Unusual 11 Mid-Day Movers 11/19: LPX, SRS, SKF, OSIP Higher; GNVC, LZB, LNC, GCO Lower

November 19, 2008 1:25 PM EST

GenVec, Inc. (Nasdaq: GNVC) 40% LOWER; announced today top-line results of an interim analysis from its ongoing Phase III Pancreatic Cancer Clinical Trial with TNFerade(TM) demonstrated an approximately 25% lower risk of death in the TNFerade plus standard of care arm relative to the SOC alone.

La-Z-Boy Inc. (NYSE: LZB) 37.4% LOWER; reports Q2 loss of $0.26, ex-items, which may not compare to the analyst estimate of $0.01. Revenue for the quarter was $331.9 million, versus the consensus of $329.61 million. Also suspended its quarterly dividend and announced several initiatives focused on improving profitability, including reducing its workforce by about 10%.

Lincoln National (NYSE: LNC) 31.1% LOWER; sinking today on concerning comments from its CFO. Specifically, the exec said that if the stock market continues to fall, Lincoln will see a huge drop in account values, possibly to the $15-$17 billion range, meaning its annuity earnings would fall to just $35 million.

Genesco Inc. (NYSE: GCO) 30% LOWER; sees Q3 sales of about $390 million, versus the consensus of $397.17 million. Sees Q3 same store sales up 2%. Sees Q3 EPS of $0.41-$0.43, versus the Street estimate of $0.53. Revised its Q4 EPS guidance to $1.06-$1.20, versus the Street estimate of $1.35.

Century Aluminum (Nasdaq: CENX) 26.2% LOWER; JPMorgan downgrades Century Aluminum from Overweight to Neutral.

Louisiana-Pacific Corporation (NYSE: LPX) 18% HIGHER; today announced additional actions being taken to reduce its rate of cash use. CEO Rick Frost said, "We have also reduced planned capital spending to $25 million per year for the next several years. This compares to expected 2008 capital spending of $170 million." Frost continued, "LP is now in the midst of a right-sizing effort to reflect current business conditions. Around 200 salaried positions, representing about 14% of the salaried workforce, have been eliminated. We anticipate taking a Q4 charge of $8-10 million for severance related to these layoffs.

ProShares UltraShort Real Estate ETF (NYSE: SRS) 15.1% HIGHER; shares of this ETF continue higher today following an 8% rise already this week.

ProShares UltraShort Financials ETF (NYSE: SKF) 13.8% HIGHER; as worries related to the credit and housing markets continue, investors are jumping into this short fund today as a play that the financials will continue to see downside.

OSI Pharmaceuticals (Nasdaq: OSIP) 7.7% HIGHER; shares are correcting today following a 4% slide yesterday. With about 14% of its float shorted as of the beginning of this month, today's upside could be due to short sellers taking profits on their downside bets.

AECOM Technology (NYSE: ACM) 6.9% HIGHER; despite no direction news from the company, AECOM is one of the few stocks in the Business Services sector that is trading higher today.

IMAX Corp. (Nasdaq: IMAX) 3.7% HIGHER; announced that Disney's (NYSE: DIS) "A Christmas Carol" will be the first film from The Walt Disney Studios slated for IMAX theatres under a new five-picture arrangement. The arrangement makes some of the Studio's most highly anticipated theatrical releases from November 2009 and beyond available to IMAX venues across the country and around the world.

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