StreetInsider.com Pre-Open Movers 07/30
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StreetInsider.com Pre-Open Movers:
American Home Mortgage Investment Corp. (NYSE: AHM) 43% LOWER; announced that its Board of Directors has decided to delay payment of its quarterly cash dividend on the Company's common stock and anticipates delaying payment of its quarterly cash dividends on its Series A Cumulative Redeemable Preferred Stock and Series B Cumulative Redeemable Preferred Stock in order to preserve liquidity until it obtains a better understanding of the impact that current market conditions in the mortgage industry and the broader credit market will have on the Company's balance sheet and overall liquidity. The company said the disruption in the credit markets in the past few weeks has been unprecedented in the Company's experience and has caused major write-downs of its loan and security portfolios and consequently has caused significant margin calls with respect to its credit facilities.
Rural Cellular Corporation (Nasdaq: RCCC) 34.5% HIGHER; Verizon Wireless, a joint venture of Verizon Communications (NYSE: VZ) and Vodafone (NYSE: VOD), announced today that it has entered into an agreement to acquire Rural Cellular Corporation (Nasdaq: RCCC) for approximately $2.67 billion in cash and assumed debt. Under terms of the agreement, approved by the boards of both companies, holders of Rural Cellular's common stock will receive $45 per share in cash for a total equity price of $757 million on a fully diluted basis.
ValueClick Inc. (Nasdaq: VCLK) 19% LOWER; reports Q2 EPS of $0.17, 1 cent worse than estimates. Revenues came in at $148.7 million versus the consensus of $158.8 million. Sees FY revenues of $645-$660 million versus prior guidance of $655-$665 million and the consensus of $665.1 million. Sees FY EPS of $0.74-$0.76, versus prior guidance of $0.79-$0.81 and the consensus of $0.80. Boosts buyback plan to $100 million.
GPC Biotech AG (Nasdaq: GPCB) 17% HIGHER; SAP AG founder Dieter Hopp raised his stake in the company. The stock was rocked last week after failing to win FDA panel backing for its prostate cancer drug.
VIVUS, Inc. (NASDAQ: VVUS) 11% HIGHER; received FDA approval for the marketing of Evamist, a metered dose transdermal estradiol spray for the treatment of moderate to severe vasomotor symptoms due to menopause. Evamist is the first estradiol transdermal spray approved by the FDA. VIVUS is eligible to receive an additional $140 million cash payment upon the approval of the New Drug Application for Evamist
Ingersoll-Rand Company Limited (NYSE: IR) 6.7% HIGHER; agreed to sell its Bobcat, Utility Equipment and Attachments business units to Doosan Infracore for cash proceeds of approximately $4.9 billion
RadioShack (NYSE: RSH) 4.5% LOWER; reports Q2 earnings of $0.34 per share, which includes benefits and is not comparable to the consensus of $0.25 (Bloomerg reports EPS about $0.27 ex-benefits). Revenues fell came in at $934.8 million versus the consensus of $982.5 million.
Loopnet (NASDAQ: LOOP) 4% LOWER; Thomas Weisel downgrades Loopnet from Overweight to Market Weight with a $24 price target.
Archer-Daniels-Midland (NYSE: ADM) 4% HIGHER; reports Q4 earnings of $1.47 per share, including gains and is not comparable to the consensus of $0.59. Revenues came in at $12.21 billion versus the consensus of $10.13 billion.
Cedar Fair Entertainment (NYSE: FUN) 3.5% HIGHER; According to reports from the New York Post, theme-park operator Cedar Fair Entertainment has entered quick-moving takeover talks Destiny Capital Solutions about a $4.1 billion deal.
CV Therapeutics, Inc. (Nasdaq: CVTX) 3% HIGHER; has entered into an agreement with Frederick Frank, Vice Chairman of Lehman Brothers (NYSE: LEH), to counsel the company on a range of strategic opportunities.
Foot Locker Inc. (NYSE: FL): 1.5% HIGHER; Guides Q2 Lower; Announces Strategic Initiatives, Hires Lehman To Evaluate Strategic Alternatives; Sees Q2 comps down 7%-8%.
Tyson Foods, Inc. (NYSE: TSN) INDICTED HIGHER; reports Q3 EPS of $0.31, 6 cents better than estimates. Revenues were $6.96 billion vs. $6.74 billion consensus. The Company has revised its outlook for fiscal 2007 diluted earnings per share to be in the range of $0.82 to $0.92. Consensus is $0.85.
American Home Mortgage Investment Corp. (NYSE: AHM) 43% LOWER; announced that its Board of Directors has decided to delay payment of its quarterly cash dividend on the Company's common stock and anticipates delaying payment of its quarterly cash dividends on its Series A Cumulative Redeemable Preferred Stock and Series B Cumulative Redeemable Preferred Stock in order to preserve liquidity until it obtains a better understanding of the impact that current market conditions in the mortgage industry and the broader credit market will have on the Company's balance sheet and overall liquidity. The company said the disruption in the credit markets in the past few weeks has been unprecedented in the Company's experience and has caused major write-downs of its loan and security portfolios and consequently has caused significant margin calls with respect to its credit facilities.
Rural Cellular Corporation (Nasdaq: RCCC) 34.5% HIGHER; Verizon Wireless, a joint venture of Verizon Communications (NYSE: VZ) and Vodafone (NYSE: VOD), announced today that it has entered into an agreement to acquire Rural Cellular Corporation (Nasdaq: RCCC) for approximately $2.67 billion in cash and assumed debt. Under terms of the agreement, approved by the boards of both companies, holders of Rural Cellular's common stock will receive $45 per share in cash for a total equity price of $757 million on a fully diluted basis.
ValueClick Inc. (Nasdaq: VCLK) 19% LOWER; reports Q2 EPS of $0.17, 1 cent worse than estimates. Revenues came in at $148.7 million versus the consensus of $158.8 million. Sees FY revenues of $645-$660 million versus prior guidance of $655-$665 million and the consensus of $665.1 million. Sees FY EPS of $0.74-$0.76, versus prior guidance of $0.79-$0.81 and the consensus of $0.80. Boosts buyback plan to $100 million.
GPC Biotech AG (Nasdaq: GPCB) 17% HIGHER; SAP AG founder Dieter Hopp raised his stake in the company. The stock was rocked last week after failing to win FDA panel backing for its prostate cancer drug.
VIVUS, Inc. (NASDAQ: VVUS) 11% HIGHER; received FDA approval for the marketing of Evamist, a metered dose transdermal estradiol spray for the treatment of moderate to severe vasomotor symptoms due to menopause. Evamist is the first estradiol transdermal spray approved by the FDA. VIVUS is eligible to receive an additional $140 million cash payment upon the approval of the New Drug Application for Evamist
Ingersoll-Rand Company Limited (NYSE: IR) 6.7% HIGHER; agreed to sell its Bobcat, Utility Equipment and Attachments business units to Doosan Infracore for cash proceeds of approximately $4.9 billion
RadioShack (NYSE: RSH) 4.5% LOWER; reports Q2 earnings of $0.34 per share, which includes benefits and is not comparable to the consensus of $0.25 (Bloomerg reports EPS about $0.27 ex-benefits). Revenues fell came in at $934.8 million versus the consensus of $982.5 million.
Loopnet (NASDAQ: LOOP) 4% LOWER; Thomas Weisel downgrades Loopnet from Overweight to Market Weight with a $24 price target.
Archer-Daniels-Midland (NYSE: ADM) 4% HIGHER; reports Q4 earnings of $1.47 per share, including gains and is not comparable to the consensus of $0.59. Revenues came in at $12.21 billion versus the consensus of $10.13 billion.
Cedar Fair Entertainment (NYSE: FUN) 3.5% HIGHER; According to reports from the New York Post, theme-park operator Cedar Fair Entertainment has entered quick-moving takeover talks Destiny Capital Solutions about a $4.1 billion deal.
CV Therapeutics, Inc. (Nasdaq: CVTX) 3% HIGHER; has entered into an agreement with Frederick Frank, Vice Chairman of Lehman Brothers (NYSE: LEH), to counsel the company on a range of strategic opportunities.
Foot Locker Inc. (NYSE: FL): 1.5% HIGHER; Guides Q2 Lower; Announces Strategic Initiatives, Hires Lehman To Evaluate Strategic Alternatives; Sees Q2 comps down 7%-8%.
Tyson Foods, Inc. (NYSE: TSN) INDICTED HIGHER; reports Q3 EPS of $0.31, 6 cents better than estimates. Revenues were $6.96 billion vs. $6.74 billion consensus. The Company has revised its outlook for fiscal 2007 diluted earnings per share to be in the range of $0.82 to $0.92. Consensus is $0.85.
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