Unusual 11 Mid-Day Movers 08/31/2007
Accredited Home Lenders Holding Co. (NASDAQ: LEND) 38% HIGHER; Lone Star is prepared to amend the Offer immediately to change the Offer Price to $8.50 per Company Common Share, which represents a premium of 35% over the closing price of the Company Common Shares on August 30, 2007. As part of the amended Offer, Lone Star would modify the conditions to the Offer such that the only substantial condition to the consummation of the Offer would be the Minimum Condition.
Open Text Corp. (NASDAQ: OTEX) 22% HIGHER; Reports Q4 adj-EPS of $0.52, above the consensus of $0.40. Revenues came in at $175.2 million versus the consensus of $166.56 billion.
Cost Plus Inc. (NASDAQ: CPWM) 17% LOWER; Reports a Q2 adjusted loss of $0.66, 1 cent worse than estimates.(-.65) Revenues were $215.2 million vs. $217.28 million consensus. For the third quarter of fiscal 2007, the Company is projecting a net loss in the range of $16 million to $18 million, or a net loss of $0.73 to $0.80 per diluted share. (Consensus is a $0.45 loss)
dELiA's, Inc. (NASDAQ: DLIA) 15.1% LOWER; Reports a Q2 loss of $0.16, 4 cents worse than estimates.(-.12) Revenues were $52.4 million vs. $53.8 million consensus. Robert Bernard, Chief Executive Officer, stated: "As we look ahead, we see continued growth in both our retail and direct businesses. We are focused upon improving the performance of our cut and sew knits category and capitalizing on the substantial growth we have seen in customer acceptance of our core denim assortment. That said, in light of the uncertain retail environment and the likelihood for promotional activity to intensify, we plan to carefully manage our inventory levels for the back half of the year. Looking ahead, we remain focused on growing our store base and improving our merchandising execution, in order to drive the long term profitability of our Company."
SkillSoft PLC (NASDAQ: SKIL) 14.7% HIGHER; Reports Q2 GAAP EPS of $0.11 vs. consensus of $0.03. Revenues were $71.5 million vs. $68.3 million consensus. For FY08, Revenue is expected to be in the range of $272.0 million to $280.0 million compared to the previously targeted range of $234.0 million to $242.0 million. (Consensus is $271.51 million). For FY08, GAAP net income is expected to be in the range of $20.5 million to $23.0 million, or $0.19 to $0.21 per basic and diluted share compared to the previously targeted range of $31.0 million to $35.0 million, or $0.30 to $0.33 per basic and diluted share. (Consensus is $0.26)
Mothers Work Inc. (NASDAQ: MWRK) 13% HIGHER; Stock moving up with no specific news releases.
Christopher & Banks (NYSE: CBK) 13% LOWER; Matthew Dillon has resigned as President and Chief Executive Officer, and as a member of the board of directors, effective August 30, 2007. CIBC World Markets downgrades CBK to Sector Perform from Outperform.
Fremont General Corporation (NYSE: FMT) 8.7% HIGHER; Mortgage lender stocks jump after Fed Chairman Bernanke and President Bush comment on the state of the economy and what can be done to help homeowners facing issues.
OM Group Inc. (NYSE: OMG) 8.2% HIGHER; Stock moving higher with no specific news releases. However, yesterday afternoon, S&P upgraded OM Group To 'BB-' on Improved Financials, Stable Outlook.
Beazer Homes USA Inc. (NYSE: BZH) 7.1% HIGHER; Homebuilder stocks move higher on Fed Chairman Bernanke and President Bush comments.
ITT Corporation (NYSE: ITT) 7% HIGHER; ITT was awarded a $207 million initial contract by the Federal Aviation Administration (FAA) to lead a team to develop and deploy the Automatic Dependent Surveillance - Broadcast (ADS-B) system. ADS-B is a key component of the FAA's NextGen program intended to increase safety and efficiency to meet the growing needs of air transportation. The period of performance for the initial contract is three years, with a contract value of $207 million. Under the contract, ITT will be responsible for overall system integration and engineering and under contract options will operate and maintain the system after deployment through September 2025. The contract has a potential value with all options exercised of $1.86 billion.
Open Text Corp. (NASDAQ: OTEX) 22% HIGHER; Reports Q4 adj-EPS of $0.52, above the consensus of $0.40. Revenues came in at $175.2 million versus the consensus of $166.56 billion.
Cost Plus Inc. (NASDAQ: CPWM) 17% LOWER; Reports a Q2 adjusted loss of $0.66, 1 cent worse than estimates.(-.65) Revenues were $215.2 million vs. $217.28 million consensus. For the third quarter of fiscal 2007, the Company is projecting a net loss in the range of $16 million to $18 million, or a net loss of $0.73 to $0.80 per diluted share. (Consensus is a $0.45 loss)
dELiA's, Inc. (NASDAQ: DLIA) 15.1% LOWER; Reports a Q2 loss of $0.16, 4 cents worse than estimates.(-.12) Revenues were $52.4 million vs. $53.8 million consensus. Robert Bernard, Chief Executive Officer, stated: "As we look ahead, we see continued growth in both our retail and direct businesses. We are focused upon improving the performance of our cut and sew knits category and capitalizing on the substantial growth we have seen in customer acceptance of our core denim assortment. That said, in light of the uncertain retail environment and the likelihood for promotional activity to intensify, we plan to carefully manage our inventory levels for the back half of the year. Looking ahead, we remain focused on growing our store base and improving our merchandising execution, in order to drive the long term profitability of our Company."
SkillSoft PLC (NASDAQ: SKIL) 14.7% HIGHER; Reports Q2 GAAP EPS of $0.11 vs. consensus of $0.03. Revenues were $71.5 million vs. $68.3 million consensus. For FY08, Revenue is expected to be in the range of $272.0 million to $280.0 million compared to the previously targeted range of $234.0 million to $242.0 million. (Consensus is $271.51 million). For FY08, GAAP net income is expected to be in the range of $20.5 million to $23.0 million, or $0.19 to $0.21 per basic and diluted share compared to the previously targeted range of $31.0 million to $35.0 million, or $0.30 to $0.33 per basic and diluted share. (Consensus is $0.26)
Mothers Work Inc. (NASDAQ: MWRK) 13% HIGHER; Stock moving up with no specific news releases.
Christopher & Banks (NYSE: CBK) 13% LOWER; Matthew Dillon has resigned as President and Chief Executive Officer, and as a member of the board of directors, effective August 30, 2007. CIBC World Markets downgrades CBK to Sector Perform from Outperform.
Fremont General Corporation (NYSE: FMT) 8.7% HIGHER; Mortgage lender stocks jump after Fed Chairman Bernanke and President Bush comment on the state of the economy and what can be done to help homeowners facing issues.
OM Group Inc. (NYSE: OMG) 8.2% HIGHER; Stock moving higher with no specific news releases. However, yesterday afternoon, S&P upgraded OM Group To 'BB-' on Improved Financials, Stable Outlook.
Beazer Homes USA Inc. (NYSE: BZH) 7.1% HIGHER; Homebuilder stocks move higher on Fed Chairman Bernanke and President Bush comments.
ITT Corporation (NYSE: ITT) 7% HIGHER; ITT was awarded a $207 million initial contract by the Federal Aviation Administration (FAA) to lead a team to develop and deploy the Automatic Dependent Surveillance - Broadcast (ADS-B) system. ADS-B is a key component of the FAA's NextGen program intended to increase safety and efficiency to meet the growing needs of air transportation. The period of performance for the initial contract is three years, with a contract value of $207 million. Under the contract, ITT will be responsible for overall system integration and engineering and under contract options will operate and maintain the system after deployment through September 2025. The contract has a potential value with all options exercised of $1.86 billion.
