SLM Corp. (SLM) says its board appointed Anthony P. Terracciano as chairman. Albert L. Lord has been appointed vice chairman and will continue in his capacity as CEO. Also, the board appointed John (Jack) F. Remondi as vice chairman and CFO. S&P downgrades to hold from buy, citing concerns about declining margins.
Network Appliance (NTAP) falls after UBS Financial downgrades to neutral from buy. UBS also downgraded IBM (IBM).
Alcoa (AA) falls 1.69 to 33.18 after Credit Suisse cuts fourth quarter EPS estimate to $0.38 from $0.65, 2007 to $2.48 from $2.75. It cites: 1) lower aluminum prices during the quarter; 2) adverse currency movement among the Australia, Canadian, Real and Euro dollars, during quarter; 3) energy cost pressure from higher natural gas prices on a quarterly average basis, and; 4) weakness in certain downstream end-markets.
Eli Lilly (LLY) rises after Morgan Stanley upgrades to equal-weight from underweight.
Biogen Idec (BIIB) sees 15%-20% revenue growth in 2008. It sets goal to generate revenue growth at 15% compound annual growth rate (CAGR), non-GAAP EPS at a 20% CAGR from 2007 through 2010. S&P raises estimate, but trims target, reiterates hold.
Zale (ZLC) rises after Breeden Capital Management reports 15.85% stake in the company in 13-D filing.
Dolby Laboratories (DLB) was up 3.80 to 49.33. At 2008 International Consumer Electronics Show (CES), the company was demonstrating its new suite of high dynamic range (HDR) imaging technologies, announcing that the first to market, Dolby Contrast, will be ready for distribution to LCD manufacturers in the first quarter 2008.
DTS (DTSI) rises after DA Davidson upgrades to buy from neutral, citing valuation and Warner Bros.' announcement Friday that it will publish high-definition DVDs exclusively in the Blu-ray disc format.
Best Buy (BBY) moves down after Bear Stearns downgrades to underperform from outperform.
Shoretel (SHOR) cuts $32-$35 million second quarte revenue forecast to $29.7-$30.7 million. It says sales to new customers declined.
Celgene (CELG) says 2007 preliminary unaudited results indicate total revenue will increase by more than 50% year-over-year, to about $1.4 billion, adjusted EPS expected to double to about $1.05. It targets 2008 revenue growth to increase more than 30% to about $1.8 billion and adjustsed EPS increasing about 45% to $1.50-$1.55. S&P keeps buy.
Avocent (AVCT) sees fourth quarter revenues of $155-$157 million, vs. $164.9 million in the fourth quarter of 2006. It cites lower sales of its Management Systems Division's branded products in North America.
Group 1 Automotive (GPI) falls after Goldman downgrades to sell from neutral.
Tibco Software (TIBX) falls after Goldman downgrades to sell from neutral, cites risk profile for early 2008.
Zumiez (ZUMZ) says based on quarter-to-date results, it now expects fiscal year 2008 EPS of $0.82-$0.83 vs. previous guidance of $0.92-$0.94. Posts 3.9% higher December same-store sales, 15% higher total sales.
Jefferies Group (JEF) sees fourth quarter net loss of about $24 million, or $0.17 per share, on $345-$365 million revenue. It notes weak results in its high yield, asset management businesses, as well as losses in two principal trading efforts. S&P cuts estimates, target; reiterates hold.
Schnitzer Steel Industries (SCHN) posts lower-than-expected $0.85, vs. $0.69 a year ago, first quarter EPS on 18% revenue rise. Notes its Metals Recycling Business was hurt by both the high cost of ocean freight as well as the tight supply of ships to carry export cargos.
Empire Resorts (NYNY) says its partner, the St. Regis Mohawk's Tribe, received a letter from the Dept. of the Interior denying the Tribe's application to place 29.31 acres at the Monticello raceway into trust for the purposes of building a casino in accordance with the Indian Gaming Regulatory Act of 1988.
Lifecell (LIFC) estimates product revenues for the fourth quarter were up 34% vs. a year ago, due to significant increase in demand for its flagship reconstructive surgical products, AlloDerm Regenrative Tissue Matrix. Estimates 2007 product revenues were up 35%; expects 2007 EPS to be in previously announced range of $0.80-$0.82. Expects 2008 product revenues to rise in 22%-28% range, with EPS in the range of $0.98-$1.06.
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