Morning Movers 09/30: (SCEI) (XRTX) (VRUS) (SPRD) Higher; (IR) (INSU) (HMIN) (MU) Lower
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Ingersoll-Rand plc (NYSE: IR) 15.3% LOWER; lowers its Q3 EPS from continuing operations outlook from $0.85 to $0.95 to a range of $0.77 to $0.80. Consensus sees EPS of $0.91. Revs move from $4.05-$4.15 billion to $3.90 to $3.95 billion. Consensus sees revs of $3.90 billion. FY11 EPS from $2.90 - $3.10 to $2.70 - $2.80. Consensus sees EPS of $2.96. Revs from $15.30-$15.50 billion to a range of $14.85 to $15.00 billion. The Street sees $14.78 billion.
Insituform Technologies (NASDAQ: INSU) 12% LOWER; Wedbush downgraded the stock from Outperform to Neutral with a price target lowered from $20 to $13. After cutting a trading halt and cut guidance early yesterday, shares of INSU were down about 14 percent. The stock, however, rallied very sharply to close the session and actually finished the day up 1 percent.
Micron Technology, Inc. (NASDAQ: MU) 11.6% LOWER; reported Q4 GAAP loss of $0.14, may not compare to the analyst estimate of $0.02. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.13 billion. The stock was also downgraded at Wedbush this morning.
Home Inns & Hotels Management Inc. (Nasdaq: HMIN) 10.9% LOWER; completed its acquisition of 100 percent ownership interest of Motel 168 International Holdings Limited today according to a definitive share purchase agreement it entered into on May 27, 2011. In addition, Home Inns announces that by September 30, 2011 it has achieved a key growth milestone of opening over 1,000 hotels separate from the acquisition of Motel 168.
Renren (Nasdaq: RENN) 10.8% LOWER; continuing lower amid concerns related to a probe over US-listed China-based companies and accounting fraud.
EnerNOC (Nasdaq: ENOC) 10.3% LOWER; may be falling amid the warning at Ingersoll-Rand.
Sino Clean Energy, Inc. (Nasdaq: SCEI) 10% HIGHER; reconfirmed its fiscal 2011 guidance and expected revenue of between $101.5 million and $110.7 million. The Company announced on the same day that its major customer, Shenyang Haizhong Heating, has completed pipeline modifications and is expected to resume operations in October as scheduled. Sino Clean Energy's Shenyang facility is prepared to produce CWSF to supply this key customer according to its expected ramp up in demand.
Xyratex, Ltd. (NASDAQ: XRTX) 9.3% HIGHER; reported Q3 EPS of $0.42, ex-items, $0.24 better than the analyst estimate of $0.18. Revenue for the quarter came in at $361.8 million versus the consensus estimate of $351.16 million. Sees Q4 2011 EPS of $0.27-$0.45, versus the consensus of $0.50. Sees Q4 2011 revenue of $343-$383 million, versus the consensus of $388.42 million.
Pharmasset (Nasdaq: VRUS) 9.1% HIGHER; in a Form 8-K, the company said the American Association for the Study of Liver Diseases released four abstracts on its PSI-7977. The abstracts showed the experimental drug doesn't alter heart rhythm or require PEG therapy for viral response.
Spreadtrum Communications, Inc. (NASDAQ: SPRD) 9.1% HIGHER; today announced that in 3Q 2011 it has met the last major milestone of a TD-SCDMA research and development grant awarded by China Mobile to the Company in 2009. This marks successful completion of the project and will enable the Company to recognize more than US$8 million in research and development grants as an offset to operating expenses in the third quarter of 2011, including subsidies recognized from both the China Mobile and other government projects.
Harbin Electric, Inc. (NASDAQ: HRBN) 8.8% HIGHER; filed definitive proxy materials with the Securities and Exchange Commission in connection with the Company's merger agreement with Tech Full Electric Company Limited. The mailing of such proxy materials to shareholders is expected to begin immediately. Harbin Electric's Board of Directors, on the unanimous recommendation of an independent Special Committee, comprised solely of Harbin's independent and disinterested directors, unanimously recommends that shareholders vote FOR the approval of the merger agreement -- by telephone, by Internet or by signing, dating and returning the Company's proxy card.
Lennox (NYSE: LII) 8.9% LOWER; likely falling on the heels of the warning at IR.
DemandTec, Inc. (NASDAQ: DMAN) 8.3% HIGHER; reported Q2 EPS of ($0.02), in-line with the analyst estimate of ($0.02). Revenue for the quarter came in at $22 million versus the consensus estimate of $22.02 million.
Itron (NASDAQ: ITRI) 8% LOWER; BofA/Merrill Lynch downgraded the stock from Buy to Underperform.
USEC Inc. (NYSE: USU) 8% LOWER; board of directors has voted to continue the company’s investment in the American Centrifuge Plant for the month of October, but at a reduced spending rate as the company continues working with the Department of Energy (DOE) to achieve a conditional loan guarantee commitment for the project by November 1. The company is directing suppliers to suspend certain work and notifying workers of possible future layoffs.
Insituform Technologies (NASDAQ: INSU) 12% LOWER; Wedbush downgraded the stock from Outperform to Neutral with a price target lowered from $20 to $13. After cutting a trading halt and cut guidance early yesterday, shares of INSU were down about 14 percent. The stock, however, rallied very sharply to close the session and actually finished the day up 1 percent.
Micron Technology, Inc. (NASDAQ: MU) 11.6% LOWER; reported Q4 GAAP loss of $0.14, may not compare to the analyst estimate of $0.02. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.13 billion. The stock was also downgraded at Wedbush this morning.
Home Inns & Hotels Management Inc. (Nasdaq: HMIN) 10.9% LOWER; completed its acquisition of 100 percent ownership interest of Motel 168 International Holdings Limited today according to a definitive share purchase agreement it entered into on May 27, 2011. In addition, Home Inns announces that by September 30, 2011 it has achieved a key growth milestone of opening over 1,000 hotels separate from the acquisition of Motel 168.
Renren (Nasdaq: RENN) 10.8% LOWER; continuing lower amid concerns related to a probe over US-listed China-based companies and accounting fraud.
EnerNOC (Nasdaq: ENOC) 10.3% LOWER; may be falling amid the warning at Ingersoll-Rand.
Sino Clean Energy, Inc. (Nasdaq: SCEI) 10% HIGHER; reconfirmed its fiscal 2011 guidance and expected revenue of between $101.5 million and $110.7 million. The Company announced on the same day that its major customer, Shenyang Haizhong Heating, has completed pipeline modifications and is expected to resume operations in October as scheduled. Sino Clean Energy's Shenyang facility is prepared to produce CWSF to supply this key customer according to its expected ramp up in demand.
Xyratex, Ltd. (NASDAQ: XRTX) 9.3% HIGHER; reported Q3 EPS of $0.42, ex-items, $0.24 better than the analyst estimate of $0.18. Revenue for the quarter came in at $361.8 million versus the consensus estimate of $351.16 million. Sees Q4 2011 EPS of $0.27-$0.45, versus the consensus of $0.50. Sees Q4 2011 revenue of $343-$383 million, versus the consensus of $388.42 million.
Pharmasset (Nasdaq: VRUS) 9.1% HIGHER; in a Form 8-K, the company said the American Association for the Study of Liver Diseases released four abstracts on its PSI-7977. The abstracts showed the experimental drug doesn't alter heart rhythm or require PEG therapy for viral response.
Spreadtrum Communications, Inc. (NASDAQ: SPRD) 9.1% HIGHER; today announced that in 3Q 2011 it has met the last major milestone of a TD-SCDMA research and development grant awarded by China Mobile to the Company in 2009. This marks successful completion of the project and will enable the Company to recognize more than US$8 million in research and development grants as an offset to operating expenses in the third quarter of 2011, including subsidies recognized from both the China Mobile and other government projects.
Harbin Electric, Inc. (NASDAQ: HRBN) 8.8% HIGHER; filed definitive proxy materials with the Securities and Exchange Commission in connection with the Company's merger agreement with Tech Full Electric Company Limited. The mailing of such proxy materials to shareholders is expected to begin immediately. Harbin Electric's Board of Directors, on the unanimous recommendation of an independent Special Committee, comprised solely of Harbin's independent and disinterested directors, unanimously recommends that shareholders vote FOR the approval of the merger agreement -- by telephone, by Internet or by signing, dating and returning the Company's proxy card.
Lennox (NYSE: LII) 8.9% LOWER; likely falling on the heels of the warning at IR.
DemandTec, Inc. (NASDAQ: DMAN) 8.3% HIGHER; reported Q2 EPS of ($0.02), in-line with the analyst estimate of ($0.02). Revenue for the quarter came in at $22 million versus the consensus estimate of $22.02 million.
Itron (NASDAQ: ITRI) 8% LOWER; BofA/Merrill Lynch downgraded the stock from Buy to Underperform.
USEC Inc. (NYSE: USU) 8% LOWER; board of directors has voted to continue the company’s investment in the American Centrifuge Plant for the month of October, but at a reduced spending rate as the company continues working with the Department of Energy (DOE) to achieve a conditional loan guarantee commitment for the project by November 1. The company is directing suppliers to suspend certain work and notifying workers of possible future layoffs.
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