Unusual 11 Mid-Day Movers 11/26: EMKR, CHRS, SCMF, GM Higher; LFG, BGP, BCE, ANDE Lower

November 26, 2008 12:28 PM EST

LandAmerica Financial (NYSE: LFG) 78% LOWER; shares fell 88% on Monday following news that the company had canceled a deal to be acquired by Fidelity National. Today, rather than doing an outright deal, the company announced that it will sell 3 title insurance units to Fidelity. LandAmerica also filed Chapter 11 bankruptcy protection for the remaining parts of its company.

EMCORE (Nasdaq: EMKR) 46.8% HIGHER; with shares of EMCORE up 72% (prior to today) since hitting a new 52-week low at $0.82 on the 20th, short sellers who reloaded their downside bets are likely getting squeezed today. At the beginning of November, EMCORE had about 24% of its float shorted.

Charming Shoppes (Nasdaq: CHRS) 43.2% HIGHER; continuing higher today following Q3 results reported yesterday before the market opened.

Borders Group Inc. (NYSE: BGP) 42.9% LOWER; reports Q3 loss of $0.54, 4 cents below the analyst estimate of ($0.50). Revenue for the quarter was $682.1 million, versus the consensus of $726.54 million. In talks with Pershing Square on financing alternatives. No longer considering a sale of the company.

Southern Community Financial (Nasdaq: SCMF) 42.5% HIGHER; we are not hearing any news that would justify today's staggering move. The stock normally trades just 12,000 times on the average day, but today, the stock has already traded more than 1.1 million times.

BCE (NYSE: BCE) 35.8% LOWER; received a preliminary view from KPMG that, based on current market conditions, its analysis to date and the amount of indebtedness involved in the LBO financing, it does not expect to be in a position to deliver on the scheduled effective date of BCE's privatization, December 11, 2008, an opinion that BCE would meet the solvency tests as defined in the definitive agreement, as amended. The receipt at the effective time of a positive solvency opinion is a condition to the closing of the transaction.

General Motors (NYSE: GM) 31.2% HIGHER; shares of the embattled automaker are rallying ahead of the Big 3's executives return to Washington with a more detailed bailout plan. The hearing is scheduled for December 2.

Fidelity National Financial, Inc. (NYSE: FNF) 23.6% HIGHER; today announced the signing of a stock purchase agreement with LandAmerica Financial Group, Inc. (NYSE: LFG) pursuant to which FNF will acquire LFG's two principal title insurance underwriters, Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation, as well as United Capital Title Insurance Company, for a total purchase price of $298 million.

The Andersons, Inc. (Nasdaq: ANDE) 21.1% LOWER; lowers 2008 guidance. The company sees EPS of $2.00-$2.80, versus prior guidance of $3.50-$4.00.

First American (NYSE: FAF) 20.8% HIGHER; seeing upside today following a Chapter 11 bankruptcy filing by LandAmerica Financial, which is a top competitor to First American.

Thomas & Betts Corporation (NYSE: TNB) 10% LOWER; cuts its Q4 EPS guidance closer to the $0.84 reported in Q407 than the range implied by the company's previous FY08 guidance of $5.35-$5.45.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• William Ackman
• Pershing Square Capital
• Unusual 11 Mid-Day Movers
• Bankruptcy

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?