US Hot Stks: MEMC Elec Falls After Cutting 1Q Rev Forecast-3-

Last Update: 4/3/2008 10:16:17 AM

Among the companies whose shares are making notable moves Thursday are MEMC
Electronic Materials Inc., Constellation Brands Inc., Schering-Plough Corp., and
Research In Motion Ltd.

MEMC Electronic Materials Inc. (WFR, $71.12, -$5.27, -6.90%) cut its
first-quarter revenue forecast to $500 million from $560 million, due in part to
extended downtime and maintenance issues at its Pasadena, Texas, facility.
Analysts polled by Thomson Financial expect, on average, revenue of $560 million.

Constellation Brands Inc. (STZ, $19.70, $0.98, 5.24%) posted a net loss of $832
million, or $3.90 a share, for the fourth quarter, as the spirits and wine
company wrote down the value of its struggling Australia and U.K. businesses.
Excluding items, earnings came in at 34 cents a share, while analysts forecast,
on average, earnings of 26 cents a share in the fourth quarter.

Schering-Plough Corp. (SGP, $14.80, $0.94, 6.78%) launched a cost-cutting plan
involving management cuts, facility streamlining and more focused research to
generate $1.5 billion in annual savings, equivalent to 10% of the company’s 2007
cost base. The pharmaceutical giant said the $500 million savings from the
November acquisition of Organon BioSciences of the Netherlands is included in the
new figure. Savings will come from all departments, with the company making its
first moves in slimming top management levels.

Research In Motion Ltd. (RIMM, $121.40, $5.61, 4.84%) said its fourth-quarter
profit and revenue more than doubled even as the economy showed signs of a
slowdown. The BlackBerry-maker, based in Waterloo, Ontario, said it added 2.2
million net new BlackBerry subscribers in the quarter ended March 1, bringing its
total subscriber base to more than 14 million.

Micron Technology Inc. (MU, $6.70, $0.31, 4.85%) executives, while noting painful
declines for memory-chip prices, late Wednesday said conditions in the DRAM arena
are improving and that industry players seem to be moving to cut capacity to
shore up prices. Micron earlier Wednesday said its fiscal second-quarter net loss
widened on a write-down of its goodwill value amid a continuing supply glut and
dropping prices for memory chips.

CIT Group Inc. (CIT, $13.86, -$0.29, -2.05%), a commercial lender which announced
late last year it would stop originating private student loans, said it will stop
originating government-guaranteed student loans, effective immediately. The
decision will enable the lender, which is now reeling under the weight of its
investments in subprime mortgages, to “concentrate on its core commercial finance
franchises while operating a more focused organization.”

Cisco Systems Inc. (CSCO, $24.27, -$0.69, -2.76%) was downgraded to neutral from
buy at UBS, which said industry checks are giving the company concerns about the
July quarter. UBS said these checks indicate that, in addition to softness in its
U.S. Enterprise business, European Enterprise is slowing slightly, while its
Emerging Markets business is growing in the 25% to 30% range, not the 30% to 40%
target.

Clear Channel Communications Inc. (CCU, $28.85, $0.61, 2.16%) notched an early
win for the company and its proposed private-equity buyers after a federal judge
ruled Wednesday that a lawsuit over the disputed sale of the company should be
heard by a Texas state court. The Texas case is one of two lawsuits filed last
week in which Clear Channel and its proposed buyers, Thomas H. Lee Partners LP
and Bain Capital Partners LLC, accuse six banks of reneging on commitments to
fund the $19.5 billion deal.

National City Corp. (NCC, $9.68, $0.46, 4.99%) was upgraded to equal-weight from
underweight at Morgan Stanley, with the broker citing valuation and the prospects
it could be bought. “We believe the market has largely priced in expectations of
accelerated credit deterioration and reserve build in the bank’s higher-risk
portfolio, with the stock now trading in line with our 12-month price target,”
Morgan Stanley said.

General Motors Corp. (GM, $20.99, $0.02, 0.10%) is considering taking on more of
Delphi Corp.’s (DPHIQ, $0.13, $0.06, 83.82%) pension liabilities to help its
struggling parts supplier exit bankruptcy protection, The Wall Street Journal
reported, citing people familiar with the situation. Delphi, a former division of
GM, has struggled to line up the $6.1 billion in financing it needs to exit
Chapter 11 amid a financing crisis that has crippled the credit markets.

Ruby Tuesday Inc. (RT, $8.15, $0.27, 3.43%) said that, with re-imaging finished
and only a couple of new units planned, it expects modest capital spending in
fiscal 2009 and sees substantial positive operating free cash flow. The
restaurant company posted a 59% decline in fiscal third-quarter net income on
tumbling same-store sales and the restaurant chain cut the high end of its
fiscal-year earnings outlook, though the results beat estimates.

Borders Group Inc. (BGP, $6.12, -$0.09, -1.45%) said it will delaying filing its
10-K annual report for fiscal 2007 to after April 17 so it will have time to
evaluate financing alternatives and include finalized details in its 10-K filing.
Borders received a financing commitment from Pershing Square Capital Management
LP but it is exploring other deals and has entered into discussions with several
parties.

Schnitzer Steel Industries Inc. (SCHN, $76.33, $4.29, 5.96%) posted a 26% jump in
fiscal second-quarter net income amid continued strong demand for recycled metal
and rising ferrous scrap-metal prices.

RPM International Inc. (RPM, $22.87, $0.69, 3.11%), a maker of specialty coatings
and sealants, said net income for the fiscal third quarter ended Feb. 29 rose 21%
to $12.2 million, or 10 cents a share, with sales up 8% to $731.8 million. The
Medina, Ohio, company cited robust industrial demand, particularly in European,
Canadian and Latin American markets.

Robbins & Myers Inc. (RBN, $33.80, $0.16, 0.48%) said it was raising its earnings
outlook because of an additional gain of about $5.4 million from the sale of its
Romaco product lines. The company increased its third-quarter profit outlook
range to 53 cents to 58 cents, from 42 cents to 47 cents, and its full year
fiscal-2008 guidance range to $1.93 to $2.03, from $1.82 to $1.92. Analysts
estimate a third-quarter profit of 48 cents a share, and a full-year profit of
$1.95.

X-Rite Inc. (XRIT, $5.23, -$1.19, -18.54%) revised its guidance for first-quarter
revenue to a decline of 3% because of weaker economic conditions and market
softness, but it plans to implement actions to save $23 million in the next 12
months.

Digital imaging products maker Presstek Inc. (PRST, $3.94, -$0.42, -9.63%) swung
to a fourth-quarter loss of $2.78 million, or 8 cents a share, and said it
expects revenue in the first quarter to drop as much as 20% while it sees
positive Ebitda.

AngioDynamics Inc. (ANGO, $12.72, $1.17, 10.13%) swung to a fiscal third-quarter
net profit of $4.89 million, or 20 cents a share, from a loss of $16.4 million,
or 88 cents a share, a year earlier, due in part to lower operating expenses.

Vineyard National Bancorp (VNBC, $6.80, -$1.30, -16.05%) believes a review of its
financial statements may result in the determination that deficiencies could
exist in the company’s internal controls. As previously disclosed, the
Calif.-based holding company for Vineyard Bank delayed filing its annual report
because of an ongoing review and assessment by its audit committee.

Cleveland BioLabs Inc. (CBLI, $4.63, $0.57, 14.04%) received a letter contract
from the Department of Defense for selected tasks in developing Protectan CBLB502
as a medical radiation countermeasure. The Buffalo drug discovery and development
company said the contract won’t exceed $8.9 million in development funding.

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