Unusual 11 Mid-Day Movers 10/13: BIOF, OPTT, TLR, UPI Higher; CIT, STEC, OMER, TSEM Lower

October 13, 2009 1:56 PM EDT

BioFuel Energy (Nasdaq: BIOF) 30.7% HIGHER; appears to be breaking out on technicals today. We are not hearing any news yet volume is already about double normal average volume for an entire trading session. Shares have held above the $1 level today.

Ocean Power Technologies, Inc. (Nasdaq: OPTT) 25% HIGHER; Lockheed Martin and Ocean Power Tech. have signed a commercial engineering services agreement to develop OPT's wave energy systems for use in future utility-scale power generation projects.

Timberline Resources (Amex: TLR) 20.2% HIGHER; completed an updated calculation of the estimated gold mineralization at its Butte Highlands Gold Project joint venture. Timberline has analyzed recent and historical drilling results in conjunction with an updated interpretation of the geologic model to arrive at these new mineral estimates. The mineralized envelopes generating these estimates are based on drill intercepts with greater than 0.10 ounces per ton of gold over a 10-foot interval. Mineralized Material (Measured & Indicated) - estimated tons: 1.152 million at 0.28 ounces per ton for estimated gold of 322,972 ozs. Mineralized Material (Inferred) - estimated tons: 1.715 million at 0.28 ounces per ton for estimated gold of 435,974 ozs.

Uroplasty (AMEX: UPI) 19.3% HIGHER; continuing higher today following a 30% jump yesterday. Notably, since the beginning of September, shares of Uroplasty have jumped about 195%. The stock has already traded 300,000 times, which compares to its average daily volume of 113,000 shares.

21st Century Holding Company (Nasdaq: TCHC) 18.6% HIGHER; Homeowners Choice, Inc. (Nasdaq: HCII) today announced that it has delivered a letter to the board of directors of 21st Century expressing its interest in a potential business combination between the two companies. Homeowners Choice Board Member Paresh Patel wrote a letter to Bruce Simberg, board chairman of 21st Century, offering $1.00 in cash and 0.5 share of Homeowners Choice common stock for each share of 21st Century common stock. The proposed offer values 21st Century stock at $5.30 per share, approximately a 36% premium over the October 9 closing price of $3.89.

Starent Networks (Nasdaq: STAR) 16.8% HIGHER; Cisco (Nasdaq: CSCO) announced an agreement today to acquire Starent for $35 per share, or about $2.9 billion. Click here for the full report.

CIT Group Inc. (NYSE: CIT) 13.9% LOWER; today announced that Jeffrey Peek has informed the Board of Directors that he plans to resign as Chairman and CEO from CIT effective December 31, 2009. The Board is forming a Search Committee to oversee the recruitment process and ensure a smooth leadership transition at the Company. Also hearing reports that the company's debt exchange offer is seeing little interest from bondholders, making bankruptcy increasingly likely.

STEC Inc. (Nasdaq: STEC) 10.7% LOWER; after opening flat from yesterday's close, STEC has continued moving lower throughout today. Notably, the stock broke below its 200-day SMA yesterday and has not yet retaken this level. Volume is extremely heavy in the name today.

Omeros (Nasdaq: OMER) 10.6% LOWER; after pricing at $10 on Thursday of last week, this IPO has yet to mark a day of positive trading.

Tower Semi (Nasdaq: TSEM) 10.3% LOWER; correcting today following yesterday's 26% surge on contract news.

Synaptics (Nasdaq: SYNA) 9.7% LOWER; downgraded from Hold to Underperform at Jefferies this morning. The firm lowered its price target from $26 to $16.

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

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