Pre-Open Movers: Rite Aid (RAD) Down On Results/Guidance, Oralce (ORCL) Higher on Strong Earnings
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Electronic Clearing House Inc. (Nasdaq: ECHO) 108% HIGHER; Intuit, Inc. (Nasdaq: INTU) will acquire the company for $17 per share in cash.
Copernic Inc. (NASDAQ: CNIC) 20% HIGHER; commenced preliminary discussions with a third party, and to that end has entered into a non-binding letter of interest in connection with a potential strategic transaction. The parties have agreed to a 90 day exclusivity period. Copernic has agreed, in the event that it terminates negotiations during the exclusivity period, under certain circumstances, to pay to the third party a termination fee of US$250,000.
Altus Pharmaceuticals Inc. (NASDAQ: ALTU) 19% LOWER; reacquired ALTU-238 development and commercialization rights for North America from Genentech, Inc. Also, the Company announced that the exclusive option granted to Genentech for ALTU-238 development and commercialization outside North America has expired.
Array BioPharma Inc. (NASDAQ: ARRY) 18% LOWER; announced initial results from a randomized Phase 2 study comparing AZD6244 (ARRY-886) monotherapy with temozolomide in the first-line treatment of advanced melanoma. There was no apparent difference in efficacy between AZD6244 and temozolomide for the primary endpoint (Progression Free Survival). Based on the results of this study, AstraZeneca does not plan to progress AZD6244 as a monotherapy into a Phase 3 trial in patients with advanced melanoma at this time, although anti-tumor activity was detected. AstraZeneca is exploring other options to further develop this compound.
Rite Aid Corp. (NYSE: RAD) 15% LOWER; reports a Q3 loss of $0.12, versus the consensus of a $0.07 loss. Revenues came in at $6.52 billion versus the consensus of $6.65 billion. Cuts 2008 forecast. Sees FY08 loss of $0.27-$0.31, versus the consensus of a $0.21 loss. Sees FY08 revenues between $24.3 billion and $24.6 billion, versus the consensus of $24.77 billion.
Ruby Tuesday, Inc. (NYSE: RT) 14% LOWER; said Q2 same-restaurant sales decreased 10.8% and 8.7% at Company-owned and domestic franchise restaurants, respectively. Ruby Tuesday estimates a diluted loss per share of $0.18 to $0.21 for Q2. The Wall Street consensus is a gain of $0.02.
Ruth's Chris Steak House (Nasdaq: RUTH) 11% LOWER; today gave an update to its FY07 and FY08 outlook due to current market conditions. The Company now expects flat comparable restaurant sales for fiscal 2007, compared to prior guidance of +0.5% to +1.5%, mainly as a result of negative pressures from the overall economy. Keeping this in mind, Ruth's Chris Steak House now expects FY08 EPS to be in the range of $0.79 to $0.81, down from previous guidance of $0.92 to $0.95, versus the consensus of $0.92. Revenues are now expected to be between $320 and $322 million, versus the consensus of $325.39 million.
Herman Miller (Nasdaq: MLHR) 11% HIGHER; reported Q2 EPS of $0.72, 13 cents better than the analyst estimate of $0.59. Revenues for the quarter were $505.9 million, versus the consensus of $499.83 million. The Company expects Q3 EPS of $0.55 to $0.62, versus the consensus of $0.55. Revenues are expected to be $475-$500 million, versus the consensus of $494 million. Herman Miller also announced that its Board of Directors has authorized a $200 million accelerated stock buyback.
LDK Solar Co., Ltd. (NYSE: LDK) 10% LOWER; reported Q3 EPS of $0.37, in line with analyst estimate of $0.37. Revenues for the quarter were $157 million, versus the consensus of $143.22 million. Q4 earnings guidance $0.40-$0.41 versus $0.41. Revenues for Q4 $180-$185 million versus consensus of $167.5 million. Piper downgrades to Sell
Oracle (Nasdaq: ORCL) 9% HIGHER; reported Q2 EPS of $0.31, 4 cents better than the analyst estimate of $0.27. Revenues for the quarter were $5.3 billion, versus the consensus of $5.04 billion.
Leggett & Platt (NYSE: LEG) 5% LOWER; Sees 4Q EPS guidance of $.09-.13, excluding impairments. The Wall Street consensus is $0.30.
Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV) 5% LOWER; received a non-approvable letter from the FDA for VALSTAR related to its chemistry, manufacturing and controls NDA supplement submitted to the FDA in May 2007.
Accenture (NYSE: ACN) 4.3% HIGHER; Reported Q1 EPS of $0.60, 4 cents better than the analyst estimate of $0.56. Revenues for the quarter were $5.67 billion, versus the consensus of $5.46 billion. Q2 revenues to be $5.5-$5.7 billion, consensus is $5.3 billion.
Steelcase Inc. (NYSE: SCS) 4% HIGHER; reported Q3 EPS of $0.30, 2 cents better than the analyst estimate of $0.28. Revenues for the quarter were $885.9 million, versus the consensus of $836.27 million. Steelcase declares $1.75 shares special dividend. Steelcase boosts buyback by $250 million shares.
Smart Modular Technologies (Nasdaq: SMOD) 3.7% HIGHER; reported Q1 EPS of $0.18, 1 cent better than the analyst estimate of $0.17. Revenues for the quarter were $175 million, versus the consensus of $171.49 million. Sees Q2 revenues of $175 to $185 million, versus the consensus of $178.7 million. EPS are expected to be $0.18 to $0.19, versus the consensus of $0.19.
Activision, Inc. (Nasdaq: ATVI) 3.5% HIGHER; raises Q3 guidance. Activision expects record net revenues of $1.375 billion and earnings per diluted share of $0.76, an increase from the company’s prior net revenues outlook of $1.225 billion and earnings outlook of $0.66 per diluted share. The consensus is $1.21 billion and $0.69.
Nike (NYSE: NKE) 3% HIGHER; reported Q3 EPS of $0.71, 5 cents better than the analyst estimate of $0.66. Revenues for the quarter were $4.3 billion, versus the consensus of $4.21 billion.
Priceline.com Inc. (Nasdaq: PCLN) 2% LOWER; Stifel Nicolaus Downgrades priceline.com (PCLN) to Hold
Mastercard Incorporated (NYSE: MA) 1.5% HIGHER; Bear Stearns Upgrades to Outperform.
The Bear Stearns Companies, Inc. (NYSE: BSC) 1.2% HIGHER; reports Q4 loss of $6.90, versus the consensus of a $1.79 loss. Writedowns cut Q4 by $8.21 per share.
FedEx Corporation (NYSE: FDX) 1% LOWER; reports Q2 EPS of $1.54, 4 cents better than estimates. Revenues came in at $9.45 billion, versus the consensus of $9.32 billion. Sees Q3 EPS of $1.15-$1.30, versus the consensus of $1.37. Sees FY08 EPS OF $6.40-$6.70, versus the consensus of $6.47. The capital spending forecast has been reduced from $3.5 billion to $3.1 billion, with additional reductions possible as management continues to review the timing of capital outlays.
NetSuite Inc. (NYSE: N) INDICATED HIGHER; priced its 6.2 million share IPO at $26, well above the expected $19-$22 range, which was raised multiple times. The IPO open will open today on the NYSE.
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Electronic Clearing House Inc. (Nasdaq: ECHO) 108% HIGHER; Intuit, Inc. (Nasdaq: INTU) will acquire the company for $17 per share in cash.
Copernic Inc. (NASDAQ: CNIC) 20% HIGHER; commenced preliminary discussions with a third party, and to that end has entered into a non-binding letter of interest in connection with a potential strategic transaction. The parties have agreed to a 90 day exclusivity period. Copernic has agreed, in the event that it terminates negotiations during the exclusivity period, under certain circumstances, to pay to the third party a termination fee of US$250,000.
Altus Pharmaceuticals Inc. (NASDAQ: ALTU) 19% LOWER; reacquired ALTU-238 development and commercialization rights for North America from Genentech, Inc. Also, the Company announced that the exclusive option granted to Genentech for ALTU-238 development and commercialization outside North America has expired.
Array BioPharma Inc. (NASDAQ: ARRY) 18% LOWER; announced initial results from a randomized Phase 2 study comparing AZD6244 (ARRY-886) monotherapy with temozolomide in the first-line treatment of advanced melanoma. There was no apparent difference in efficacy between AZD6244 and temozolomide for the primary endpoint (Progression Free Survival). Based on the results of this study, AstraZeneca does not plan to progress AZD6244 as a monotherapy into a Phase 3 trial in patients with advanced melanoma at this time, although anti-tumor activity was detected. AstraZeneca is exploring other options to further develop this compound.
Rite Aid Corp. (NYSE: RAD) 15% LOWER; reports a Q3 loss of $0.12, versus the consensus of a $0.07 loss. Revenues came in at $6.52 billion versus the consensus of $6.65 billion. Cuts 2008 forecast. Sees FY08 loss of $0.27-$0.31, versus the consensus of a $0.21 loss. Sees FY08 revenues between $24.3 billion and $24.6 billion, versus the consensus of $24.77 billion.
Ruby Tuesday, Inc. (NYSE: RT) 14% LOWER; said Q2 same-restaurant sales decreased 10.8% and 8.7% at Company-owned and domestic franchise restaurants, respectively. Ruby Tuesday estimates a diluted loss per share of $0.18 to $0.21 for Q2. The Wall Street consensus is a gain of $0.02.
Ruth's Chris Steak House (Nasdaq: RUTH) 11% LOWER; today gave an update to its FY07 and FY08 outlook due to current market conditions. The Company now expects flat comparable restaurant sales for fiscal 2007, compared to prior guidance of +0.5% to +1.5%, mainly as a result of negative pressures from the overall economy. Keeping this in mind, Ruth's Chris Steak House now expects FY08 EPS to be in the range of $0.79 to $0.81, down from previous guidance of $0.92 to $0.95, versus the consensus of $0.92. Revenues are now expected to be between $320 and $322 million, versus the consensus of $325.39 million.
Herman Miller (Nasdaq: MLHR) 11% HIGHER; reported Q2 EPS of $0.72, 13 cents better than the analyst estimate of $0.59. Revenues for the quarter were $505.9 million, versus the consensus of $499.83 million. The Company expects Q3 EPS of $0.55 to $0.62, versus the consensus of $0.55. Revenues are expected to be $475-$500 million, versus the consensus of $494 million. Herman Miller also announced that its Board of Directors has authorized a $200 million accelerated stock buyback.
LDK Solar Co., Ltd. (NYSE: LDK) 10% LOWER; reported Q3 EPS of $0.37, in line with analyst estimate of $0.37. Revenues for the quarter were $157 million, versus the consensus of $143.22 million. Q4 earnings guidance $0.40-$0.41 versus $0.41. Revenues for Q4 $180-$185 million versus consensus of $167.5 million. Piper downgrades to Sell
Oracle (Nasdaq: ORCL) 9% HIGHER; reported Q2 EPS of $0.31, 4 cents better than the analyst estimate of $0.27. Revenues for the quarter were $5.3 billion, versus the consensus of $5.04 billion.
Leggett & Platt (NYSE: LEG) 5% LOWER; Sees 4Q EPS guidance of $.09-.13, excluding impairments. The Wall Street consensus is $0.30.
Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV) 5% LOWER; received a non-approvable letter from the FDA for VALSTAR related to its chemistry, manufacturing and controls NDA supplement submitted to the FDA in May 2007.
Accenture (NYSE: ACN) 4.3% HIGHER; Reported Q1 EPS of $0.60, 4 cents better than the analyst estimate of $0.56. Revenues for the quarter were $5.67 billion, versus the consensus of $5.46 billion. Q2 revenues to be $5.5-$5.7 billion, consensus is $5.3 billion.
Steelcase Inc. (NYSE: SCS) 4% HIGHER; reported Q3 EPS of $0.30, 2 cents better than the analyst estimate of $0.28. Revenues for the quarter were $885.9 million, versus the consensus of $836.27 million. Steelcase declares $1.75 shares special dividend. Steelcase boosts buyback by $250 million shares.
Smart Modular Technologies (Nasdaq: SMOD) 3.7% HIGHER; reported Q1 EPS of $0.18, 1 cent better than the analyst estimate of $0.17. Revenues for the quarter were $175 million, versus the consensus of $171.49 million. Sees Q2 revenues of $175 to $185 million, versus the consensus of $178.7 million. EPS are expected to be $0.18 to $0.19, versus the consensus of $0.19.
Activision, Inc. (Nasdaq: ATVI) 3.5% HIGHER; raises Q3 guidance. Activision expects record net revenues of $1.375 billion and earnings per diluted share of $0.76, an increase from the company’s prior net revenues outlook of $1.225 billion and earnings outlook of $0.66 per diluted share. The consensus is $1.21 billion and $0.69.
Nike (NYSE: NKE) 3% HIGHER; reported Q3 EPS of $0.71, 5 cents better than the analyst estimate of $0.66. Revenues for the quarter were $4.3 billion, versus the consensus of $4.21 billion.
Priceline.com Inc. (Nasdaq: PCLN) 2% LOWER; Stifel Nicolaus Downgrades priceline.com (PCLN) to Hold
Mastercard Incorporated (NYSE: MA) 1.5% HIGHER; Bear Stearns Upgrades to Outperform.
The Bear Stearns Companies, Inc. (NYSE: BSC) 1.2% HIGHER; reports Q4 loss of $6.90, versus the consensus of a $1.79 loss. Writedowns cut Q4 by $8.21 per share.
FedEx Corporation (NYSE: FDX) 1% LOWER; reports Q2 EPS of $1.54, 4 cents better than estimates. Revenues came in at $9.45 billion, versus the consensus of $9.32 billion. Sees Q3 EPS of $1.15-$1.30, versus the consensus of $1.37. Sees FY08 EPS OF $6.40-$6.70, versus the consensus of $6.47. The capital spending forecast has been reduced from $3.5 billion to $3.1 billion, with additional reductions possible as management continues to review the timing of capital outlays.
NetSuite Inc. (NYSE: N) INDICATED HIGHER; priced its 6.2 million share IPO at $26, well above the expected $19-$22 range, which was raised multiple times. The IPO open will open today on the NYSE.
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