Pre-Open Movers 11/29: Regeneron (REGN) Soars On sanofi Deal, E*TRADE (ETFC) Up on $2.5B Cash Infusion
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Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) 37% HIGHER; Regeneron and sanofi-aventis (NYSE: SNY) entered into a global, strategic collaboration agreement to discover, develop, and commercialize fully-human therapeutic antibodies utilizing Regeneron's proprietary VelociSuite of technologies. Sanofi-aventis will also increase its ownership of Regeneron’s outstanding common stock from approximately 4 percent to approximately 19 percent by purchasing 12 million newly issued shares of Regeneron common stock at a price of $26.00 per share. As part of the research agreement, sanofi-aventis will make an $85 million upfront payment to Regeneron and will fund up to $475 million of research over the next five years.
Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) 22.65% HIGHER; Solarfun reported revenues of $100.3 million, up 312 % from the comparable quarter in 2006, and 63% her than 2Q 2007. Solarfun reported EPS of $0.17, up 22% from the same quarter a year ago and 90% above 2Q 2007. Solarfun Power also raised its 2007 outlook. The company sees net revenue of $280-$300 million, versus its prior guidance of $250-$270 million.
Trex Company, Inc. (NYSE: TWP) 14% HIGHER; now expects 2007 net sales to be in the range of $335 million to $345 million, versus prior net sales guidance of $315 million to $335 million. The Wall Street consensus is $331.8 million.
Sears Holdings (Nasdaq: SHLD) 12% LOWER; reported Q3 EPS of $0.01, versus the analyst estimate of $0.50. Revenues for the quarter were $11.5 million, versus the consensus of $11.61 million.
E*TRADE FINANCIAL (NASDAQ: ETFC) 11% HIGHER; announced a $2.5 billion cash infusion by affiliates of Citadel Investment Group. E*TRADE has divested itself of its $3 billion asset-backed securities (ABS) portfolio, including its ABS collateralized debt obligations (CDOs) and second lien securities.
Sigma Designs Inc. (Nasdaq: SIGM) 11% HIGHER; reports Q3 EPS of $0.79, above the consensus of $0.54. Revenues came in at $66.2 million, versus the consensus of $51.56 million. Sigma Designs sees Q4 rev growth up 10-15%.
Men's Wearhouse (NYSE: MW) 11% LOWER; reported Q3 EPS of $0.69, in-line with the analyst estimate of $0.69. Revenues for the quarter were $512.14 million, versus the consensus of $512.09 million. Men's Wearhouse sees Q4 EPS in the range of $0.43 to $0.48, versus the consensus of $0.55.
WellCare Health Plans, Inc. (NYSE: WCG) 9% HIGHER; On November 21, the company received an executed Contract between the Centers for Medicare & Medicaid Services. On November 26, the company received notice of renewal of its contract between CMS. NOTE: WCG plummeted recently after the FBI raided their HQ.
VCG Holding Corp. (AMEX: PTT) 8.7% HIGHER; expects to exceed its previously announced guidance of $0.43 of net earning per diluted share for 2007. For 2008 and 2009, management estimates net earnings to range between $0.86 to $0.92 per diluted share and $1.15 to $1.25 per diluted share, respectively.
Lululemon (Nasdaq: LULU) 8.6% HIGHER; reports Q3 EPS of $0.11, versus $0.02 last year. Revenues rose 84% to $66.2 million. Lululemon boosts FY EPS view to $0.40-$0.42, versus prior guidance of $0.30-$0.33.
Fred's Inc. (Nasdaq: FRED) 6% HIGHER; reports Q3 EPS of $0.12 per share, which includes 2c affect from timing shift, versus the consensus of $0.14. Revenues came in at $407.9 million, versus the consensus of $420.9 million. Separately, Hayes noted that Fred's has received multiple inquiries from qualified parties. The Board of Directors has retained Merrill Lynch & Co. to review a range of strategic and financial alternatives; and, on the advice of counsel, the Company has temporarily suspended its stock repurchase program.
Genesco Inc. (NYSE: GCO) 6% LOWER; reports Q3 EPS of $0.39, ex-items, versus the consensus of $0.56. Revenues came in at $372 million, versus the consensus of $388 million.
TiVo Inc. (Nasdaq: TIVO) 6% HIGHER; reported Q3 EPS of ($0.08), 5 cents better than the analyst estimate of ($0.13). Revenues for the quarter were $75.5 million, versus the consensus of $56.67 million. TiVo expects Q4 revenues of $58 to $60 million, versus the consensus of $59 million.
BIDZ.com, Inc. (Nasdaq: BIDZ) 6% HIGHER; recovers some of today's 15% losses. The company said it will investigate possible wrongdoing by editor Andrew Left of Citron Research, who published a derogatory profile on Bidz.com on Citron's website.
VMware, Inc. (NYSE: VMW) 4% HIGHER; Merrill Lynch upgrades VMware from Neutral to Buy with a $105 price target.
US BioEnergy Corp. (Nasdaq: USBE) 2.6% HIGHER; VeraSun Energy Corp. (NYSE: VSE) and US BioEnergy entered into a definitive merger agreement. Under the merger agreement, 0.81 share of VeraSun common stock will be issued for each outstanding share of US BioEnergy common stock, representing a premium of approximately 11 percent based on November 23, 2007, closing prices.
American Woodmark Corporation (Nasdaq: AMWD) INDICATED LOWER; reports Q2 EPS of $0.08 vs. consensus of $0.37. The Company is reducing its earnings guidance for fiscal year 2008 to $0.70 to $0.90 per diluted share, as compared with $2.04 in the prior fiscal year. (Consensus is $1.46)
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Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) 37% HIGHER; Regeneron and sanofi-aventis (NYSE: SNY) entered into a global, strategic collaboration agreement to discover, develop, and commercialize fully-human therapeutic antibodies utilizing Regeneron's proprietary VelociSuite of technologies. Sanofi-aventis will also increase its ownership of Regeneron’s outstanding common stock from approximately 4 percent to approximately 19 percent by purchasing 12 million newly issued shares of Regeneron common stock at a price of $26.00 per share. As part of the research agreement, sanofi-aventis will make an $85 million upfront payment to Regeneron and will fund up to $475 million of research over the next five years.
Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) 22.65% HIGHER; Solarfun reported revenues of $100.3 million, up 312 % from the comparable quarter in 2006, and 63% her than 2Q 2007. Solarfun reported EPS of $0.17, up 22% from the same quarter a year ago and 90% above 2Q 2007. Solarfun Power also raised its 2007 outlook. The company sees net revenue of $280-$300 million, versus its prior guidance of $250-$270 million.
Trex Company, Inc. (NYSE: TWP) 14% HIGHER; now expects 2007 net sales to be in the range of $335 million to $345 million, versus prior net sales guidance of $315 million to $335 million. The Wall Street consensus is $331.8 million.
Sears Holdings (Nasdaq: SHLD) 12% LOWER; reported Q3 EPS of $0.01, versus the analyst estimate of $0.50. Revenues for the quarter were $11.5 million, versus the consensus of $11.61 million.
E*TRADE FINANCIAL (NASDAQ: ETFC) 11% HIGHER; announced a $2.5 billion cash infusion by affiliates of Citadel Investment Group. E*TRADE has divested itself of its $3 billion asset-backed securities (ABS) portfolio, including its ABS collateralized debt obligations (CDOs) and second lien securities.
Sigma Designs Inc. (Nasdaq: SIGM) 11% HIGHER; reports Q3 EPS of $0.79, above the consensus of $0.54. Revenues came in at $66.2 million, versus the consensus of $51.56 million. Sigma Designs sees Q4 rev growth up 10-15%.
Men's Wearhouse (NYSE: MW) 11% LOWER; reported Q3 EPS of $0.69, in-line with the analyst estimate of $0.69. Revenues for the quarter were $512.14 million, versus the consensus of $512.09 million. Men's Wearhouse sees Q4 EPS in the range of $0.43 to $0.48, versus the consensus of $0.55.
WellCare Health Plans, Inc. (NYSE: WCG) 9% HIGHER; On November 21, the company received an executed Contract between the Centers for Medicare & Medicaid Services. On November 26, the company received notice of renewal of its contract between CMS. NOTE: WCG plummeted recently after the FBI raided their HQ.
VCG Holding Corp. (AMEX: PTT) 8.7% HIGHER; expects to exceed its previously announced guidance of $0.43 of net earning per diluted share for 2007. For 2008 and 2009, management estimates net earnings to range between $0.86 to $0.92 per diluted share and $1.15 to $1.25 per diluted share, respectively.
Lululemon (Nasdaq: LULU) 8.6% HIGHER; reports Q3 EPS of $0.11, versus $0.02 last year. Revenues rose 84% to $66.2 million. Lululemon boosts FY EPS view to $0.40-$0.42, versus prior guidance of $0.30-$0.33.
Fred's Inc. (Nasdaq: FRED) 6% HIGHER; reports Q3 EPS of $0.12 per share, which includes 2c affect from timing shift, versus the consensus of $0.14. Revenues came in at $407.9 million, versus the consensus of $420.9 million. Separately, Hayes noted that Fred's has received multiple inquiries from qualified parties. The Board of Directors has retained Merrill Lynch & Co. to review a range of strategic and financial alternatives; and, on the advice of counsel, the Company has temporarily suspended its stock repurchase program.
Genesco Inc. (NYSE: GCO) 6% LOWER; reports Q3 EPS of $0.39, ex-items, versus the consensus of $0.56. Revenues came in at $372 million, versus the consensus of $388 million.
TiVo Inc. (Nasdaq: TIVO) 6% HIGHER; reported Q3 EPS of ($0.08), 5 cents better than the analyst estimate of ($0.13). Revenues for the quarter were $75.5 million, versus the consensus of $56.67 million. TiVo expects Q4 revenues of $58 to $60 million, versus the consensus of $59 million.
BIDZ.com, Inc. (Nasdaq: BIDZ) 6% HIGHER; recovers some of today's 15% losses. The company said it will investigate possible wrongdoing by editor Andrew Left of Citron Research, who published a derogatory profile on Bidz.com on Citron's website.
VMware, Inc. (NYSE: VMW) 4% HIGHER; Merrill Lynch upgrades VMware from Neutral to Buy with a $105 price target.
US BioEnergy Corp. (Nasdaq: USBE) 2.6% HIGHER; VeraSun Energy Corp. (NYSE: VSE) and US BioEnergy entered into a definitive merger agreement. Under the merger agreement, 0.81 share of VeraSun common stock will be issued for each outstanding share of US BioEnergy common stock, representing a premium of approximately 11 percent based on November 23, 2007, closing prices.
American Woodmark Corporation (Nasdaq: AMWD) INDICATED LOWER; reports Q2 EPS of $0.08 vs. consensus of $0.37. The Company is reducing its earnings guidance for fiscal year 2008 to $0.70 to $0.90 per diluted share, as compared with $2.04 in the prior fiscal year. (Consensus is $1.46)
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