Unusual 11 Mid-Day Movers 8/14: PMI, ORS, BIOF, SCA Higher; LYTS, PMII, SPRD, GRRF Lower

August 14, 2008 12:53 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

The PMI Group, Inc. (NYSE: PMI) 61.3% HIGHER; today announced that it has entered into a definitive agreement to sell its Australian mortgage insurance subsidiary and related Australian holding company to QBE Insurance Group Limited. The purchase price is approximately 100% of the net tangible asset value of PMI Australia under U.S. GAAP as of June 30, 2008. The aggregate purchase price payable upon closing is approximately $920 million, subject to adjustment under certain limited circumstances, including in the event of a material adverse change in PMI Australia's business prior to closing.

Orsus Xelent Technologies, Inc. (AMEX: ORS) 35.5% HIGHER; reports Q2 EPS of 5.06¢, versus 4.84¢ in Q207. Revenues for the quarter were $28.89 million, compared to $16.36 million in the same quarter last year.

BioFuel Energy (Nasdaq: BIOF) 32.5% HIGHER; after announcing that it would incur about $26 million in losses from the closing of corn, ethanol and natural gas hedges on Tuesday of this week, the stock fell about 64% on that day. Yesterday, the stock rose 33% and today a Citi upgrade (from Sell to Hold) has its shares up another 30%.

LSI Industries Inc. (Nasdaq: LYTS) 30.9% LOWER; lowers FY08 sales guidance from $305-$312 million to about $305 million, versus the consensus of $307.59 million and EPS from $0.65-$0.69 to $0.52-$0.53, versus the Street estimate of $0.65. For FY09, the company sees sales of $290-$310 million and EPS in the range of $0.29-$0.36. The Street is currently expecting sales of $296.60 million and EPS of $0.56 for the year. Additionally, LSI said it will incur a goodwill impairment of $22-$23 million after taxes.

Power Medical Intervention, Inc. (Nasdaq: PMII) 29.8% LOWER; reports a Q2 loss of $0.67, 12 cents worse than the analyst estimate of ($0.55). Revenues for the quarter were $2.16 million, versus the consensus of $3.16 million.

Spreadtrum Communications (Nasdaq: SPRD) 24.7% LOWER; reports Q2 EPS of $0.06, versus the analyst estimate of $0.07. Revenues for the quarter were $40.2 million, versus the consensus of $39.92 million. Spreadtrum Communications sees Q3 revenues of $20 million versus consensus of $45 million.

China GrenTech Corp. (Nasdaq: GRRF) 23.1% LOWER; reports a Q2 loss of $0.10, 6 cents lower than the analyst estimate of ($0.04). Revenues for the quarter were $27.2 million, versus the consensus of $28.05 million.

Syncora Holdings (NYSE: SCA) 18.1% HIGHER; hearing rumors that the government will not let insurers such as Ambac (NYSE: ABK), MGIC Investment (NYSE: MTG), or MBIA (NYSE: MBI) fail. These stocks are also up double digits today. Robert W. Baird downgraded shares of LSI from Neutral to Underperform this morning.

Ctrip.com International, Ltd. (Nasdaq: CTRP) 17.9% LOWER; reports Q2 EPS of $0.32 adjusted, 12 cents better than the analyst estimate of $0.20. Revenues for the quarter were $55 million, versus the consensus of $53.81. million. Ctrip.com approves buyback up to $15 million. Sees FY08 revenues up 15% to 20%.

Tronox (NYSE: TRX) 16.2% LOWER; Tronox is being taken out of the S&P SmallCap 600 and will be replaced by HSN Inc.

Six Flags, Inc. (NYSE: SIX) 10.7% HIGHER; shares have spiked intraday on very heavy volume on news Q3 revs through August 12 have increased ~7.6% compared to the same period last year on fewer park operating days. The revenue increase is attributable to attendance growth of 5.1%, or 407,000, to 8.43 million guests and a 2.4%, or $0.92, increase in total revenue per capita to $39.55. Guest spending, which excludes sponsorship, licensing, and other fees, grew by 1.6%, or $0.60, for the period to $38.56.

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