Unusual 11 Mid-Day Movers 4/7: DISK, MTG, CLP, FMD Higher; ISCA, YRCW, ZLC, LVS Lower

April 7, 2009 1:10 PM EDT

Image Entertainment, Inc. (NASDAQ: DISK) 29.5% HIGHER; announced that representatives of Image Entertainment and Nyx Acquisitions, Inc., an affiliate of Q-Black, LLC, agreed in principle to a third amendment to the amended merger agreement. Click here for the full report.

International Speedway (Nasdaq: ISCA) 22.8% LOWER; reports Q1 earnings of $0.56 per share, ex-items, below the consensus of $0.61. Revenues came in at $166.1 million, versus the consensus of $179.7 million. International Speedway sees FY09 EPS of $1.80-$2.00 versus the consensus of $2.25. Sees FY09 revenues $700-$720 million, versus the consensus of $752 million.

MGIC Investment (NYSE: MTG) 22.6% HIGHER; several insurance stocks are spiking sharply today, including RAM Holdings (Nasdaq: RAMR) - up 14%, PMI Group (NYSE: PMI) - up 13% and Radian (NYSE: RDN) - up 9.5%. While these stocks are seeing increased upside momentum, the volume appears to be about in-line. These insurance stocks often see these kinds of moves despite a lack of major news.

YRC Worldwide (Nasdaq: YRCW) 21.8% LOWER; in a Form 8-K this morning, the company announced that it will take up to $185 million in one-time charges during Q1 related to cut backs and business integration costs. Click here to see the filing.

Zale Corp. (NYSE: ZLC) 18.1% LOWER; not hearing any news today. The stock is likely correcting following a nearly 300% run-up since March 23. From the 23rd til yesterday, the stock only closed lower twice.

Colonial Properties Trust (NYSE: CLP) 16.4% HIGHER; traders are responding to news yesterday that the company has commenced a cash tender offer for up to $175.0 million of the series of Colonial Realty’s outstanding notes. The firm also issued FY09 FFO guidance which came in below the consensus, but the stock is surging today.

Las Vegas Sands (NYSE: LVS) 15.9% LOWER; moving lower with the other major casino operators on news that gaming sales on the Las Vegas strip fell 23% during February.

General Motors (NYSE: GM) 13.7% LOWER; the automakers are falling today amid the weakness in the broader markets. Specifically to GM, however, Reuters is reporting that sources familiar with the company have indicated that it is in "intense" and "earnest" preparations for a possible bankruptcy filing. Shares of Ford (NYSE: F) are also down more than 8% today.

First Marblehead (NYSE: FMD) 13.2% HIGHER; continuing higher today following yesterday's 44% jump on news that the company sold its ownership interest in NC Residuals Owners Trust which it said will reduce further tax obligations and generate a cash refund for taxes previously paid.

Benihana Inc. (NASDAQ: BNHNA) 12.9% HIGHER; reports Q4 sales of $73.6 million, up 5.4% from $69.8 million reported in Q408. Same store sales for the quarter fell 10.4% including down 12.2% at Benihana teppanyaki, down 1.2% at RA Sushi, and down 12.6% at Haru.

Allied Irish Banks (NYSE: AIB) 12.6% HIGHER; Irish banking stocks are jumping today amid reports that the Irish government will form a new state agency in charge of buying property and land development loans at reduced prices. The budget is expected to contain €3.5 billion in new tax and spending cuts. Bank of Ireland (NYSE: IRE) is also surging today, up about 7% from yesterday's closing price.

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