Unusual 11 Mid-Day Movers 6/2: TOPS, HLND, SAY, GPRE Higher; MOD, EXFO, QTM, CTIC Lower

June 2, 2009 1:17 PM EDT

TOP Ships (Nasdaq: TOPS) 36.3% HIGHER; not hearing any company-specific news that would justify today's move. The stock appears to be breaking about the $3 level technical level on extremely heavy volume.

Hiland Partners, LP (Nasdaq: HLND) 29.5% HIGHER; today announced that each of the Hiland companies has signed a separate definitive merger agreement with an affiliate of Harold Hamm, pursuant to which affiliates of Mr. Hamm have agreed to acquire for cash all of the outstanding common units of each of the Hiland companies that are not owned by Mr. Hamm, his affiliates or Hamm family trusts. In the mergers, Hiland Partners' unitholders will receive $7.75 in cash for each common unit they hold and Hiland Holdings' unitholders will receive $2.40 in cash for each common unit they hold.

Satyam (NYSE: SAY) 24.6% HIGHER; surging today as India's SEC has approved the purchase of a 20% stake in the company by Tech Mahindra.

Green Plains Renewable Energy (Nasdaq: GPRE) 23.3% HIGHER; shares of GPRE have rallied more than 150% in the last 3 trading days as traders seem to be jumping back into ethanol stocks.

Oculus Innovative Sciences (Nasdaq: OCLS) 21.9% HIGHER; continues trading extremely volatile since announcing that is has received FDA 510(k) clearance to market its Microcyn Skin and Wound Gel as both a prescription and OTC product. After rising more than 300% on the 2 days after the news, shares sold off about 40% and appear to be correcting once again today.

Modine Manufacturing Company (NYSE: MOD) 21.2% LOWER; reports Q4 loss of $1.47, versus the analyst estimate of ($0.82). Revenue for the quarter was $254.8 million, versus the consensus of $264.06 million. Sees FY10 sales up slightly from the Q409 run rate resulting from incremental volume from several new program launches globally.

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) 20.3% HIGHER; announced earlier that it is actively pursuing alternatives to address the maturity of the intercompany note payable by it to its parent company Clear Channel Communications, Inc. The alternatives may include an offering of new senior or senior subordinated notes for cash or an exchange of new senior or subordinated notes for outstanding indebtedness, with the intention of any such transaction being to refinance the intercompany note.

EXFO Electro-Optical Engineering Inc. (NASDAQ: EXFO) 19.1% LOWER; lowers its Q3 GAAP earnings guidance from $0.01-$0.05 to a loss of $0.06-$0.07, versus the consensus looking for a gain of $0.05. Sales for the quarter are expected to be $43-$44 million, versus the consensus of $46.87 million.

Quantum (NYSE: QTM) 15.3% LOWER; breaking below the $1 technical level on heavy volume today.

Lions Gate Entertainment (NYSE: LGF) 13.9% LOWER; reports FY09 loss of $1.40, versus the analyst estimate of ($1.27). Revenue for the year was $1.47 billion, versus the consensus of $1.45 billion, with Q4 sales of $463.2 million, versus the consensus of $445.62 million.

Cell Therapeutics (Nasdaq: CTIC) 13.81% LOWER; after being halted yesterday on news that the company has issued Phase 3 results for its EXTEND trial of pixantrone and the following 33% rise, traders seem to be taking profits today. The stock is seeing almost double its average daily volume: has already traded more than 54 million times, compared to its average daily volume of 32 million shares.

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