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

Gainers:

Dell Inc. (DELL: Quote) 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: Quote) 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: Quote) 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: Quote) 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: Quote) is jumping 25 percent to $4.77.

Decliners:

PetSmart, Inc. (PETM: Quote) 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: Quote) 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.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Stocks moved notably higher over the course of the trading day on Monday, extending the strong upward move seen last Friday. The gains on the day continued the recent recovery by the markets, with the Nasdaq and the S&P 500 closing higher for the third consecutive session. While Republicans have largely tried to frame the upcoming midterm elections as a referendum on President Barack Obama, Sen. Ted Cruz, R-Tex., has joined the few offering guidance on what the GOP will do if it manages to retake control of the Senate.
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