StreetInsider.com Pre-Open Movers 06/23
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StreetInsider.com Pre-Open Movers:
Western Gas Resources, Inc. (NYSE: WGR) 46% HIGHER; announced that it has entered into a merger agreement with Anadarko Petroleum Corporation (NYSE: APC) whereby Western will be merged with a wholly owned subsidiary of Anadarko. Western stockholders will receive $61.00 per share in cash. The per share consideration payable in the merger represents a premium of approximately 49% over Western's closing stock price on June 22, 2006. The transaction is valued at approximately $5.3 billion, including approximately $560 million in indebtedness.
Kerr-McGee Corp. (NYSE: KMG) 37% HIGHER; Kerr-McGee Corp. (NYSE: KMG) announced it has unanimously approved an all cash offer of $70.50 per common share to merge into Anadarko Petroleum Corp. (NYSE: APC).
Neurocrine Biosciences Inc. (Nasdaq: NBIX) 35% LOWER; Neurocrine and Pfizer (NYSE: PFE) agreed to terminate the collaboration agreement to develop and co-promote indiplon.
Penwest Pharmaceuticals Co. (Nasdaq: PPCO) 35.6% HIGHER; Endo Pharma, Penwest's partner in the development and commercialization of oxymorphone extended release tablets (oxymorphone ER), reported that the FDA has granted final approval of Endo's New Drug Application for an extended release formulation of oxymorphone hydrochloride.
Spectrum Control Inc. (Nasdaq: SPEC) 23% HIGHER; For the second quarter of fiscal 2006, the Company reported net income of $1,729,000 or 13 cents per share on sales of $31,884,000, compared to net income of $1,322,000 or 10 cents per share on sales of $25,882,000 for the same period last year.
Six Flags (NYSE: SIX) 18.8% LOWER; Said given the Company's performance to date, recent attendance trends, and the additional $15 million of cash operating expenses, reaching the prior adjusted EBITDA guidance will be extremely difficult. And although the second quarter is not complete, the Company is at risk of not complying with certain financial covenants in its bank credit agreement. The Company is in discussions with the agent bank and intends to seek amendments to those covenants.
Pixelplus Co., Ltd. (Nasdaq: PXPL) 18% LOWER; Jefferies downgrades to Hold
Sunterra Corp. (Nasdaq: SNRR) 17.5% LOWER; CEO leaving amid accounting probe
Endo Pharmaceuticals Holdings Inc. (Nasdaq: ENDP) 11.8% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has granted final approval of the company's New Drug Applications (NDAs) for its extended-release and immediate-release formulations of oxymorphone hydrochloride. These products are now known under the trade names Opana ER tablets and Opana tablets.
Anadarko Petroleum Corp. (NYSE: APC) 7.8% LOWER; buying Western Gas Resources and Kerr-McGee Corp.
Blackboard Inc. (Nasdaq: BBBB) 7.7% HIGHER; raised its financial guidance for the second quarter ending June 30, 2006 and the full year of 2006. Sees Q2 Revenue of $41.8 to $42.8 million, versus the consensus of $41.41 million. Sees loss of $0.23-$0.24. Non-GAAP net loss of $0.04-$0.05 per share. The consensus is a $0.29 loss. Sees Full year 2006 revenue of $173.1 to $176.1 million, versus the consensus of $171.61 million. Sees loss of $0.43-$0.47. Non-GAAP net income of $0.15-$0.1. The consensus is a $0.52 loss.
Tektronix Inc. (NYSE: TEK) 6.6% LOWER; Tektronix (NYSE: TEK) reports Q4 EPS of $0.43, 1 cent better than estimates.(.42) Revenues were $289.3 million vs. $282.28 million consensus. TEK sees Q1 EPS between $0.31-0.34 vs. $0.35 consensus. Sees Q1 Revenues between $255-265 million vs. $266.14 million.
Devon Energy Corp. (NYSE: DVN) 6% HIGHER; News Anadarko Petroleum Corp. buying Western Gas Resources and Kerr-McGee Corp.
Solectron Corp. (NYSE: SLR) 6% HIGHER; Solectron (NYSE: SLR) reports Q3 EPS of $0.04 (excluding items) in-line with estimates.(.04) Revenues were $2.70 billion vs. $2.60 billion consensus. Sees Q4 EPS between $0.04-0.06 (non-GAAP) vs. $0.05 consensus. SLR sees Q4 revenues between $2.6-2.8 billion vs. $2.68 billion consensus.
Sepracor Inc. (Nasdaq: SEPR) 5% HIGHER; more takeover chatter. The chatter could be related to news that Pfizer (NYSE: PFE), which is one rumored suitor, ended its pact with Neurocrine Biosciences Inc. (Nasdaq: NBIX) for Indiplon.
CONSOL Energy Inc. (NYSE: CNX) 4.4% HIGHER; CONSOL Energy will replace Knight-Ridder Inc. (NYSE: KRI) in the S&P 500 after the close of trading on a date to be announced.
Pioneer Drilling Co. (NYSE: PDC) 4.2% HIGHER; News Anadarko Petroleum Corp. buying Western Gas Resources and Kerr-McGee Corp.
EOG Resources, Inc. (NYSE: EOG) 4.2% HIGHER; News Anadarko Petroleum Corp. buying Western Gas Resources and Kerr-McGee Corp.
Old Dominion Freight Line Inc. (Nasdaq: ODFL) 4% HIGHER; an increase in its guidance for earnings per diluted share for the second quarter ending June 30, 2006, to a range of $0.50 to $0.52 from the previous range of $0.43 to $0.46. Current consensus is $0.46.
QUALCOMM Inc. (Nasdaq: QCOM) 2.9% LOWER; JPMorgan downgrade
Stone Energy Corporation (NYSE: SGY) 2.75% HIGHER; Energy Partners, Ltd (NYSE: EPL) and Stone Energy announced that their Boards of Directors have approved and entered into a definitive merger agreement to combine the two companies in an acquisition valued at approximately $2.2 billion, which values Stone's equity at approximately $1.4 billion and includes refinancing approximately $800 million of Stone debt.
Oracle Corp. (Nasdaq: ORCL) 2.7% HIGHER; reports Q4 EPS of $0.29, 1 cent better than estimates.(.28) Revenues were $4.9 billion vs. $4.74 billion consensus.
Energy Partners Ltd. (NYSE: EPL) 2.7% HIGHER; Energy Partners, Ltd and Stone Energy Corporation announced that their Boards of Directors have approved and entered into a definitive merger agreement to combine the two companies in an acquisition valued at approximately $2.2 billion, which values Stone's equity at approximately $1.4 billion and includes refinancing approximately $800 million of Stone debt.
Human Genome Sciences Inc. (Nasdaq: HGSI) 2.5% HIGHER; Deutsche Bank starts at Buy
RC2 Corp. (Nasdaq: RCRC) INDICATED HIGHER; RC2 will replace Remington Oil & Gas Corp. (NYSE: REM) in the S&P SmallCap 600 after the close of trading on Thursday, June 29
Western Gas Resources, Inc. (NYSE: WGR) 46% HIGHER; announced that it has entered into a merger agreement with Anadarko Petroleum Corporation (NYSE: APC) whereby Western will be merged with a wholly owned subsidiary of Anadarko. Western stockholders will receive $61.00 per share in cash. The per share consideration payable in the merger represents a premium of approximately 49% over Western's closing stock price on June 22, 2006. The transaction is valued at approximately $5.3 billion, including approximately $560 million in indebtedness.
Kerr-McGee Corp. (NYSE: KMG) 37% HIGHER; Kerr-McGee Corp. (NYSE: KMG) announced it has unanimously approved an all cash offer of $70.50 per common share to merge into Anadarko Petroleum Corp. (NYSE: APC).
Neurocrine Biosciences Inc. (Nasdaq: NBIX) 35% LOWER; Neurocrine and Pfizer (NYSE: PFE) agreed to terminate the collaboration agreement to develop and co-promote indiplon.
Penwest Pharmaceuticals Co. (Nasdaq: PPCO) 35.6% HIGHER; Endo Pharma, Penwest's partner in the development and commercialization of oxymorphone extended release tablets (oxymorphone ER), reported that the FDA has granted final approval of Endo's New Drug Application for an extended release formulation of oxymorphone hydrochloride.
Spectrum Control Inc. (Nasdaq: SPEC) 23% HIGHER; For the second quarter of fiscal 2006, the Company reported net income of $1,729,000 or 13 cents per share on sales of $31,884,000, compared to net income of $1,322,000 or 10 cents per share on sales of $25,882,000 for the same period last year.
Six Flags (NYSE: SIX) 18.8% LOWER; Said given the Company's performance to date, recent attendance trends, and the additional $15 million of cash operating expenses, reaching the prior adjusted EBITDA guidance will be extremely difficult. And although the second quarter is not complete, the Company is at risk of not complying with certain financial covenants in its bank credit agreement. The Company is in discussions with the agent bank and intends to seek amendments to those covenants.
Pixelplus Co., Ltd. (Nasdaq: PXPL) 18% LOWER; Jefferies downgrades to Hold
Sunterra Corp. (Nasdaq: SNRR) 17.5% LOWER; CEO leaving amid accounting probe
Endo Pharmaceuticals Holdings Inc. (Nasdaq: ENDP) 11.8% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has granted final approval of the company's New Drug Applications (NDAs) for its extended-release and immediate-release formulations of oxymorphone hydrochloride. These products are now known under the trade names Opana ER tablets and Opana tablets.
Anadarko Petroleum Corp. (NYSE: APC) 7.8% LOWER; buying Western Gas Resources and Kerr-McGee Corp.
Blackboard Inc. (Nasdaq: BBBB) 7.7% HIGHER; raised its financial guidance for the second quarter ending June 30, 2006 and the full year of 2006. Sees Q2 Revenue of $41.8 to $42.8 million, versus the consensus of $41.41 million. Sees loss of $0.23-$0.24. Non-GAAP net loss of $0.04-$0.05 per share. The consensus is a $0.29 loss. Sees Full year 2006 revenue of $173.1 to $176.1 million, versus the consensus of $171.61 million. Sees loss of $0.43-$0.47. Non-GAAP net income of $0.15-$0.1. The consensus is a $0.52 loss.
Tektronix Inc. (NYSE: TEK) 6.6% LOWER; Tektronix (NYSE: TEK) reports Q4 EPS of $0.43, 1 cent better than estimates.(.42) Revenues were $289.3 million vs. $282.28 million consensus. TEK sees Q1 EPS between $0.31-0.34 vs. $0.35 consensus. Sees Q1 Revenues between $255-265 million vs. $266.14 million.
Devon Energy Corp. (NYSE: DVN) 6% HIGHER; News Anadarko Petroleum Corp. buying Western Gas Resources and Kerr-McGee Corp.
Solectron Corp. (NYSE: SLR) 6% HIGHER; Solectron (NYSE: SLR) reports Q3 EPS of $0.04 (excluding items) in-line with estimates.(.04) Revenues were $2.70 billion vs. $2.60 billion consensus. Sees Q4 EPS between $0.04-0.06 (non-GAAP) vs. $0.05 consensus. SLR sees Q4 revenues between $2.6-2.8 billion vs. $2.68 billion consensus.
Sepracor Inc. (Nasdaq: SEPR) 5% HIGHER; more takeover chatter. The chatter could be related to news that Pfizer (NYSE: PFE), which is one rumored suitor, ended its pact with Neurocrine Biosciences Inc. (Nasdaq: NBIX) for Indiplon.
CONSOL Energy Inc. (NYSE: CNX) 4.4% HIGHER; CONSOL Energy will replace Knight-Ridder Inc. (NYSE: KRI) in the S&P 500 after the close of trading on a date to be announced.
Pioneer Drilling Co. (NYSE: PDC) 4.2% HIGHER; News Anadarko Petroleum Corp. buying Western Gas Resources and Kerr-McGee Corp.
EOG Resources, Inc. (NYSE: EOG) 4.2% HIGHER; News Anadarko Petroleum Corp. buying Western Gas Resources and Kerr-McGee Corp.
Old Dominion Freight Line Inc. (Nasdaq: ODFL) 4% HIGHER; an increase in its guidance for earnings per diluted share for the second quarter ending June 30, 2006, to a range of $0.50 to $0.52 from the previous range of $0.43 to $0.46. Current consensus is $0.46.
QUALCOMM Inc. (Nasdaq: QCOM) 2.9% LOWER; JPMorgan downgrade
Stone Energy Corporation (NYSE: SGY) 2.75% HIGHER; Energy Partners, Ltd (NYSE: EPL) and Stone Energy announced that their Boards of Directors have approved and entered into a definitive merger agreement to combine the two companies in an acquisition valued at approximately $2.2 billion, which values Stone's equity at approximately $1.4 billion and includes refinancing approximately $800 million of Stone debt.
Oracle Corp. (Nasdaq: ORCL) 2.7% HIGHER; reports Q4 EPS of $0.29, 1 cent better than estimates.(.28) Revenues were $4.9 billion vs. $4.74 billion consensus.
Energy Partners Ltd. (NYSE: EPL) 2.7% HIGHER; Energy Partners, Ltd and Stone Energy Corporation announced that their Boards of Directors have approved and entered into a definitive merger agreement to combine the two companies in an acquisition valued at approximately $2.2 billion, which values Stone's equity at approximately $1.4 billion and includes refinancing approximately $800 million of Stone debt.
Human Genome Sciences Inc. (Nasdaq: HGSI) 2.5% HIGHER; Deutsche Bank starts at Buy
RC2 Corp. (Nasdaq: RCRC) INDICATED HIGHER; RC2 will replace Remington Oil & Gas Corp. (NYSE: REM) in the S&P SmallCap 600 after the close of trading on Thursday, June 29
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