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Pre-market Movers For March 7 (DELL, CIEN, FRED, PETM, SFD, HZNP, HIMX)

Gainers:

Dell Inc. (DELL) is gaining 0.35 percent to $14.37 amidst news that activist investor Carl Icahn has urged the company to pursue a leveraged recapitalization and pay a $9.00 per share dividend if the agreed going-private transaction at $13.65 per share is voted down by shareholders. Responding to Icahn, Dell stated that it is currently conducting a robust 'go-shop' process to determine if there are third parties interested in proposing alternative transactions and also welcomed Icahn and all other interested parties to participate in the process.

Ciena Corp. (CIEN) is rising nearly 14 percent to $16.99. The company's first quarter loss narrowed marginally from the prior year period and swung to a profit on a non-GAAP basis. Revenue rose 8.7 percent and topped Wall Street view. Meanwhile, the company forecast second quarter revenue in-line with market view.

Smithfield Foods, Inc. (SFD) is rising over 7 percent to $23.99. The company's third quarter earnings improved from the prior year period and were above Wall Street view. Sales rose 3 percent and also topped the consensus estimate. Further, the company noted that it expects solid earnings in fiscal 2013 and look forward to even stronger results the next year.

Horizon Pharma, Inc. (HZNP) is gaining 12 percent to $2.30 based on the news that it has received marketing authorization for DUEXIS from the United Kingdom Medicines and Healthcare Products Regulatory Agency.

Himax Technologies, Inc. (HIMX) is jumping 25 percent to $4.77.

Decliners:

PetSmart, Inc. (PETM) is falling over 7 percent to $61.60 following the release of its quarterly results.

Trading halt:

Trading in shares of Fred's Inc. (FRED) was halted. The company announced that comparable store sales for February declined 1.5 percent, versus a decline of 0.7 percent in the same period last year. Meanwhile, the company lowered its financial guidance for the fourth quarter of 2012, due to the combination of promotional markdowns on basic and consumable products, as well as year-end adjustments relating to higher-than-anticipated insurance and other operating costs.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Volkswagen plans to invest about 22.8 billion euros in its core brand from 2018 to 2022, with main focus on e-mobility and modularization. In a statement on Saturday, the German automaker announced that the investments, as part of the brand's Transform 2025+ strategy, will significantly boost the brand's largest product and technology offensive. Health IQ Insurance Services, a startup focused on providing life insurance for health-conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz. To date, the company has raised a total of $81 million in funding mostly from its existing investors. General Motors Co. is recalling nearly 49,000 trucks worldwide to fix a fuel tank issue that can increase the risk of a fire. The recall covers Chevrolet Silverado 3500 and GMC Sierra 3500 trucks from the 2011 through 2015 model years, all equipped with dual fuel tanks.
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