StreetInsider.com Pre-Open Movers 06/05

StreetInsider.com Pre-Open Movers:

Telik Inc. (Nasdaq: TELK) 18% LOWER; said the FDA has placed a clinical hold on the Investigational New Drug application for TELCYTA. The clinical hold was initiated by FDA following the presentation of TELCYTA Phase 3 clinical trial results at the annual meeting of the American Society of Clinical Oncology.

Openwave Systems Inc. (Nasdaq: OPWV) 17% LOWER; announced that its Board of Directors rejected the unsolicited partial tender offer from Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P. to purchase 40,389,560 shares of Openwave common stock, or approximately 49% of the Company's outstanding shares, for $8.30 per share in cash.

Cache Inc. (NASDAQ: CACH) 13.1% LOWER; reports comparable store sales (sales for stores open at least one year or more) decreased 2% during the four-week May 2007 period. Diluted earnings per share for the second quarter of fiscal 2007 are currently estimated in the range of $0.06 to $0.08 as compared to the Company's previous guidance range of $0.20 to $0.24 per diluted share. (Consensus is $0.10) For the full fiscal 2007 year, the Company currently estimates net sales in the range of $267 million to $273 million vs. consensus of $287.35 million. Diluted earnings per share for the full fiscal 2007 year are estimated in the range of $0.47 to $0.49 as compared to the Company's previous earnings guidance range of $0.75 to $0.80 per diluted. (Consensus is $0.74)

Doral Financial Corporation (NYSE: DRL) 11.2% HIGHER; stated that, following a review by its board of directors of the previously reported unsolicited proposal letter received from FBOP Corporation, a privately held bank holding company, the board has directed Doral's management team and advisors to meet with representatives of FBOP to discuss and seek to clarify the terms of that proposal, including a process for FBOP to conduct due diligence, a condition described in FBOP's letter. The Doral board also authorized such diligence, subject to FBOP's execution of an appropriate confidentiality agreement.

Feldman Mall Properties, Inc. (NYSE: FMP) 9.8% HIGHER; retained Friedman, Billings, Ramsey & Co., Inc. to assist the Company in exploring strategic alternatives in order to enhance shareholder value.

Rackable Systems (Nasdaq: RACK): Sees continued momentum on buyout chatter

Qiagen NV (Nasdaq: QGEN) 6.8% HIGHER; WestLB upgrades Qiagen NV to Buy. Also, recovers after yesterday's sell-off on news the company acquired Digene

Bath & Beyond Inc. (Nasdaq: BBBY) 6.8% LOWER; sees net earnings for the fiscal first quarter of approximately $0.36 to $0.38 per diluted. The current consensus is $0.39. Net sales for the fiscal quarter (including buybuy BABY from the date of acquisition), are estimated to increase by approximately 11% from net sales reported a year ago.

American Woodmark Corporation (Nasdaq: AMWD) 5.3% LOWER; reports Q4 EPS of $0.40 vs. consensus of $0.46. Revenues were $166.13 million vs. $180.81 million consensus.

Trump Entertainment Resorts (Nasdaq: TRMP) 4.4% LOWER; Bear Stearns downgrades to Underperform

Mitcham Industries (Nasdaq: MIND) 3.5% HIGHER; Reports Q1 EPS of $0.39, versus the consensus of $0.30. Revenues were $23.0 million compared to $14.1 million in the first quarter of fiscal 2007. The Company reaffirms its recent guidance for fiscal 2008 of total revenues ranging between $55 million and $60 million; operating income of $12.5 million to $13.5 million; and an effective tax rate of approximately 34 percent.

Avaya Inc. (NYSE: AV) 2.3% HIGHER; agreed to be acquired by Silver Lake and TPG Capital for approximately $8.2 billion or $17.50 per common share.

SI International, Inc. (NASDAQ: SINT) INDICATED HIGHER; will replace Delta and Pine Land Company (NYSE: DLP) in the S&P SmallCap 600 index after the close of trading on Tuesday, June 5, 2007. Delta and Pine Land, which was removed from the index after the close of trading this evening, was acquired by S&P 500 constituent Monsanto Co. (NYSE: MON) before the opening of trading today.

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