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Movers: Medtronic, Deckers Outdoor, Sepracor, Crocs

Friday's stocks in the news

From Standard & Poor's Equity ResearchMedtronic (MDT) agreed to buy Kyphon Inc. (KYPH) in a $3.9 billion deal. The terms are $71 cash for each Kyphon share, which closed at $53.68 on Thursday. Kyphon also reported earnings of 23 cents per share in the second quarter, up from 21 cents on 43% higher sales.

Deckers Outdoor (DECK) posts better-than-expected $0.20, vs. $0.21 a year ago, second quarter EPS as higher SG&A offset a 26% sales rise. It says its UGG Brand sales again outpaced expectations. It raises 2007 revenue growth target to 35% from 25% and EPS growth to 25% from 15%.

VCA Antech (WOOF) posts $0.42, vs. $0.35 a year ago, second quarter EPS on 18% revenue rise. It sees $1.35-$1.37 2007 EPS on revenue of $1.14-$1.15 billion. Jefferies upgrades to buy from hold.

Crocs Inc. (CROX) reported earnings of 58 cents per share, vs. 19 cents a year ago. Revenues spiked, and the shoe maker raised guidance for 2007 profits.

Sepracor (SEPR) posts $0.05, vs. $0.10, second quarter EPS as higher operating expenses offset 5.2% revenue rise.

Netgear (NTGR) posts lower-than-expected $0.38, vs. $0.30 a year ago, second quarter non-GAAP EPS on 26% revenue rise. It notes seasonal weakness. It sees $178-$182 million third quarter revenue, non-GAAP operating margin of 11%-12%. S&P ups to buy.

ITT Corp. (ITT) reported earnings of 92 cents, vs. 72 cents a year ago, on 13% revenue growth. ITT maintained its current 2007 earnings guidance and forecasts 10% revenue growth for the year.

Clear Channel (CCU) reported earnings of 42 cents per share, vs. 34 cents a year ago. Revenues were up 5%.

Baker Hughes (BHI) reported earnings of $1.09, vs. $4.14 a year ago despite a 15% rise in revenue. The firm says it saw lower profits from its Canadian drilling and evaluation business.

Gap Inc. (GPS) named Glenn Murphy, formerly head of the largest drug store chain in Canada, as its new chairman and CEO.

U.S.B. Holding (UBH), a New York-based bank, agreed to be acquired by Keycorp (KEY) in a $575 million deal.

QLogic (QLGC) posts $0.12, vs. $0.13 a year ago, first quarter GAAP EPS as higher expenses and other factors offset 2.3% revenue rise. S&P reiterates strong buy, while JP Morgan cuts to neutral, Citigroup reportedly downgrades.

Simpson Manufacturing (SSD) posts $0.58 vs. $0.64 second quarter EPS on 4.1% lower sales.

CNET Networks (CNET) posts breakeven second quarter EPS, vs. $0.03 EPS a year ago, despite a 5.2% revenue rise. It sees third quarter EPS of $0.01-$0.04 on revenue of $95-$103 million and 2007 EPS of $1.30-$1.39 on revenue of $405-$430 million. Citigroup downgrades to hold from buy.

Cymer (CYMI) posts $0.67, vs. $0.55 a year ago, second quarter EPS as widened gross margin offsets 9.2% revenue drop. Second quarter bookings rose 14% from last quarter. It sees third quarter about flat vs. second quarter, 50%-52% gross margin. Needham upgrades to buy from hold.

Western Digital (WDC) posts $1.03 (including a one-time gain), vs. $0.53 a year ago, fourth quarter EPS on 3% revenue rise. S&P reiterates buy.

Eastman Chemical (EMN) posts $1.22, vs. $1.37 a year ago, second quarter EPS (GAAP) on flat revenues, weak results from its performance polymers business, lower volumes from its fibers segment. It sees third quarter EPS slightly above year-ago EPS of $1.24, excluding items.

MicroStrategy (MSTR) posts $0.90, vs. $1.21 a year ago,, second quarter EPS as higher operating costs offset 14% revenue rise.

Rambus (RMBS) posts second quarter revenue of $47.5 million, a 5% decline from last quarter. It does not expect to be in a position to file its Form 10-Q.

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