Pre-market Movers For June 1 (BP, VZ, SLE, VRA, OVTI, QUIK, CACC)

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6/1/2012 8:54 AM ET

Gainers:

Vera Bradley, Inc. (VRA: Quote) is gaining 5 percent to $22.98. The company's first quarter profit improved from the previous year period. Revenues rose 15.6 percent. However, the company expects second quarter earnings below Wall Street view. The company reaffirmed its 2013 earnings guidance, but lowered its revenue outlook range.

Sara Lee Corp. (SLE: Quote) is up more than 2 percent to $21.40. The company's board has approved the spin-off of its international coffee and tea business. The company also approved a 1-for-5 reverse stock split of shares. In addition, the company noted that CoffeeCo will pay a $3.00 per share special dividend, immediately after the distribution of the CoffeeCo common stock.

BP plc (BP: Quote) is up 1 percent to $36.92. The company announced that it intends to sell its shareholding in Russian joint venture TNK-BP Ltd., as it has received "unsolicited indications" from interested parties.

Decliners:

OmniVision Technologies Inc. (OVTI: Quote) is down 8 percent to $14.82. The company's fourth quarter profit slumped from the year-ago quarter. Revenues declined from the previous year period, but topped the consensus estimate. Meanwhile, the company provided a weak earnings forecast for its first quarter.

Verizon Communications Inc. (VZ: Quote) is down 1 percent to $41.11. The company has agreed to buy Hughes Telematics, Inc. (HUTC.OB) for $12.00 per share in cash, or a total of $612 million.

QuickLogic Corp. (QUIK: Quote) is falling 18 percent to $2.44. The company announced the pricing of the public offering of an aggregate of 4.50 million newly issued shares of common stock. The common stock and warrants will be sold in units, with each consisting of one share of common stock and a warrant to purchase 0.45 of a share of common stock, at $2.50 per unit.

Trading halt:

Trading in shares of Credit Acceptance Corp. (CACC: Quote) was halted. The company announced that it has begun a tender offer to purchase up to 1 million shares of its outstanding common stock at a price of $84.45 per share.

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by RTT Staff Writer

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