There are many pre-market movers this morning, and most are still from earnings but not all… Those on the move this morning include Beazer Homes USA, Inc. (NYSE: BZH), BHP Billiton Ltd. (NYSE: BHP), BP plc (NYSE: BP), General Growth Properties Inc. (NYSE: GGP), Impax Laboratories, Inc. (NASDAQ: IPXL), Leapfrog Enterprises Inc. (NYSE: LF), NutriSystem Inc. (NASDAQ: NTRI), Pitney Bowes Inc. (NYSE: PBI), Powerwave Technologies Inc. (NASDAQ: PWAV), Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR), and SIRIUS XM Radio Inc. (NASDAQ: SIRI). We have included the news summaries, after-hours moves, and other analysis where applicable.
Beazer Homes USA, Inc. (NYSE: BZH) said earnings were helped out on a note exchange gain; orders were up 49% and its cancellations fell; but the real issue is a secondary offering: a 12.5 million share secondary offering along with 3.5 million tangible equity units and $300 million aggregate principal in unsecured notes due in 2018. Shares were down 5.5% last night on last look and the stock was down 6.7% at $6.42 on about 35,000 shares.
BHP Billiton Ltd. (NYSE: BHP) is getting clipped again on a day-two move after the Australians decided to propose a new tax specifically on miners. ADR shares were down $1.35 at $71.44 yesterday, and shares are indicated down 1.8% at $70.17 pre-market this morning on almost 50,000 shares.
BP plc (NYSE: BP) was down again yesterday and on volume not seen in ages of 156 million shares. Some may be hoping that yesterday’s $1.96 drop to $50.19 was the capitulation as this was a $60 stock on April 21. Shares are indicated up 0.8% at $50.58 on about 1 million shares in pre-market trading.
General Growth Properties Inc. (NYSE: GGP) is up only marginally, but that may be because of its rally very late Monday. Shares appear up 0.1% at $16.80 on thin volume despite the bid being listed as $18.25 per share.
Impax Laboratories, Inc. (NASDAQ: IPXL) is having a solid morning. Shares closed at $17.96 but this morning the stock is up 8.5% at $19.50 on over 75,000 shares. This is on strong first quarter revenue on generic Flomax launch, and anything above $18.74 is to be considered a new 52-week high today.
Leapfrog Enterprises Inc. (NYSE: LF) was down last night despite a sales gain of more than 40% because it lost $23 million in its latest quarter. Shares were down 18% last night, but this morning the stock is down 15.7% at $6.00 on about 25,000 shares.
NutriSystem Inc. (NASDAQ: NTRI) caught the bears looking in the diet food… It beat earnings last night and we have now seen at least one analyst upgrade. Shares were trading up 9.9% at $20.34 last night, but now shares are indicated up 16% at $21.53 on volume approaching 100,000 shares.
Pitney Bowes Inc. (NYSE: PBI) is down after reported $0.55 EPS vs. $0.54 estimates; revenue fell 2% To $1.35 billion rather than $1.377 billion expected from Thomson Reuters. It also reaffirmed a range of $2.30 to $2.50 EPS vs. the $2.40 estimates. Shares were down over 7% at $24.00 on last look in the evening, but PBI is down “only 5.3%” at $24.50 on thin volume.
Powerwave Technologies Inc. (NASDAQ: PWAV) originally fell last night after it reported -$0.05 EPS vs. $0.00 estimates from Thomson Reuters and revenues were down over 20% to $114.5 million versus estimates of $130+ million. Now shares are up over 12% at $2.02 on about 600,000 shares of stock. The old 52-week high was $1.91.
Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) closed down 5% at $9.28 yesterday and the after-hours session has shares down 3% at $9.00 when we looked. This morning the stock is off by 8.8%and down to $8.46 ahead of next week’s FDA panel. Volume is rather thin.
SIRIUS XM Radio Inc. (NASDAQ: SIRI) was up earlier this morning after it posted $157.8 million in adjusted operating income and backed approximately $550 million in pro forma adjusted income for 2010. Revenues were $670 million. Shares were indicated up about 1% at $1.24+ this morning versus the $1.25 52-week high yesterday. Now that earnings are digested, the SIRIUS is down a serious 6.5% at $1.15 on over 6 million shares.
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JON C. OGG
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