Unusual 11 Mid-Day Movers 10/1: AGM, NCC, ABK, EFJI Higher; GLRE, PNX, SLM, GNW Lower

October 1, 2008 2:06 PM EDT

The Federal Agricultural Mortgage Corporation (Farmer Mac) (NYSE: AGM) 63.4% HIGHER; today announced an investment of $65 million in the form of non-voting Senior Cumulative Perpetual Preferred Stock, Series B-1 and Series B-2.

National City (NYSE: NCC) 49% HIGHER; as the economic rescue plan looks more and more like it will be passed tonight, investors are jumping into financials which have been extremely beaten up recently.

Ambac Financial (NYSE: ABK) 48.1% HIGHER; with the bailout plan gaining support across the US, investors are speculating that the embattled insurer may just make it though this crisis. New York's Insurance Superindent, Eric Dinallo, made comments yesterday saying the bailout will help bond insurers. As Ambac had about 28% of its float shorted in September, short-sellers may be covering their downside bets today, creating upside in the stock.

EF Johnson Technologies, Inc. (Nasdaq: EFJI) 44% HIGHER; announced today that it has received an order valued at $3.8 million from a US Department of Defense (DoD) customer. The order calls for the company to develop an advanced security and encryption solution.

Thornburg Mortgage (NYSE: TMA) 33% HIGHER; the stock is rising today with the majority of the financial sector. Shares of Thornburg are also seeing continued momentum from its announcement yesterday that it would cut 29 sales and support positions from its home lending division.

Pilgrim's Pride (NYSE: PPC) 29.3% HIGHER; following 7 straight days of selling, shares are bouncing today as concerns that the company may breach a credit covenant are subsiding as lenders have signaled that they may extend leniency on its troubled covenant.

Greenlight Capital Re, Ltd. (NASDAQ: GLRE) 25.7% LOWER; today announced preliminary financial results for its Q3: sees a net loss of $3.30-$3.45. Greenlight also expects to report fully diluted book value per share as of September 30, 2008 in the range of $14.05–$14.20.

The Phoenix Companies (NYSE: PNX) 20.4% LOWER; stocks in the life insurance sector are tanking today as credit rating agencies are considering downgrading Genworth, one of the largest companies in the industry.

SLM Corp. (NYSE: SLM) 18.7% LOWER; shares of SLM have now given up all their gains after rising from about $10 at noon to over $12 at yesterday's close.

Genworth Financial (NYSE: GNW) 16% LOWER; had its ratings downgraded by S&P and on watch for a downgrade at Moody's.

Foundation Coal (NYSE: FCL) 14.7% LOWER; yesterday the company announced that it would see Eastern production during Q3 about 800,000 tons lower than its previous estimate and that it would add $100 million to its buyback program. After rising more than 11% yesterday, shares have now given up all the gains and then some as commodities, save gold, as sinking today.

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