2008 output to almost double to 370-390 megawatts.
Greenfield Online Inc. (Nasdaq: SRVY) 15% HIGHER; reported Q3 EPS of $0.12, 1 cent better than
the analyst estimate of $0.11. Revenues for the quarter were $32.3 million, versus the consensus of $30.43 million.
Transmeta (Nasdaq: TMTA) 10% LOWER; reported Q3 EPS of ($1.24), cents better than the analyst estimate of ($0.96). Revenues for the quarter were $44 million, versus the consensus of $200,000 may not compare because of settlement.
Heelys Inc (Nasdaq: HLYS) 10% LOWER; reported Q3 EPS of $0.24, 1 cent better than the analyst estimate of $0.23. Revenues for the quarter were $49.9 million, versus the consensus of $49.03 million.
Heelys expects 2007 net sales to be flat compared to 2006 and sees Q4 EPS to be roughly break even, versus the consensus of $0.10.
Cisco Systems (Nasdaq: CSCO) 9% LOWER; reported Q3 EPS of $0.40, $0.37 ex-gain, versus estimate of $0.36. Revenues for the quarter were $9.6 billion, versus the consensus of $9.54 billion. Saw dramatic drop in financial, auto orders.
Christopher & Banks Corporation (NYSE: CBK) 8.8% HIGHER; said October same-store sales for the five-weeks ended November 3, 2007 as compared to the five-week period ended November 4, 2006 increased 22% due in large part to the positive results of the Company’s first ever friends and family promotion. The Company currently anticipates fiscal 2008 third quarter earnings per diluted share to be in the range of $0.26 to $0.28. The consensus is $0.22. For the year, the Company estimates earnings per diluted share to be in the range of $0.74 to $0.78. The consensus is $0.72.
McDermott International Inc. (NYSE: MDR) 7% LOWER; reported Q3 EPS of $0.61, 7 cents better than the analyst estimate of $0.54. Revenues for the quarter were $1.32 billion, versus the consensus of $1.40 billion.
China Sunergy Co. Ltd. (Nasdaq: CSUN) 5.8% HIGHER; strong results from First Solar
Evergreen Solar Inc. (Nasdaq: ESLR) 5.6% HIGHER; strong results from First Solar
JA Solar Holdings Co., Ltd. (Nasdaq: JASO) 5.5% HIGHER; strong results from First Solar
Companhia Vale do Rio Doce (NYSE: RIO) 5% HIGHER; Rio Tinto rejected a takeover approach from rival BHP Billiton.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) 5% HIGHER; Rio Tinto rejected a takeover approach from rival BHP Billiton.
Gap Inc. (NYSE: GPS) 5% HIGHER; said comparable store sales for October 2007 decreased 8 percent. The company reported net sales of $1.23 billion for the four-week period ended November 3, 2007. “While comparable store sales were down in October, merchandise margins were significantly above last year,” said Sabrina Simmons, executive vice president of Gap Inc. finance. For the thirteen weeks ended November 3, 2007, total company net sales were $3.85 billion. For the third quarter of fiscal year 2007, Gap Inc. expects diluted earnings per share to be $0.28 to $0.30, as the company continues to make progress on its strategies of driving earnings with healthy margins and controlling expenses. The consensus is $3.86 billion and $0.22, respectively.
Ford (NYSE: F) 4% HIGHER; reports a Q3 loss from continuing operations, excluding special items, of $0.01, better than the consensus of a $0.46 loss. Q3 revenues were $36.27 billion, versus the consensus of $33.2 billion.
Rambus Inc. (NASDAQ: RMBS) 4% HIGHER; signed a memorandum of understanding with Intel to explore possible uses for Rambus\' family of XDR memory solutions.
Juniper Networks, Inc. (Nasdaq: JNPR) 4% LOWER; Cisco results.
Chico\'s FAS, Inc. (NYSE: CHS) 3.4% LOWER; said comparable store sales for the Company-owned stores decreased 10.6% for the four-week period ended November 3, 2007. Based on lower than expected overall sales and merchandise margins, we expect earnings per share for the third quarter to be in the $.10 to $.13 range, which includes an approximately $.02 gain for the lucy transaction." The consensus is $0.17.
Tellabs Inc. (Nasdaq: TLAB) 3% HIGHER; said Krish Prabhu to resign as Pres/CEO; to Buyback $600M in shares
Kohl’s Corporation (NYSE: KSS) 2.3% LOWER; said comparable store sales decreased 3.8 percent in October. Based on October’s results, the Company expects its third quarter earnings to be $0.59 to $0.60 per diluted share. The consensus is $0.66.
Restoration Hardware, Inc. (Nasdaq: RSTO) INDICATED HIGHER; entered into a definitive merger agreement with an affiliate of Catterton Partners to be acquired for $6.70 per share. Gary Friedman, Restoration Hardware\'s Chairman, President and Chief Executive Officer, will participate with Catterton Partners in the transaction.
Emergent BioSolutions Inc. (NYSE: EBS) INDICATED LOWER; has been advised that the U.S. Department of Defense intends to pursue a collaborative arrangement with the U.S. Department of Health and Human Services to facilitate the use by DoD of stockpiled doses of BioThrax to prevent future waste of government funding and resources and that DoD is therefore cancelling its previously announced request for proposal.
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