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Movers: Countrywide, Sun Microsystems, ACS, Microsoft, Yahoo

Friday's stocks in the news

From Standard & Poor's Equity ResearchCountrywide Financial (CFC) is down 0.23 to 5.82 after Standard & Poor's Ratings Services lowers its ratings on the company to junk status. S&P Ratings cuts CFC and its Countrywide Home Loans Inc. to BB+/B from BBB+/A-2; its rating on Countrywide Bank fsb to BBB/A-3 from A-/A-2. The rating actions were due to disclosure in Bank of America's (BAC) May 1 Form S-4/A filing relating to terms of the merger between BAC and CFC, a new reference regarding treatment of CFC's indebtedness.

Sun Microsystems (JAVA) posts $0.04 third quarter GAAP loss per share, vs. $0.07 EPS a year ago, on slightly lower revenue. Net loss included charges related to the acquisition of MySQL, which reduced EPS by about $0.04. To cut up to 2,500 jobs. Bear Stearns downgrades to peer perform from outperform.

Affiliated Computer Services (ACS) posts $0.91, vs. $0.78, third quarter non-GAAP EPS on 7.1% revenue rise. Jefferies upgrades to buy.

The Wall Street Journal reports that Microsoft (MSFT) late Thursday was leaning toward going hostile in its pursuit of Yahoo (YHOO), according to people familiar with the matter, with an announcement likely Friday. But the people cautioned that the situation was fluid as discussions continued and said the software company could change tack before announcing its decision. MSFT declined to comment on its plans, according to the article.

Magma Design Automation (LAVA) posts $0.17, vs. $0.09 a year ago, fourth quarter non-GAAP EPS on 9.7% revenue rise. Sees first quarter fiscal year 2009 revenue of $50.0-$51.5 million, non-GAAP EPS of $0.07-$0.09. Needham downgrades to hold from buy.

Integrated Device Technology (IDTI) posts $0.24, vs. $0.26, fourth quarter non-GAAP EPS on 14% revenue rise. Reportedly sees first quarter non-GAAP EPS of $0.21. Board okays $100 million expansion of buyback program.

Cirrus Logic (CRUS) posts $0.06 (non-GAAP), vs. $0.08, fourth quarter EPS despite 2.7% revenue rise. Sees first quarter revenue of $42-$45 million, gross margin of 55%-57%, combined R&D and SG&A expenses are expected to range between $24-$25 million.

American Tower (AMT) posts $0.10 vs. $0.05 first quarter EPS on 8.4% revenue rise. Sees '08 adj. EBITDA of $1.072B-$1.091B.

Bankrate (RATE) posts $0.46, vs. $0.33, first quarter adjusted EPS on 91% revenue rise. Reaffirms 2008 guidance; sees revenue of $167-$172 million and adjusted EBITDA of $64-$68 million. Roth Capital downgrades to hold from buy.

Borgwarner (BWA) posts $0.75, vs. $0.50, first quarter EPS on 17% sales rise. Sets additional 5 million share buyback.

KBR (KBR) posts $0.58, vs. $0.17, first quarter EPS on 24% revenue rise.

Comfort Systems USA (FIX) posts $0.20, vs. $0.04, first quarter EPS on 13% same-store sales rise, 18% total sales rise.

Entravision Communications (EVC) posts $0.07 first quarter loss from continuing operations, vs. $0.01 EPS, on 2% revenue decline. Notes challenging advertising environment due to general economic conditions and difficult comps. Sees second quarter revenue to decrease by low- to mid-single digit percentages and operating expenses to increase by low-single digit percentages as compared to second quarter 2007. S&P maintains hold; cuts 2008 estimate.

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