Pre-Market Stock Movers (January 15, 2008) (EDU, COIN, CWTR, DNDN, DNA, WSM, FRX, LCBM, NWY, STT, PVH, TMA)

Below is a snapshot of the key pre-market news that we are focusing on for early pre-market trading this Tuesday:

  • Apple (AAPL) has its Macworld today.
  • CECO Environmental (CECE) announced 14 new orders received totaling ~ $7.3 million.
  • Charles & Colvard (CTHR) lowered guidance and announced a strategic review.
  • Citigroup (C) was trading up but then went negative in early trading: -$1.99 EPS vs -$1.00 estimate, huge charges of $18.1 Billion, 4,200 layoffs included, review divestitures, cut $0.54 dividend down to $0.32.
  • Coldwater Creek (CWTR) lowered guidance, again, again. Shares down 15% to new low.
  • Converted Organics (COIN) announced its has secured a Rhode Island site for second organic fertilizer facility; stock down 6% pre-market.
  • Dendreon (DNDN) received a European patent covering Provenge and its ACI platform technology; shares up 5% pre-market after solid gains yesterday.
  • First American Financial (FAF) sees revenues of $1.9 Billion as expected but sees charges and writedowns.
  • Forest Labs (FRX) $0.96 EPS vs $0.75 estimate; Revenues $998.2 million versus $946+ million estimate. Raised 2008 guidance.
  • Genentech (DNA) trading down 2% pre-market after beating earnings but missing estimates on its top 4 drugs; sees 2008 EPS $3.30-3.45 vs. $3.37 estimate.
  • Kellwood (KWD) $21.00 tender from Sun Capital affiliate Cardinal Integrated commences.
  • Kosan (KOSN) initiated Phase II trials of alvespimycin, their second-generation inhibitor in patients with HER2-positive metastatic breast cancer.
  • Lifecore Biomedical (LCBM) trading up 29% after it agreed to be acquired by Warburg Pincus for $17.00 per share in cash.
  • Merrill Lynch (MER) confirmed that it has agreed to issue $6.6 Billion in preferred stock.
  • New Oriental Education & Technology (EDU) $0.10 EPS vs. $0.08 estimate.
  • New York & Co. (NWY) lowered guidance.
  • OSI Systems (OSIS) received a follow-on order from EDO Corporation for roughly $5.8 million.
  • Phillips-Van Heusen (PVH) guidance for Q4 EPS at least $0.53, previous guidance was $0.51 to 0.53 and $0.53 First Call; also reaffirmed FY08 EPS of $3.55 to 3.65 vs. $3.55 estimate.
  • State Street (STT) issued earnings and is indicated down 1% to 3% on thin volume after noting it sees 2008 at lower end of target.
  • Thornburg Mortgage (TMA) raised roughly $212 million in equity and convertible preferred securities sales; stock down 1% pre-market.
  • William Sonoma (WSM) lowered guidance; stock down 14% pre-market.

Jon C. Ogg
January 15, 2008