StreetInsider.com Unusual 11 Mid-Day Movers 07/12/2007

July 12, 2007 11:26 AM EDT

Futuremedia plc (Nasdaq: FMDA) 70% HIGHER; Announced a number of recent sales successes with a wide range of leading multinational companies at both its Futuremedia Learning and Button Divisions. In addition, the Company announced the completion of a strategic planning session held by the senior management team regarding the future direction and outlook for the Company. (NOTE - stock trades at approx. $1 per share)

Point Therapeutics, Inc. (NASDAQ: POTP) 40% LOWER; Provided a further update on corporate developments. To conserve its remaining cash balance, the Company in June and July reduced its work force from 33 employees to 8 employees. The Company estimates that the total charge for this work force reduction is approximately $260,000. In the near future, the Company also intends to further reduce its current workforce, which consists primarily of executive, financial and legal personnel, by eliminating most of the employment positions. The Company plans to replace its employees with a more variable cost-effective consulting team to help the company as it seeks a buyer or partner for its technology and related intellectual property and other assets, in bankruptcy or otherwise. In addition, the Company intends to move this month out of its current company headquarters at 155 Federal Street, Boston, MA to substantially smaller, temporary suburban space. (Note - stock trades under $1 per share)

SBE Inc. (Nasdaq: SBEI) 22% LOWER; Stock gives back some of yesterday\'s 179% gains following news that merger partner, Neonode, received a considerable order from the operator, Telenor Sweden, for the new Neonode N2.

PFF Bancorp (NYSE: PFB) 16.6% LOWER; Expects to record a provision for loan and lease losses in the range of $20.0 million to $21.0 million for the quarter ended June 30, 2007. The charge is expected to have a $0.48 to $0.51 per diluted share impact on operating results for the quarter.

Sify Limited (Nasdaq: SIFY) 15.75% HIGHER; Announced that it will work with Microsoft India (Nasdaq: MSFT) to empower Indians with Internet and IT services and help bridge the digital divide in India. Sify will partner with Microsoft in its commitment towards Unlimited Potential in India and enable easy access for Microsoft\'s initiatives through the reach of its over 3500 strong \'I- way\' cyber cafe chain, as well as through its home Internet access services.

Rediff.com India Ltd. (Nasdaq: REDF) 14.1% HIGHER; Stock jumps on news Sify Ltd is working with Microsoft India.

Alcan (NYSE: AL) 10.5% HIGHER; Rio Tinto (NYSE: RTP) and Alcan reached an agreement for Rio Tinto to make an offer to acquire all of Alcan\'s outstanding common shares for US$101 per common share in a recommended, all cash transaction. The offer represents a total equity consideration for Alcan of approximately US$38.1 billion.

Stage Stores, Inc. (NYSE: SSI) 8.6% HIGHER; Reported that its total sales for the five-week June period beginning June 3, 2007 and ending July 7, 2007 increased 9.9% to $133.4 million from $121.4 million in the prior year five-week period beginning May 28, 2006 and ending July 1, 2006. Comparable store sales increased 1.4% versus an increase of 3.5% last year.

Texas Industries Inc. (NYSE: TXI) 8.1% HIGHER; Reports Q4 EPS of $1.09, versus the consensus of $1.10. Sales came in at $262 million versus the consensus of $286.09 million.

The Cato Corporation (NYSE: CTR) 8% HIGHER; Reported sales of $82.3 million for the five weeks ended July 7, 2007, a 2% increase over sales of $80.6 million for the five weeks ended July 1, 2006. Comparable store sales for the five-week period were flat to the prior year. Sees Q2 EPS between $0.35-0.37 vs. prior guidance of $0.27-0.31.

Abercrombie & Fitch (NYSE: ANF) 7.5% HIGHER; Said June comparable store sales increased 2%. The company reported net sales of $293.2 million for the five-week period ended July 7, 2007.

Related Categories

Special Reports

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?