Cummins, Fannie Mae, Garmin, Savvis, Wyeth: U.S. Equity Preview

By Jeff Kearns

July 30 (Bloomberg) -- The following companies may have unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 8:45 a.m. in New York unless stated otherwise.

The two biggest U.S. providers of mortgage lending, Fannie Mae (FNM US) and Freddie Mac (FRE US), advanced. President George W. Bush signed into law legislation that helps 400,000 homeowners facing foreclosure and extends a lifeline to Fannie Mae and Freddie Mac. Fannie Mae added 4.3 percent to $12.10. Freddie Mac gained 5.7 percent to $8.90.

Align Technology Inc. (ALGN US) lost 18 percent to $9.20. The maker of Invisalign dental braces said 2008 profit will be no more than 33 cents a share. Analysts estimated 40 cents on average in a Bloomberg survey.

Arthur J. Gallagher & Co. (AJG US): The insurance broker reported second-quarter profit of 45 cents a share, missing the average analyst estimate for the eighth consecutive period, according to Bloomberg data. The stock retreated 6.1 percent to $23.80 in extended trading yesterday.

Buffalo Wild Wings Inc. (BWLD US) gained 16 percent to $36. The restaurant chain specializing in multiflavored chicken wings reported second-quarter profit of 31 cents a share, beating the average analyst estimate by 13 percent, according to Bloomberg data.

Cummins Inc. (CMI US) rose 7.9 percent to $71.25. The maker of more than a third of North America's heavy-duty truck engines said today in a statement distributed by Business Wire that second-quarter profit rose 37 percent on increased engine demand at home and generator sales overseas.

Garmin Ltd. (GRMN US) lost 13 percent to $39.07. The world's largest maker of car-navigation devices posted second- quarter earnings that missed analysts' estimates and cut its sales forecast as competition with TomTom NV (TOM2 NA) hurts prices.

Hanesbrands Inc. (HBI US) 19 percent to $22.09. The clothing maker reported second-quarter profit of 65 cents a share, missing the average analyst estimate by 4.4 percent, according to Bloomberg data.

MetLife Inc. (MET US) fell 5.9 percent to $49.70. The nation's biggest life insurer cut its full-year earnings forecast and said second-quarter profit declined more than analysts estimated. Net income decreased 18 percent to $946 million, while operating profit of $1.30 a share missed the average estimate by 14 percent, according to Bloomberg data.

National Instruments Corp. (NATI US) rose 9.5 percent to $31.50. The maker of industrial testing equipment was raised to ``hold'' from ``sell'' at Citigroup Inc.

OfficeMax Inc. (OMX US) fell 1 percent to $13.97. The third-largest U.S. office-supplies retailer reported a second- quarter loss of $894.2 million after writing down the value of its assets.

RadiSys Corp. (RSYS US): The maker of equipment for telephone companies reported second-quarter profit of 14 cents a share, beating the average analyst estimate by 155 percent, according to Bloomberg data. The shares gained 16 percent to $12.15 in extended trading yesterday.

RF Micro Devices Inc. (RFMD US): The maker of chips and radio systems for mobile phones reported second-quarter profit of 5 cents a share, meeting the average analyst estimate in a Bloomberg survey. The shares gained 10 percent to $3.20 in extended trading yesterday.

Savvis Inc. (SVVS US) rose 10 percent to $15. The provider of information technology services to government and business said sales jumped 6.2 percent to $212.9 million. Eight analysts surveyed by Bloomberg estimated sales of $208.5 million.

Starent Networks Corp. (STAR US) rose 17 percent to $13.50. The maker of multimedia networking equipment for mobile phones reported second-quarter profit of 19 cents a share, beating the average analyst estimate by 12 percent, Bloomberg data show.

TTM Technologies Inc. (TTMI US): The maker of printed circuit boards said third-quarter profit will be as low as 19 cents a share. Analysts forecast 27 cents, the average estimate in a Bloomberg survey. The shares fell 12 percent to $11.30 in extended trading yesterday.

Ultimate Software Group Inc. (ULTI US) lost 29 percent to $23.50. The maker of payroll and human resources software reported a quarterly loss of 75 cents a share. Analysts had expected profit of $1.34 a share, the average of 11 estimates in a Bloomberg survey.

Wyeth (WYE US) slumped 17 percent to $37.37. An experimental Alzheimer's drug made by Wyeth and Elan Corp. (ELN US) only helped about half of patients in a study and was linked with a brain-swelling side effect. Elan American depositary receipts plunged 36 percent to $21.76.

To contact the reporter on this story: Jeff Kearns in New York at jkearns3@bloomberg.net.