Markets & Finance

Movers: Navistar, YRC Worldwide, Micron Technology


Plus more stocks making headlines in Wednesday's market

From Standard & Poor's Equity ResearchYRC WORLDWIDE, INC. (YRCW)

Says it in talks with its banking group to modify certain terms of its credit facilities. Terminates its tender offer that expired at midnight on Dec. 23, since the proposed wage reduction amendment to National Master Freight Agreement, which was a condition of the tender offer, has not yet been ratified. YRCW says Q4-to-date YRC National Transportation total tonnage per day is down 11.8%, YRC Regional Transportation total tonnage per day down about 11%, adjusted.

SUPERTEX, INC. (SUPX)

Lazard Capital reportedly upgrades SUPX to buy from hold.

ORBITAL SCIENCES CORP. (ORB)

ORB says it's been selected for a long-term contract by the National Aeronautics and Space Administration (NASA) to provide cargo transportation services to and from the International Space Station. ORB stated that contract, awarded under NASA's Commercial Resupply Services (CRS) program, has an expected value of about $1.9B for cargo transportation missions to be conducted between 2011 and 2015. Jefferies reiterates buy.See Pg. 5

PROLOGIS (PLD)

PLD announces that it made contributions of properties in North America, Europe and Japan during the fourth quarter for total proceeds of $1.26 billion. The contributions included a total of 59 properties in 12 countries, representing 15.2 million square feet of space. Wachovia reportedly upgrades to outperform from underperform.

NAVISTAR INTERNATIONAL CORP. (NAV)

NAV to restate results for nine months ended July 31, '08; expects to increase reported net income by $50M-$70M, ($0.68-$0.95 per share) for nine months ended July 31, '08. Continues to affirm FY 08 guidance for net income of $467M-$548M, EPS of $6.35-$7.45, excl. charges for impairment of long-lived assets and related charges associated with certain assets in its Engine segment.

MICRON TECHNOLOGY, INC. (MU)

MU posts $0.91 Q1 loss (includes items) vs. $0.34 loss on 8.7% total revenue decline. S&P keeps hold. Goldman maintains sell.

INTERMEC, INC. (IN)

IN to be added to S&P SmallCap 600 after the close of trading on a date to be announced, replacing SI INTERNATIONAL (SINT), which is being acquired.

INDEPENDENT BANK CORP. (MASS.) (INDB)

INDB to be added to S&P SmallCap 600 after the close of trading on Dec. 31, replacing LIBBEY (LBY), which being removed due to its low market cap.

AMERICAN PHYSICIANS CAPITAL, INC. (ACAP)

ACAP to be added to S&P SmallCap 600 after the close of trading on Dec. 31, replacing MONACO COACH CORP. (MNC), which being removed due to its low market cap.

ACTUANT CORP. (ATU)

ATU to be added to S&P SmallCap 600 after the close of trading on Dec. 31, replacing BIOLASE TECHNOLOGY (BLTI), which being removed due to its low market cap.

EXAR CORP. (EXAR)

EXAR lowers Q3 revenue view to $25.5M-$27M, approximately 7%-12% below guidance issued on October 30, 2008. Cites drop-off in demand for its products.

AMERISAFE, INC. (AMSF)

AMSF to be added to S&P SmallCap 600 after the close of trading on Dec. 31, replacing FIRSTFED FINANCIAL (FED), which being removed due to its low market cap.

VALLEY NATIONAL BANCORP (VLY)

VLY to be added to S&P MidCap 400 after the close of trading on Dec. 31, replacing FLIR SYSTEMS (FLIR), which being moved to S&P 500.

FLIR SYSTEMS, INC. (FLIR)

FLIR to be added to S&P 500 after the close of trading on Dec. 31, replacing NATIONAL CITY (NCC), which being acquired.

OWENS-ILLINOIS, INC. (OI)

OI to be added to S&P 500 after the close of trading on Dec. 31, replacing WACHOVIA (WB), which being acquired.

OMEGA HEALTHCARE INVESTORS, INC. (OHI)

OHI to be added to S&P MidCap 400 after the close of trading on Dec. 31, replacing SCANA CORP. (SCG), which being moved to S&P 500.

SCANA CORP. (SCG)

SCG to be added to S&P 500 after the close of trading on Dec. 31, replacing MERRILL LYNCH (MER), which being acquired.

BIOVAIL CORP. (BVF)

BVF reaches settlement to resolve all outstanding litigation involving former Banc of America Securities analyst Jerry I. Treppel, including all claims asserted against BVF by Mr. Treppel, and all claims by and against each of Eugene Melnyk and Mr. Treppel. The litigation originally commenced in April 2003. Terms of the settlement are confidential; however, they are not material to BVFl's cash flows or operating results.


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