Unusual 11 Mid-Day Movers 9/11: BBND, CPSL, CAL, JOYG Higher; LEH, KNXA, IDCC, TKTM Lower

September 11, 2008 12:23 PM EDT

Lehman Brothers (NYSE: LEH) 29.2% LOWER; Investors worry about the future of the company. This morning Goldman Sach, Deutsche Bank and Citigroup downgraded shares of Lehman Brothers. Goldman said uncertainty remains and Citi said confidence and perception issues are overwhelming Lehman's franchise value. DB worries about rating agency moves.

Kenexa (Nasdaq: KNXA) 24.8% LOWER; lowered its Q3 guidance to $0.35 to $0.36 a share versus $0.39 consensus. Kenexa lowered its Q3 revenue guidance to $54 to $56 million versus $58.20 million consensus. This is a reduction from Kenexa's previous estimate of third quarter revenue of $57 million to $59 million, and EPS estimates of $0.38 to $0.39 per share.

BigBand Networks (Nasdaq: BBND) 19.3% HIGHER; yesterday introduced a new network-based media processing platform to help broadband service providers transition from a broadcast video distribution model to personalised video delivery. With about 17.9% of its float shorted at the beginning of September, today's move could be the result of short sellers covering their bets following the positive news item.

InterDigital, Inc. (NASDAQ: IDCC) 14.5% LOWER; sees Q3 sales of $54-$57 million, versus the consensus of $59.95 million.

Ticketmaster (Nasdaq: TKTM) 12.6% LOWER; shares are moving no heavy volume today. This morning, Ticketmaster and Research In Motion (Nasdaq: RIMM) announced an agreement for Ticketmaster to provide wireless ticket ordering using RIMM's BlackBerry smartphones.

China Precision Steel (Nasdaq: CPSL) 11.8% HIGHER; with steel stocks on the rise this morning, today's move appears to be the result of short covering. At the beginning of September, the stock had 17.5% of its float shorted.

Continental Airlines (NYSE: CAL) 11.6% HIGHER; in a Form 8-K this morning, the airline provided an investor update on its guidance for Q3 and FY08. The company said it is comfortable with its forward bookings for the next 6 weeks. Sees mainline domestic capacity down 2% for the month of September. Sees Q3 cargo, mail and other revenues of $390-$400 million.

American International Group, Inc. (NYSE: AIG) 10.9% LOWER; continue pressure on worries about credit-default swap risks.

Joy Global Inc. (Nasdaq: JOYG) 10.6% HIGHER; authorized an increase and extension of its share repurchase program. The Board's action increases the authorization from $1 billion to $2 billion and extends the expiration for completing share repurchases from the end of calendar 2008 to the end of calendar 2011.

Allergan, Inc. (NYSE: AGN) 10% HIGHER; today announced that it has completed a top-line analysis of its two Phase III clinical trials exploring the use of BOTOX(R) for the prophylactic treatment of headache in adults suffering from chronic migraine - i.e., headaches and/or migraines that occur on 15 or more days each month.

CSX Corporation (NYSE: CSX) 9% HIGHER; raises its FY08 EPS guidance from $3.40-$3.60 to $3.65-$3.75, versus the consensus of $3.57. CSX sees long-term annual growth in operating income of 15-20%, compared to prior guidance of 13-15%. EPS are expected to grow 20-25% annually, compared to previous guidance of 18-21%.

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