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Pre-market Movers For March 29 (BBY, LORL, PSS, RHT, ILMN, SHLD, MAPP, RIMM)

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3/29/2012 8:31 AM ET

Gainers:

Best Buy Co., Inc. (BBY: Quote) is rising 4 percent to $27.60. The company has slipped to a loss in its fourth quarter, but adjusted earnings per share were above Wall Street view.. Adjusted revenue rose 3 percent, but was below consensus. The company also announced that it is taking significant actions to lower its cost base. Comparable store sales for the quarter declined 2.4 percent.

Loral Space & Communications Ltd. (LORL: Quote) is rising over 4 percent to $83.00. The company has declared a special dividend of $13.60 per share for an aggregate dividend of up to $421 million.

Collective Brands Inc. (PSS: Quote) is gaining 14 percent to $21.00. The company's fourth quarter loss widened from the previous year, but was lesser than what analysts' had estimated. Net sales were above Wall Street estimate.

Red Hat, Inc. (RHT: Quote) is gaining over 9 percent to $56.25. The company's fourth quarter profit increased 7 percent from the prior year quarter. Both earnings per share, excluding items, and revenue were above analysts' expectations.

Illumina, Inc. (ILMN: Quote) is gaining over 2 percent to $51.15. Roche Holding AG (RHHBY.PK) boosted its offer price for the company to $51 per share. Roche's new offer represents a 15 percent premium to initial offer of $44.50 a share on January 25. Illumina, which repeatedly rejected Roche's offer, urged its stockholders not to take any action until it reviews the revised offer.

Sears Holdings Corp. (SHLD: Quote) is rising 5 percent to $72.62.

Decliners:

MAP Pharmaceuticals Inc. (MAPP: Quote) is falling 4 percent to $15.51. The company's fourth quarter net loss narrowed from the last year, but was bigger than what analysts' had expected.

Research In Motion Ltd. (RIMM: Quote) is falling over 1 percent to $13.46. The company is slated to report its fourth quarter results today.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After reporting a bigger than expected increase in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Thursday that once again showed stronger than expected durable goods orders growth in the month of March. The report said durable goods orders surged up by 2.6 percent in March after jumping by a revised 2.1 percent in February. First-time claims for U.S. unemployment benefits rose by more than expected in the week ended April 19th, according to a report released by the Labor Department on Thursday, with initial jobless claims climbing further off their recent lows. The report said initial jobless claims rose to 329,000, an increase of 24,000 from the previous week's revised figure of 305,000. After giving back some ground in the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 40 points.
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