Morning Movers 12/22: (RAM) (WCAA) (AKAM) (AIQ) Higher; (ALSK) (AM) (PHH) (VVUS) Lower
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RAM Energy Resources, Inc. (Nasdaq: RAM) 81.8% HIGHER; has reached agreement with Halcon Resources, LLC, a newly-formed company led by Floyd C. Wilson, former Chairman and Chief Executive Officer of Petrohawk Energy Corporation (NYSE: HK), for a transformational capital investment in RAM. The investment is comprised of $275 million in new common stock, a $275 million five-year convertible note, and warrants for the purchase of an additional 110 million shares of common stock. The company also announced it regained NASDAQ compliance.
WCA Waste Corporation (Nasdaq: WCAA) 29.7% HIGHER; has entered into an agreement and plan of merger with Macquarie Infrastructure Partners II. Under the terms of the agreement, MIP II will acquire all of the outstanding common stock of WCA for $6.50 per share in cash, redeem all Series A preferred stock and either partially or completely refinance WCA's existing credit facilities.
Alaska Communications Systems (NASDAQ: ALSK) 22.1% LOWER; slashed its quarterly dividend by about 75 percent from $0.215 to $0.05 per share.
American Greetings Corp. (NYSE: AM) 21.7% LOWER; reported Q3 EPS of $0.50, vs. the analyst estimate of $0.81. Revenue for the quarter came in at $463.6 million versus the consensus estimate of $439.43 million. The company reported EPS of $0.78 during the same quarter last year. Cuts FY12 cash flow from operating activities guidance, ex capex, in the range of $90-$110 million.
Akamai Technologies (NASDAQ: AKAM) 18.3% HIGHER; following news of a $268 million bid for Contendo, traders are speculating that Akamai could eventually become a target itself. A Collins Stewart note from earlier highlighted the story.
Alliance Healthcare (NYSE: AIQ) 17.9% HIGHER; reaffirms its FY11 sales outlook of $475-$495 million. Sees FY12 sales $470-$500 million, which compares to the Street estimate of $505.94 million. Sees adj-EBITDA of $140-$160 million.
Micron Technology, Inc. (NASDAQ: MU) 14.5% HIGHER; reported Q1 EPS of ($0.19), $0.12 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.14 billion.
PHH Corp. (NYSE: PHH) 13.6% LOWER; S&P downgraded ratings to BB-; outlook Negative.
VIVUS, Inc. (Nasdaq: VVUS) 13.5% LOWER; today announced topline preliminary results from its retrospective study of medical claims data on oral clefts (OC) associated with topiramate exposure in utero. Click here to see the full report. The stock was downgraded at Roth and Leerink this morning. Jefferies maintained a negative view.
Diamond Foods (Nasdaq: DMND) 11.4% HIGHER; the stock spiked sharply in early-morning trade, likely on the heels of chatter related to its deal with Pringles and a recent probe, however this is merely speculation by us.
Neogen Corp (NASDAQ: NEOG) 9.7% LOWER; reported Q2 EPS of $0.22, $0.05 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $44.9 million versus the consensus estimate of $47.4 million.
Herman Miller, Inc. (NASDAQ: MLHR) 8.8% LOWER; reported Q2 EPS of $0.41, in-line with the analyst estimate of $0.41. Revenue for the quarter came in at $445.6 million versus the consensus estimate of $452.73 million. Sees Q3 net sales of $400-$420 million, vs. the consensus of $455.8 million. Sees Q3 gross margin down sequentially.
Mead Johnson (NYSE: MJN) 8.5% LOWER; falling as Wal-Mart (NYSE: WMT) pulled a batch of the company's powdered infant formula from over 3,000 stores after a newborn died in Missouri after a rare bacterial infection. Deutsche Bank defended the company.
WCA Waste Corporation (Nasdaq: WCAA) 29.7% HIGHER; has entered into an agreement and plan of merger with Macquarie Infrastructure Partners II. Under the terms of the agreement, MIP II will acquire all of the outstanding common stock of WCA for $6.50 per share in cash, redeem all Series A preferred stock and either partially or completely refinance WCA's existing credit facilities.
Alaska Communications Systems (NASDAQ: ALSK) 22.1% LOWER; slashed its quarterly dividend by about 75 percent from $0.215 to $0.05 per share.
American Greetings Corp. (NYSE: AM) 21.7% LOWER; reported Q3 EPS of $0.50, vs. the analyst estimate of $0.81. Revenue for the quarter came in at $463.6 million versus the consensus estimate of $439.43 million. The company reported EPS of $0.78 during the same quarter last year. Cuts FY12 cash flow from operating activities guidance, ex capex, in the range of $90-$110 million.
Akamai Technologies (NASDAQ: AKAM) 18.3% HIGHER; following news of a $268 million bid for Contendo, traders are speculating that Akamai could eventually become a target itself. A Collins Stewart note from earlier highlighted the story.
Alliance Healthcare (NYSE: AIQ) 17.9% HIGHER; reaffirms its FY11 sales outlook of $475-$495 million. Sees FY12 sales $470-$500 million, which compares to the Street estimate of $505.94 million. Sees adj-EBITDA of $140-$160 million.
Micron Technology, Inc. (NASDAQ: MU) 14.5% HIGHER; reported Q1 EPS of ($0.19), $0.12 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.14 billion.
PHH Corp. (NYSE: PHH) 13.6% LOWER; S&P downgraded ratings to BB-; outlook Negative.
VIVUS, Inc. (Nasdaq: VVUS) 13.5% LOWER; today announced topline preliminary results from its retrospective study of medical claims data on oral clefts (OC) associated with topiramate exposure in utero. Click here to see the full report. The stock was downgraded at Roth and Leerink this morning. Jefferies maintained a negative view.
Diamond Foods (Nasdaq: DMND) 11.4% HIGHER; the stock spiked sharply in early-morning trade, likely on the heels of chatter related to its deal with Pringles and a recent probe, however this is merely speculation by us.
Neogen Corp (NASDAQ: NEOG) 9.7% LOWER; reported Q2 EPS of $0.22, $0.05 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $44.9 million versus the consensus estimate of $47.4 million.
Herman Miller, Inc. (NASDAQ: MLHR) 8.8% LOWER; reported Q2 EPS of $0.41, in-line with the analyst estimate of $0.41. Revenue for the quarter came in at $445.6 million versus the consensus estimate of $452.73 million. Sees Q3 net sales of $400-$420 million, vs. the consensus of $455.8 million. Sees Q3 gross margin down sequentially.
Mead Johnson (NYSE: MJN) 8.5% LOWER; falling as Wal-Mart (NYSE: WMT) pulled a batch of the company's powdered infant formula from over 3,000 stores after a newborn died in Missouri after a rare bacterial infection. Deutsche Bank defended the company.
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