Pre-Open Movers 11/26: Genlyte (GLYT) Higher on Buyout, Hoku Scientific (HOKU) Soars on Contract
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StreetInsider.com Pre-Open Movers:
The Genlyte Group Incorporated (Nasdaq: GLYT) 50% HIGHER; entered into a definitive merger agreement with Philips Holding USA Inc., a fully-owned subsidiary of Royal Philips Electronics (NYSE: PHG) pursuant to which Philips will acquire Genlyte in an all-cash transaction for approximately USD 2.7 billion that will create one of the world leaders in lighting fixtures, controls and related products.
Hoku Scientific, Inc. (NASDAQ: HOKU) 39% HIGHER; Hoku and Solarfun Power Hong Kong Limited, a subsidiary of Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF), announced the signing of a definitive contract for Hoku's sale and delivery of polysilicon to Solarfun over an eight-year period beginning in mid-2009. Under the contract, up to approximately $306 million may be payable to Hoku during the eight-year period, subject to product deliveries and other conditions.
Newell Rubbermaid (NYSE: NWL) 10% LOWER; sees fourth quarter sales essentially flat with last year, and full year sales up between 3% and 3.5%. The previously communicated expectation assumed sales growth of approximately 2 percent for the fourth quarter and about 4 percent for the full year. Newell Rubbermaid maintained its previous EPS guidance despite the softer sales
China Fire & Security Group (Nasdaq: CFSG) 8% HIGHER; has been awarded a $31 million contract from Shougang Jingtang Steel and Iron Corp.
Circuit City Stores Inc. (NYSE: CC) 8% HIGHER; strong initial holiday weekend.
Tesoro Corporation (NYSE: TSO) 5% LOWER; Tracinda Corporation stated that the adoption of a rights plan by the Board of Directors of Tesoro on November 20, 2007 has resulted in a failure of a condition to Tracinda's tender offer for shares of Tesoro common stock.
SkillSoft Public Limited (Nasdaq: SKIL) 4% HIGHER; reported Q3 EPS of $0.06, 6 cents better than the analyst estimate of $0.00. Revenues for the quarter were $75.1 million, versus the consensus of $73.93 million. The Company raised its FY08 revenue guidance to be in the range of $276.7 to $280.0 million from $272 to $280 million, versus the consensus of $277.71 million. SkillSoft also raised EPS for the full-year from $0.19-$0.21 to $0.22-$0.24, versus the consensus of $0.20.
Rio Tinto (NYSE: RTP) 2.3% HIGHER; said it will raise its dividend 30% and will sell $30 billion in assets in an effort to spurn rival BHP Billiton's (NYSE: BHP) unsolicited takeover offer. Rio Tinto rejected BHP's $128 billion takeover offer earlier in the month, saying it "significantly undervalues Rio Tinto and its prospects." Rumors China's $200 billion sovereign wealth fund, China Investment Corp., was planning its own offer sent the share higher today. Rio Tinto said they have not held talks with any Chinese company regarding a bid.
Best Buy Co. Inc. (NYSE: BBY) 1.6% HIGHER; strong initial holiday weekend
Celgene Corporation (Nasdaq: CELG) 1.4% HIGHER; Banc of America rates a Buy
Sony Corporation (NYSE: SNE) INDICATED HIGHER; Dubai firm takes significant stake in Sony
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The Genlyte Group Incorporated (Nasdaq: GLYT) 50% HIGHER; entered into a definitive merger agreement with Philips Holding USA Inc., a fully-owned subsidiary of Royal Philips Electronics (NYSE: PHG) pursuant to which Philips will acquire Genlyte in an all-cash transaction for approximately USD 2.7 billion that will create one of the world leaders in lighting fixtures, controls and related products.
Hoku Scientific, Inc. (NASDAQ: HOKU) 39% HIGHER; Hoku and Solarfun Power Hong Kong Limited, a subsidiary of Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF), announced the signing of a definitive contract for Hoku's sale and delivery of polysilicon to Solarfun over an eight-year period beginning in mid-2009. Under the contract, up to approximately $306 million may be payable to Hoku during the eight-year period, subject to product deliveries and other conditions.
Newell Rubbermaid (NYSE: NWL) 10% LOWER; sees fourth quarter sales essentially flat with last year, and full year sales up between 3% and 3.5%. The previously communicated expectation assumed sales growth of approximately 2 percent for the fourth quarter and about 4 percent for the full year. Newell Rubbermaid maintained its previous EPS guidance despite the softer sales
China Fire & Security Group (Nasdaq: CFSG) 8% HIGHER; has been awarded a $31 million contract from Shougang Jingtang Steel and Iron Corp.
Circuit City Stores Inc. (NYSE: CC) 8% HIGHER; strong initial holiday weekend.
Tesoro Corporation (NYSE: TSO) 5% LOWER; Tracinda Corporation stated that the adoption of a rights plan by the Board of Directors of Tesoro on November 20, 2007 has resulted in a failure of a condition to Tracinda's tender offer for shares of Tesoro common stock.
SkillSoft Public Limited (Nasdaq: SKIL) 4% HIGHER; reported Q3 EPS of $0.06, 6 cents better than the analyst estimate of $0.00. Revenues for the quarter were $75.1 million, versus the consensus of $73.93 million. The Company raised its FY08 revenue guidance to be in the range of $276.7 to $280.0 million from $272 to $280 million, versus the consensus of $277.71 million. SkillSoft also raised EPS for the full-year from $0.19-$0.21 to $0.22-$0.24, versus the consensus of $0.20.
Rio Tinto (NYSE: RTP) 2.3% HIGHER; said it will raise its dividend 30% and will sell $30 billion in assets in an effort to spurn rival BHP Billiton's (NYSE: BHP) unsolicited takeover offer. Rio Tinto rejected BHP's $128 billion takeover offer earlier in the month, saying it "significantly undervalues Rio Tinto and its prospects." Rumors China's $200 billion sovereign wealth fund, China Investment Corp., was planning its own offer sent the share higher today. Rio Tinto said they have not held talks with any Chinese company regarding a bid.
Best Buy Co. Inc. (NYSE: BBY) 1.6% HIGHER; strong initial holiday weekend
Celgene Corporation (Nasdaq: CELG) 1.4% HIGHER; Banc of America rates a Buy
Sony Corporation (NYSE: SNE) INDICATED HIGHER; Dubai firm takes significant stake in Sony
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