06/23 StreetInsider.com Unusual 11 Mid-Day Movers

June 23, 2006 11:57 AM EDT

Western Gas Resources (NYSE: WGR) 45.5% HIGHER; Announced that it has entered into a merger agreement with Anadarko Petroleum Corporation (NYSE: APC) whereby Western will be merged with a wholly owned subsidiary of Anadarko. Western stockholders will receive $61.00 per share in cash.

Penwest Pharmaceuticals (Nasdaq: PPCO) 38% HIGHER; Endo Pharma (Nasdaq: ENDP), Penwest's partner in the development and commercialization of oxymorphone extended release tablets (oxymorphone ER), reported that the FDA has granted final approval of Endo's New Drug Application for an extended release formulation of oxymorphone hydrochloride.

Kerr-McGee (NYSE: KMG) 37% HIGHER; The Company announced it has unanimously approved an all cash offer of $70.50 per common share to merge into Anadarko Petroleum Corp. (NYSE: APC).

Neurocrine Biosciences (Nasdaq: NBIX) 29.4% LOWER; Neurocrine and Pfizer (NYSE: PFE) agreed to terminate the collaboration agreement to develop and co-promote indiplon.

Pixelplus Co., Ltd. (Nasdaq: PXPL) 25.6% LOWER; Jefferies downgrades to Hold. Yesterday, the company missed Q1 earnings by $0.17 per share, but the stock didn't move.

Six Flags (NYSE: SIX) 21.6% LOWER; Said given the Company's performance to date, recent attendance trends, and the additional $15 million of cash operating expenses, reaching the prior adjusted EBITDA guidance will be extremely difficult. And although the second quarter is not complete, the Company is at risk of not complying with certain financial covenants in its bank credit agreement. The Company is in discussions with the agent bank and intends to seek amendments to those covenants.

Friedman, Billings, Ramsey Group (NYSE: FBR) 14.6% HIGHER; The Company and two of its affiliates entered into an agreement with two affiliates of Crestview Partners, a New York-based private equity firm, relating to a proposed aggregate $100 million investment by these affiliates in FBR Capital Markets Corporation, a newly-formed taxable REIT subsidiary of the Company. If the deals are completed the approximately $400 million in new equity capital will represent a total of approximately 33% of the outstanding equity of FBR Capital Markets.

CPAC, Inc. (Nasdaq: CPAK) 12.9% HIGHER; Reports Q4 net income of $1.1 million or $0.22 per diluted share, versus a net loss of ($4.0 million) or ($0.81) per diluted share in last year's fourth quarter, resulting in a complete return to profitability for the full fiscal year. Net sales for the fourth quarter were $23.4 million compared to $22.4 million for the same quarter last year, an increase of 4.1%.

City National Corp (NYSE: CYN) 10.5% LOWER; Company now believes that earnings per share will grow at a rate of between 1-4% this year, as compared with 2005. The company's previously announced guidance for 2006 had called for growth of between 8-10%. Ryan Beck, Merrill Lynch and BMO Capital downgraded the stock this morning.

Smart Modular Tech (Nasdaq: SMOD) 9.8% HIGHER; Reports Q3 EPS of $0.16, 1 cent better than estimates.(.15) Revenues were $188.5 million compared to $146.8 million from Q3 of 2005.

Build-A-Bear Workshop (NYSE: BBW) 8.0% LOWER; Company announced that it now expects its fully diluted earnings per share for fiscal 2006 to be at the low end of its previously disclosed guidance range of $1.44 to $1.53. Current consensus is $1.51. The Company sees fiscal 2006 North American comparable store sales will be in the flat to negative low single digit range. Previous guidance assumed comparable store sales in the flat to low single digit growth range.

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