Unusual 11 Mid-Day Movers 4/20: SCON, JAVA, CNXT, PAS Higher; DSCO, BBEP, VSNT, DFR Lower

April 20, 2009 12:50 PM EDT

Superconductor Technologies (Nasdaq: SCON) 63.2% HIGHER; since crossing over the $1 technical level on Thursday of last week, shares held this level and have now surged about 160% in just 2 days of trading. The stock is seeing insane volume, already trading hands nearly 1 million times, which compares to its average daily volume of just 28,000 shares.

Discovery Laboratories, Inc. (Nasdaq: DSCO) 51.3% LOWER; announced that, on April 17, 2009, it received a Complete Response letter from the U.S. FDA for Surfaxin for the prevention of Respiratory Distress Syndrome in premature infants. In its letter, the FDA focuses primarily on certain aspects of a Surfaxin biological activity test (BAT, a quality control stability and release test) that must be addressed before the Surfaxin application can be approved. Click here for the full report.

Sun Microsystems (Nasdaq: JAVA) 36.2% HIGHER; Oracle Corporation and JAVA have entered into a definitive agreement under which Oracle will acquire Sun common stock for $9.50 per share in cash. The transaction is valued at approximately $7.4 billion, or $5.6 billion net of Sun's cash and debt. Click here to see the full report.

BreitBurn Energy Partners L.P. (NASDAQ: BBEP) 34.1% LOWER; announced its borrowing base under its credit facility has been redetermined, with no additional fees and no increase in borrowing rates, at $760 million, which exceeds current borrowings of $717 million. Will also temporarily suspend its distributions to remain in compliance with the facility.

Versant Corporation (Nasdaq: VSNT) 24.7% LOWER; said for fiscal year 2009 it expects revenues of between $17 million and $19 million, versus previous guidance of between $22 million to $24 million. The company sees diluted earnings per share of between $1.00 and $1.30, versus previous fiscal 2009 guidance of diluted earnings per share of between $2.00 and $2.40. The Company currently expects revenues of between $3.5 million and $3.7 million with modest net income for its second fiscal quarter ending April 30, 2009.

Conexant (Nasdaq: CNXT) 23.6% HIGHER; traders are continuing to buy this stock following its breakout above the $1 level on Friday of last week. Prior to last week, shares of Conexant have not traded over $1 since December. Notably, in the last 2 days, the stock has risen by more than 110%. Over the last week, we have noticed an interesting and puzzling trend forming: penny stocks have rallied sharply off the "bottom".

Deerfield Capital (AMEX: DFR) 23.1% LOWER; shares of Deerfield are finally correcting today following 4 straight days of upside which caused the stock price to rise by more than 350%.

Image Entertainment, Inc. (NASDAQ: DISK) 23% LOWER; announced that it has notified Nyx Acquisitions, Inc., an affiliate of Q-Black, LLC, that due to Nyx's failure to pay an additional $1.0 million to Image as required by the merger agreement, Image Entertainment has terminated the merger agreement.

PepsiAmericas (NYSE: PAS) 22.1% HIGHER; PepsiCo (NYSE: PEP) has proposed to acquire all of the outstanding shares of common stock it does not already own in its two largest anchor bottlers, The Pepsi Bottling Group and PepsiAmericas, at a value of $29.50 per share for The Pepsi Bottling Group and $23.27 per share for PepsiAmericas. This represents a premium of 17.1% over the closing price of the common stock of each company on April 17, 2009.

Pepsi Bottling Group (NYSE: PBG) 21.5% HIGHER; see PepsiAmericas.

Nanometrics (Nasdaq: NANO) 21.1% HIGHER; continuing higher this week despite no news. Traders appear to be buying the stock today as it has now broken above its 200-day moving average. Nanometrics' stock has already traded 220,000 times, which compares to its average daily volume of just 21,000 shares.

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

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