Unusual 11 Mid-Day Movers 6/17: MENT, CSIQ, FMD, CPSL Higher; INFN, TINY, CNK, ZION Lower

June 17, 2008 1:09 PM EDT

Infinera (Nasdaq: INFN) 28.7% LOWER; today reaffirmed its Q2 outlook of $88-$90 million for revs, versus the consensus of $89.69 million. Q3 sales are expected to be in the range of $75-$80 million, versus the consensus of $97.74 million. FY08 sales are expected to grow at 10%, down from a previously forecast 25% growth rate.

Mentor Graphics (Nasdaq: MENT) 25% HIGHER; Cadence Design Systems, Inc. (Nasdaq: CDNS) submitted a proposal to the Board of Directors of Mentor Graphics to acquire Mentor Graphics for $16.00 per share in cash.

Canadian Solar Inc. (Nasdaq: CSIQ) 12.2% HIGHER; raising its annual guidance for 2008 from 200 - 220 MW to 230 - 260 MW in output and its estimated annual revenue from $650 - $750 million to $750 - $870 million.

First Marblehead (NYSE: FMD) 12% HIGHER; up more than 50% from a 52-week low set at the end of May, short sellers may feel shares of First Marblehead have finally formed a bottom and are covering their bets today.

China Precision Steel (Nasdaq: CPSL) 11.8% HIGHER; not seeing any company specific news today that would be moving the stock so drastically. With about 17% of its float shorted at the beginning of June, today's run-up could be due to short covering.

Genco Shipping & Trading Limited (NYSE: GNK) 11.7% HIGHER; has agreed to acquire six drybulk newbuildings from Lambert Navigation Ltd., Northville Navigation Ltd., Providence Navigation Ltd., and Prime Bulk Navigation Ltd., for an aggregate purchase price of $530 million.

Harris & Harris Group, Inc. (Nasdaq: TINY) 11.6% LOWER; today announced that it has entered into definitive agreements with institutional investors to sell 2.545 million shares of its common stock at a price of $6.15 per share through a registered offering, for net proceeds, after placement agent fees and estimated offering expenses, of approximately $14,387,645.

Cinemark Holdings (NYSE: CNK) 9.8% LOWER; Morgan Stanley downgrades the company from Overweight to Equalweight.

Zions Bancorp. (Nasdaq: ZION) 9.8% LOWER; regional banks are taking a beating today as Goldman released a note this morning saying it expects credit deterioration to continue among this industry and estimates that banks may need to raise $65 billion in more capital. Also, in an 8-K filing, Zions said that it will likely see increase in its nonperforming assets.

Luminex Corporation (NASDAQ: LMNX) 8.3% LOWER; is commencing an underwritten public offering of 3,500,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 525,000 shares of common stock to cover over-allotments, if any. Luminex intends to use the net proceeds from the offering for general corporate purposes, including research and development, potential acquisitions and capital expenditures.

Petrohawk Energy (NYSE: HK) 7.8% HIGHER; BMO Capital raised its price target from $40 to $70. The firm maintains an Outperform rating. Also, Raymond James raised its target on Petrohawk from $54 to $64.

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• Raymond James
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• BMO Capital

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