Unusual 11 Mid-Day Movers 9/10: ACBA, AVAV, STLD, RBN Higher; ENCO, DTG, GFIG, WM Lower
American Community Bancshares, Inc., (Nasdaq: ACBA) 49.9% HIGHER; Yadkin Valley Financial Corporation (Nasdaq: YAVY) to acquire the company in a transaction with a total value of approximately $92 million.
Encorium Group, Inc. (Nasdaq: ENCO) 45.6% LOWER; announced today it has terminated negotiations with Fine Success Investments, Ltd., a British Virgin Islands company doing business as Linkcon regarding the previously announced non-binding letter of intent to combine Encorium and Linkcon.
Dollar Thrifty Auto (NYSE: DTG) 26.5% LOWER; since hitting a 52-week low of $2.31 in mid-July, the stock has nearly tripled in less than two months. Today's move is likely a slight correction as investors are using today's broader market strength as a reason to take profits.
GFI Group Inc. (Nasdaq: GFIG) 22% LOWER; terminated its discussions with Tullett Prebon plc regarding a possible business combination because the two companies failed to reach acceptable economic terms for a transaction.
Washington Mutual (NYSE: WM) 20.3% LOWER; shares are under heavy pressure this morning as traders are speculating that WaMu could be next to fail.
AeroVironment, Inc. (Nasdaq: AVAV) 16.2% HIGHER; reports Q1 EPS of $0.22, 4 cents better than the analyst estimate of $0.18. Revenues for the quarter were $53.6 million, versus the consensus of $49.93 million. Maintains its FY09 guidance fro sales growth of 20-25%.
Sirius XM Radio (Nasdaq: SIRI) 15.8% LOWER; shares of Sirius are officially trading under the $1.00 level. After giving an update on the combined companies expected '08 and '09 subscribers yesterday, the stock continues to slide in today's trading session.
Steel Dynamics (Nasdaq: STLD) 13% HIGHER; yesterday's 9% drop in Steel Dynamics capped off a 15% slide since the beginning of September. After metals and mining stocks had an extremely difficult July and August, today's move could be a "dead cat" bounce following the groups decline of more than 40% from June highs (as measured by the SPDR S&P Metals and Mining ETF (AMEX: XME).
Robbins & Myers (NYSE: RBN) 10.5% HIGHER; shares are benefiting from several upgrades: from Hold to Buy at BB&T Capital and from Neutral to Buy at Sidoti & Co.
LG Display (NYSE: LPL) 8.6% HIGHER; in a Form 6-K filed this morning, LG announced that it would need to cut its Q3 forecast due to a larger-than-expected drop in LCD panels: area shipments are expected to increase by mid teens percentage, average selling price per square meter is expected to decline by a high teens percentage and as a result, cost of goods sold per square meter will be reduced by a mid to high single digit percentage.
ImClone Systems (NASDAQ: IMCL) 7% HIGHER; Chairman, Carl Icahn, stated that the Special Committee of ImClone's Board has informed Bristol-Myers Squibb (NYSE: BMY) that it has determined that the $60 per share unsolicited offer is inadequate. Mr. Icahn also announced he has had several conversations with the CEO of a large pharmaceutical company. As a result of such conversations, the pharmaceutical company has submitted a proposal, subject to due diligence, but not subject to financing, to acquire ImClone for $70 per share in cash.
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