StreetInsider.com Unusual 11 Mid-Day Movers 09/27
StreetInsider.com Unusual 11 Mid-Day Movers:
Kongzhong Corp. (Nasdaq: KONG) 59% HIGHER; US-Traded Chinese stocks continue to see upside momentum
Traffix, Inc. (Nasdaq: TRFX) 30% HIGHER; New Motion, Inc. (OTCBB: NWMO) and Traffix entered into a definitive agreement to merge in a stock for stock merger. Under the terms of the merger agreement, Traffix shareholders will receive approximately 0.683 of a share of New Motion for each share of Traffix. The exchange ratio was determined by the parties so that Traffix shareholders will own 45% of the combined company, on a fully diluted basis, and New Motion shareholders will own 55%. The exchange ratio is subject to adjustment under certain circumstances. Based upon the closing price of New Motion shares on September 26, 2007, the date the merger agreement was signed, the merger consideration would have a value of approximately $10.59 per Traffix share.
Washington Banking Company (Nasdaq: WBCO) 32% HIGHER; Frontier Financial Corporation (Nasdaq: FTBK) and Washington Banking signed a definitive agreement for the merger of Washington Banking with, and into, Frontier. The total cash and stock transaction is valued at approximately $191.1 million, or $21.40 per share, subject to certain conditions
Linktone Ltd. (Nasdaq: LTON) 30% HIGHER; US-Traded Chinese stocks continue to see upside momentum
China Finance Online Co. Ltd. (Nasdaq: JRJC) 25% HIGHER; US-Traded Chinese stocks continue to see upside momentum. Brean Murray raises its price target to $35.
China BAK Battery, Inc. (Nasdaq: CBAK) 21% HIGHER; US-Traded Chinese stocks continue to see upside momentum
Verticalnet Inc. (Nasdaq: VERT) 21% LOWER; Profit taking after recent run-up
SIGA Technologies, Inc. (NASDAQ: SIGA) 16% HIGHER; lead smallpox drug, ST-246, has passed another milestone by demonstrating 100% protection against death in cynomolgus monkeys showing signs of infection with monkeypox virus as part of a primate trial conducted at the U.S. Army Medical Research Institute of Infectious Diseases.
China Precision Steel, Inc. (Nasdaq: CPSL) 14% LOWER; Profit taking after recent run-up
Rite Aid Corp. (NYSE: RAD) 5% LOWER; reports Q2 loss of $0.10, versus the consensus of a $0.06 loss. Revenues came in at $6.6 billion versus the consensus of $6.76 billion. Sees year sales of $24.5-$25.1 billion, versus prior view of $25.3-$26 billion. sees year loss at $0.15-$0.27 versus its prior view of a $0.11-$0.23 loss. Same store sales, which will not include the acquired stores until one year after close, are expected to improve 1.3 percent to 3.3 percent over fiscal 2007. The company had seen same store sales improving 3.8 percent to 5.8 percent.
GSI Group Inc., (Nasdaq: GSIG) 9.8% HIGHER; sees Q3 revenue in the range of $82.0 million to $84.0 million, versus the consensus of $80.62 million. Diluted earnings per share, including restructuring charges, in the range of $0.16 to $0.18 assuming an effective tax rate of 23% to 25%. The Wall Street consensus is $0.11.
For more StreetInsider.com 'Special Reports' Go Here: http://www.streetinsider.com/Special+Reports
Create E-mail AlertRelated Categories
General NewsSpecial Reports
Stocks Mentioned
-0.03
+0.10Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
