Movers: Ambac, Genentech, Freddie Mac, United Natural Foods, Intuit

Ambac Financial Group (ABK) rises 1.48 to 10.71 after CNBC’s Charlie Gasparino reports that significant progress has been made on a bailout plan for ABK that could be announced this Monday or Tuesday.

Genentech (DNA) received FDA approval on Friday for its Avastin drug to treat breast cancer. The Wall Street Journal says this decision “could represent a major shift in standards for assessing the effectiveness of cancer medicines.” Avastin is already approved for treating lung and colon cancer.

Merrill Lynch reportedly downgrades Freddie Mac (FRE) and Fannie Mae (FNM) to sell from neutral.

United Natural Foods (UNFI) posts $0.21, vs. $0.25 a year ago, second quarter EPS as larger-than-expected dilution from Millbrook acquisition offset 24% sales rise. It cuts $1.40-$1.45 fiscal year 2008 EPS guidance to $1.12-$1.14, to reflect expectation that Millbrook acquisition will be dilutive to EPS by $0.10-$0.12 in the second half. S&P maintains hold, cuts estimate, target.

Intuit (INTU) posts $0.40, vs. $0.44 a year ago, second quarter non-GAAP EPS as higher costs, expenses offset 11% revenue rise. Sees $1.31-$1.34 third quarter non-GAAP EPS, and $1.56-$1.58 for fiscal year 2008.

Sovereign Bancorp (SOV) is down 1.22 to 10.97 after the company announces that Kirk W. Walters has been named CFO, replacing Mark R. McCollom, effective March 3, 2008. Keefe Bruyette downgrades to underperform from market perform. S&P maintains sell.

General Motors (GM) is down 0.97 to 23.33 after S&P Ratings Services lowers its ratings on Residential Capital LLC and GMAC LLC. Residential Capital LLC was downgraded to ‘B/C’ from ‘BB+/B’. GMAC LLC was downgraded to ‘B+/C’ from ‘BB+/B.’ GM owns 49% of GMAC, which in turn, owns 100% of Residential Capital.

Amazon.com (AMZN) said founder and Chief Executive Jeff Bezos sold more than $135 million worth of shares, his first insider sale in more than three years.

Cypress Semiconductor (CY) plans to add an additional $300 million to its authorized stock repurchase program, doubling the size of the program announced in January 2007 to $600 million.

Mobile Mini (MINI) agrees to merge with Mobile Storage Group Inc. in deal valued at about $701.5 million. MINI posts $0.36, vs. $0.38 a year ago, fourth quarter EPS despite 9% revenue rise.

Online Resources (ORCC) posts $0.02 fourth quarter EPS, vs. $0.11 loss per share a year ago, on 30% revenue rise. It cuts 2008 revenue guidance to $154.5-$164.5 million and $0.14-$0.26 loss per share.

ImClone Systems (IMCL) says it has enrolled the first patient in a disease-directed Phase II

clinical trial of IMC-1121B to treat patients with advanced hepatocellular carcinoma [liver cancer]. This multicenter, multinational, open-label Phase II study is enrolling patients with advanced, inoperable liver cancer who have not received prior chemotherapy or other systemic therapies. Cowen reportedly upgrades to outperform from neutral.

Haverty Furniture Companies (HVT) posts $0.07, vs. $0.14 a year ago, fourth quarter EPS on 11% lower same-store sales, 4.7% lower total sales.

Community Health Systems (CYH) posts $0.37, vs. $0.58 a year ago, fourth quarte EPS from continuing operations despite sharply higher revenues.

Entercom Communications (ETM) posts $0.40, vs. $0.37 a year ago, fourth quarter adjusted EPS from continuing operations on 1.9% revenue rise. It sees first quarter same-station net revenues declining in mid-single digit range from year ago. S&P maintains hold.

Quidel (QDEL) posts $0.25, vs. $0.54 a year ago, [including. tax benefit] fourth quarter EPS on 2% revenue drop. The company notes a delay of the start of domestic flu season impacted timing of sales of QuickVue Influenza test, sales to Japanese distributor were light as influenza inventories continued to be worked through the channel.

Cbeyond (CBEY) posts $0.44, vs. $0.16 a year ago, fourth quarter EPS [basic] on 31% revenue rise. It sees $355-$360 million 2008 revenue, which seen below Street view. Wachovia reportedly downgrades to market perform. Jefferies cuts 43 price target to 23.

LDK Solar (LDK) signs eight-year “Take or Pay” contract to supply multicrystalline solar wafers to Republic of Korea-based Hyundai Heavy Industries Co., Ltd [HHI]. HHI will make an advanced payment representing a portion of the contract value to the company.