Unusual 11 Mid-Day Movers 2/3: PDGI, ITMN, DRYS, DHI Higher; SNDK, PRGO, TRID, BSET Lower

February 3, 2009 12:08 PM EST

PharmaNet Development Group, Inc. (Nasdaq: PDGI) 245% HIGHER; signed a definitive merger agreement with affiliates of JLL Partners, Inc.. Under the terms of the Merger Agreement, JLL will commence a tender offer to purchase all of the outstanding shares of PharmaNet at a price of $5.00 per share in cash, representing a significant premium to PharmaNet's average closing price for the past . Shares of PharmaNet closed at $1.34 yesterday.

InterMune, Inc. (Nasdaq: ITMN) 28.1% HIGHER; announced results from the two Phase 3 CAPACITY studies evaluating pirfenidone in patients with idiopathic pulmonary fibrosis. Click here for the full report.

DryShips Inc. (Nasdaq: DRYS) 24.3% HIGHER; reached an in principle agreement with Piraeus Bank, one of its largest lenders, to restructure its two loan facilities in the original aggregate principal amount of $220.0 million with current outstanding $164.9 million.

SanDisk Corp. (Nasdaq: SNDK) 23.2% LOWER; reports Q4 loss of $0.65, 5 cents lower than the analyst estimate of ($0.60). Revenue for the quarter was $864 million, versus the consensus of $766.72 million. Sees Q1 sales of $475-$575 million, well below the consensus of $631.7 million.

Perrigo Company (Nasdaq: PRGO) 22.2% LOWER; reports Q2 non-GAAP EPS of $0.46, 4 cents lower than the analyst estimate of $0.50. Revenue for the quarter was $561.477 million, versus the consensus of $541.32 million. Lowers its FY09 adj-EPS guidance from $1.92-$2.00 to $1.75-$1.90, versus the consensus of $1.95.

D.R. Horton, Inc. (NYSE: DHI) 19.8% HIGHER; reports Q1 loss of $0.20, versus the analyst estimate of ($0.52). Revenue for the quarter was $900.3 million, versus the consensus of $871.67 million. Also declared a $0.0375 per share quarter dividend.

Harley-Davidson Inc. (NYSE: HOG) 19.5% HIGHER; today priced an offering of $600 million of its senior unsecured notes as part of the Company's plan to fund the ongoing motorcycle lending activities of its wholly owned finance company, Harley-Davidson Financial Services.

Trident Microsystems (Nasdaq: TRID) 18.1% LOWER; reports Q2 loss of $0.11, 2 cents better than the analyst estimate of ($0.13). Revenue for the quarter was $19.2 million, versus the consensus of $21.40 million. Sees Q3 revs of $5-$6 million, versus the consensus of $18 million. Sees Q3 operating loss of $15 million. The stock was also downgraded to Underperform at Needham.

Tyco (NYSE: TYC) 16.7% HIGHER; reports Q1 earnings of $0.61 per share, ex-items, above the consensus of $0.47. Revenues came in at $4.43 billion, versus the consensus of $4.38 billion.

Bassett Furniture Industries Inc. (Nasdaq: BSET) 15.8% LOWER; announced today that its Board of Directors did not declare a quarterly dividend for the second quarter of fiscal 2009, preserving approximately $1.1 million of cash in the quarter based on the quarterly dividend amount paid in December of 2008.

PNC Bank (NYSE: PNC) 14.2% LOWER; reports Q4 earnings of $0.32 per share, ex-items, below the consensus of $0.75. Revenues came in at $1.68 billion, versus the consenus of $1.89 billion.

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