Morning Movers 10/19: FIGI, IPCS, BEST, ALLI, CIT Higher; JACO, FNM, IDCC, FRE, PETS Lower

October 19, 2009 10:48 AM EDT

Fortress International Group, Inc. (NASDAQ: FIGI) 78.6% HIGHER; announced that it has been awarded six contracts totaling approximately $39.4 million spanning all three of its divisions -- technology consulting, construction management and facilities management. Including the new project awards, Fortress International has closed $46.5 million in new business since the end of the second quarter. Click here for the full report.

iPCS (NASDAQ: IPCS) 33.3% HIGHER; Sprint Nextel (NYSE: S) to acquire IPCS, Inc. today announced an agreement for Sprint Nextel to acquire for approximately $831 million, including the assumption of $405 million of net debt. Click here to see more details.

Shiner International, Inc. (Nasdaq: BEST) 31.4% HIGHER; today announced that it has entered into a new contract with Shineway Group, the largest meat product manufacturer in China. Shiner believes that this contact has the potential of contributing up to RMB4,000,000, (approximately $586,000) monthly to its coated food safe packaging sales.

Jaco Electronics, Inc. (Nasdaq: JACO) 22.5% LOWER; late Friday announced that it intends to file an application on Form 25 with the SEC to voluntarily withdraw its common shares from listing on The Nasdaq Stock Market's Global Market.

Allion Healthcare, Inc. (NASDAQ: ALLI) 18.8% HIGHER; today announced that it has entered into a definitive merger agreement to be acquired and taken private by an affiliate of H.I.G. Capital, LLC, a leading global private investment firm, in a transaction valued at approximately $278 million, including the assumption or repayment of approximately $79 million of indebtedness. The agreement was unanimously approved by Allion's Board of Directors, including a Special Committee of independent directors. Under the terms of the agreement, Allion stockholders would receive $6.60 per share in cash, representing a premium of 30.2 percent over Allion's average share price for the five trading days prior to the execution and public announcement of the transaction.

Rexahn Pharmaceuticals, Inc. (AMEX: RNN) 16.9% HIGHER; announced positive top-line results from a Phase IIa clinical study of Serdaxin, its major depressive disorder drug candidate. Click here for the full report.

Fannie Mae (NYSE: FNM) 16.5% LOWER; downgraded to Underperform at Keefe, Bruyette, and Woods, also setting a $0 price target. Click here for the full report.

InterDigital, Inc. (NASDAQ: IDCC) 16.2% LOWER; late Friday announced that, in the U.S. International Trade Commission investigation initiated by InterDigital against Nokia, the Commission issued a notice that it reviewed in part the Initial Determination by the Chief Administrative Law Judge and found no violation of Section 337 and has terminated the investigation.

Freddie Mac (NYSE: FRE) 14.5% LOWER; see Fannie Mae.

Energy XXI Gulf Coast, Inc. (Nasdaq: EXXI) 12.9% HIGHER; today announced it has extended the expiration date of its previously announced exchange offer and consent solicitation in respect of its 10% Senior Notes due 2013, pursuant to its confidential offering circular and consent solicitation statement dated Sept. 4, 2009 and the accompanying letter of transmittal and consent.

CIT Group (NYSE: CIT) 12.5% HIGHER; in a letter to the company, Carl Icahn offered to underwrite a $6 billion loan for CIT, saying it would save CIT as much as $150 million in fees. Icahn also said that CIT's assets should be allowed to run-off or be sold and he sees "no reason" the CIT board should continue to be in control.

Community West Bancshares (NASDAQ: CWBC) 12.4% HIGHER; reports a third quarter loss of $0.03, compared to an EPS of $0.11 in the same quarter 2008. Net income for the third quarter was $69,000, versus $675,000 in Q308.

PetMed Express Inc. (Nasdaq: PETS) 11.1% LOWER; reports Q2 EPS of $0.28, in-line with the analyst estimate of $0.28. Revenue for the quarter were up 5% to $62.4 million, which compares to the estimate of $66.03 million.

Twin Disc, Inc. (NASDAQ: TWIN) 9.8% LOWER; reports Q1 loss of $0.22, versus the analyst estimate of $0.17 and compared to a gain of $0.22 in the same quarter last year. Revenue for the quarter was $47.05 million, which compares to the estimate of $59.87 million.

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