Unusual 11 Mid-Day Movers 9/16: HSR, ATCO, SPEX, KERX Higher; DIET, AGCO, PGI, HLCS Lower

September 16, 2009 1:31 PM EDT

Hi-Shear Technology Corporation (NYSE: HSR) 58.1% HIGHER; Chemring Group PLC entered into a conditional agreement to acquire the entire issued stock capital of for a cash consideration of $19.18 per share equating to $132 million.

American Technology (Nasdaq: ATCO) 46.2% HIGHER; surging on extremely heavy volume: already traded 3.17 million shares, compared to its average daily volume of 157,000. Not hearing any company-specific news.

Spherix (Nasdaq: SPEX) 44.3% HIGHER; not hearing any news that would justify today's sharp move higher. The stock could be breaking out technically as $1.50 had been a rather strong area of resistance over the last few weeks.

Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) 40.3% HIGHER; announced that KRX-0401 (perifosine) has received Orphan-Drug designation from the FDA for the treatment of multiple myeloma. In August, the Company announced that it had reached an agreement with the FDA regarding a Special Protocol Assessment on the design of a Phase 3 trial in relapsed/refractory multiple myeloma and that the study is expected to start by year-end.

American Capital Ltd. (Nasdaq: ACAS) 33.5% HIGHER; Corning Incorporated (NYSE: GLW) announced that it has acquired all the shares of Axygen BioScience, Inc. and its subsidiaries from ACAS for approximately $400 million in cash.

AEterna Zentaris Inc. (NASDAQ: AEZS) 28.6% HIGHER; partners with Keryx. See Keryx.

eDiets.com (Nasdaq: DIET) 13.5% LOWER; correcting today following a 116% run-up over the last 4 trading sessions.

AGCO (NYSE: AGCO) 12% LOWER; updated its outlook for 2009 net sales and adjusted earnings per share. The Company now expects net sales to decline 23% to 25% as compared to 2008 and for 2009 adjusted earnings per share to range from $1.30 to $1.50 (consensus $2.06) Third quarter 2009 sales are now expected to be approximately 30% to 35% below third quarter 2008 levels, and third quarter 2009 net income per share is now expected to be at or slightly below breakeven levels (consensus $0.44).

Premiere Global Services, Inc. (NYSE: PGI) 8.1% LOWER; projects full year revenues will be in the range of $595 million to $605 million versus consensus of $617.04 million. Sees EPS in the range of $0.84 to $0.90 versus consensus of $1.00. The stock was also downgraded at Northland Securities.

Helicos BioSciences Corporation (NASDAQ: HLCS) 8% LOWER; today announced that it has entered into a definitive agreement with certain new and existing investors, including Atlas Ventures, Flagship Ventures, Highland Capital Partners, Versant Ventures and Ron Lowy, the Company's chief executive officer, to raise approximately $10 million in gross proceeds in a private placement through the sale of shares of its common stock and warrants. The Company estimates that net proceeds from the offering will be approximately $9.4 million, after deducting placement agent fees and estimated offering expenses, which Helicos intends to use to fund working capital requirements to support its sales and for general corporate purposes. Click here for the full report.

FortuNet (Nasdaq: FNET) 7.8% LOWER; correcting today following yesterday's 96% surge.

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

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