Pre-Open Movers 12/17: LDK Solar Surges After Finding No Inventory Errors, Trane Higher on Buyout (LDK, TT)
Tweet
Share
E-mailGet Alerts LDK Hot Sheet
Join SI Premium – FREE
StreetInsider.com Pre-Open Movers:
LDK Solar Co., Ltd. (NYSE: LDK) 31% HIGHER; said its Audit Committee has completed its independent investigation into the recent allegations made by LDK's former employee, Mr. Charley Situ, that the Company incorrectly reported its inventories of silicon feedstock, as evidenced by an alleged inventory discrepancy as of August 31st, 2007. The investigation found no material errors in the Company's stated silicon inventory quantities as of August 31st, 2007, and concluded that Mr. Situ's allegations of an inventory discrepancy were incorrect because he had not taken into account all locations in which the Company stored its silicon feedstock.
Ambac Financial Group, Inc. (NYSE: ABK) 29% HIGHER; Moody's affirms triple-A rating and stable outlook. Friedman Billings upgraded Ambac to Outperform with a $35 price target.
Trane Inc. (NYSE: TT) 23% HIGHER; Ingersoll-Rand Company announced a definitive agreement to acquire Trane in a transaction valued at approximately $10.1 billion, including transaction fees and the assumption of approximately $150 million of Trane net debt.
Grant Prideco, Inc.(NYSE: GRP) 17% HIGHER; National Oilwell Varco, Inc. (NYSE: NOV) and Grant Prideco jointly announced today that they have entered into adefinitive merger agreement pursuant to which National Oilwell Varco will acquire all of the outstanding shares of Grant Prideco for consideration of $23.20 in cash and 0.4498 shares of National Oilwell Varco per share of Grant Prideco.
KongZhong Corporation (Nasdaq: KONG) 14% HIGHER; raised its revenue guidance for the fourth quarter of its 2007 fiscal year. KongZhong now expects its fourth quarter revenues to be between US$ 18.5 million and US$ 19.5 million, an increase of US$ 1 million from its previous guidance of US$17.5 million to US$18.5 million. The Wall Street consensus is $17.43 million.
Ingersoll-Rand (NYSE: IR) 6.5% LOWER; Buying Trane.
Delek US Holdings Inc. (NYSE: DK) 4.5% HIGHER; Citi upgrades to Buy
Illinois Tool Works Inc. (NYSE: ITW) 4% LOWER; is lowering its forecasted earnings range to $0.82 to $0.86 in the 2007 fourth quarter and $3.32 to $3.36 for the full-year. The Wall Street consensus is $0.88 and $3.38.
Priceline.com Inc. (Nasdaq: PCLN) 3.5% LOWER; Citigroup downgrades to Hold
Caterpillar Inc. (NYSE: CAT) 2.3% LOWER; Morgan Stanley downgrades to Underweight.
For Real-Time Market Moving News Sign Up for StreetInsider.com Premium - FREE TRIAL
LDK Solar Co., Ltd. (NYSE: LDK) 31% HIGHER; said its Audit Committee has completed its independent investigation into the recent allegations made by LDK's former employee, Mr. Charley Situ, that the Company incorrectly reported its inventories of silicon feedstock, as evidenced by an alleged inventory discrepancy as of August 31st, 2007. The investigation found no material errors in the Company's stated silicon inventory quantities as of August 31st, 2007, and concluded that Mr. Situ's allegations of an inventory discrepancy were incorrect because he had not taken into account all locations in which the Company stored its silicon feedstock.
Ambac Financial Group, Inc. (NYSE: ABK) 29% HIGHER; Moody's affirms triple-A rating and stable outlook. Friedman Billings upgraded Ambac to Outperform with a $35 price target.
Trane Inc. (NYSE: TT) 23% HIGHER; Ingersoll-Rand Company announced a definitive agreement to acquire Trane in a transaction valued at approximately $10.1 billion, including transaction fees and the assumption of approximately $150 million of Trane net debt.
Grant Prideco, Inc.(NYSE: GRP) 17% HIGHER; National Oilwell Varco, Inc. (NYSE: NOV) and Grant Prideco jointly announced today that they have entered into adefinitive merger agreement pursuant to which National Oilwell Varco will acquire all of the outstanding shares of Grant Prideco for consideration of $23.20 in cash and 0.4498 shares of National Oilwell Varco per share of Grant Prideco.
KongZhong Corporation (Nasdaq: KONG) 14% HIGHER; raised its revenue guidance for the fourth quarter of its 2007 fiscal year. KongZhong now expects its fourth quarter revenues to be between US$ 18.5 million and US$ 19.5 million, an increase of US$ 1 million from its previous guidance of US$17.5 million to US$18.5 million. The Wall Street consensus is $17.43 million.
Ingersoll-Rand (NYSE: IR) 6.5% LOWER; Buying Trane.
Delek US Holdings Inc. (NYSE: DK) 4.5% HIGHER; Citi upgrades to Buy
Illinois Tool Works Inc. (NYSE: ITW) 4% LOWER; is lowering its forecasted earnings range to $0.82 to $0.86 in the 2007 fourth quarter and $3.32 to $3.36 for the full-year. The Wall Street consensus is $0.88 and $3.38.
Priceline.com Inc. (Nasdaq: PCLN) 3.5% LOWER; Citigroup downgrades to Hold
Caterpillar Inc. (NYSE: CAT) 2.3% LOWER; Morgan Stanley downgrades to Underweight.
For Real-Time Market Moving News Sign Up for StreetInsider.com Premium - FREE TRIAL
You May Also Be Interested In
- Barclays reports U.S. hotel revenue per room up 8.2% in July
- Coty stock tumbles as lack of visibility, RBC downgrade overshadow Q4 beat
- Barclays upgrades American Tower and Crown Castle on valuation, growth catalysts
Create E-mail Alert Related Categories
General News, Special ReportsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
