Unusual 11 Mid-Day Movers: ECHO, PIR Higher; MBI, RAD Lower

December 20, 2007 1:18 PM EST

Electronic Clearing House Inc. (Nasdaq: ECHO) 109.6% HIGHER; Intuit, Inc. (Nasdaq: INTU) will acquire the company for $17 per share in cash.

Altus Pharmaceuticals Inc. (NASDAQ: ALTU) 43.7% LOWER; reacquired ALTU-238 development and commercialization rights for North America from Genentech, Inc. Also, the Company announced that the exclusive option granted to Genentech for ALTU-238 development and commercialization outside North America has expired.

Pier 1 Imports (NYSE: PIR) 41.3% HIGHER; reports Q3 loss of $0.11 per share, below the consensus of a $0.24 loss. Revenues came in at $374.2 million versus the consensus of $374.6 million.

MBIA (NYSE: MBI) 27.4% LOWER; outlook revised to negative from stable at S&P. Also, the risk of default soared after the world's biggest bond insurer revealed that it has $8.1 billion of collateralized debt obligations linked to subprime mortgages.

Array BioPharma Inc. (NASDAQ: ARRY) 27% LOWER; announced initial results from a randomized Phase 2 study comparing AZD6244 (ARRY-886) monotherapy with temozolomide in the first-line treatment of advanced melanoma. There was no apparent difference in efficacy between AZD6244 and temozolomide for the primary endpoint (Progression Free Survival). Based on the results of this study, AstraZeneca does not plan to progress AZD6244 as a monotherapy into a Phase 3 trial in patients with advanced melanoma at this time, although anti-tumor activity was detected. AstraZeneca is exploring other options to further develop this compound.

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Rite Aid Corp. (NYSE: RAD) 25.9% LOWER; reports a Q3 loss of $0.12, versus the consensus of a $0.07 loss. Revenues came in at $6.52 billion versus the consensus of $6.65 billion. Cuts 2008 forecast. Sees FY08 loss of $0.27-$0.31, versus the consensus of a $0.21 loss. Sees FY08 revenues between $24.3 billion and $24.6 billion, versus the consensus of $24.77 billion.

Volt Information Sciences Inc. (NYSE: VOL) 24% HIGHER; reports Q4 EPS of $1.03, versus the consensus of $0.48. Revenues came at $625.6 million, versus the consensus of $631 million.

LDK Solar Co., Ltd. (NYSE: LDK) 23.5% LOWER; reported Q3 EPS of $0.37, in line with analyst estimate of $0.37. Revenues for the quarter were $157 million, versus the consensus of $143.22 million. Q4 earnings guidance $0.40-$0.41 versus $0.41. Revenues for Q4 $180-$185 million versus consensus of $167.5 million. Piper downgrades to Sell

Lindsay Corp. (NYSE: LNN) 20.4% HIGHER; reported Q1 EPS of $0.36, compared to the analyst estimate of $0.18. Revenues for the quarter came in at $75.9 million, versus the consensus of $64.42 million.

Smart Modular Technologies (Nasdaq: SMOD) 17.9% HIGHER; reported Q1 EPS of $0.18, 1 cent better than the analyst estimate of $0.17. Revenues for the quarter were $175 million, versus the consensus of $171.49 million. Sees Q2 revenues of $175 to $185 million, versus the consensus of $178.7 million. EPS are expected to be $0.18 to $0.19, versus the consensus of $0.19.

SMSC (Nasdaq: SMSC) 12% HIGHER; reported Q3 EPS of $0.53, in-line with the analyst estimate of $0.53. Revenues for the quarter were $104.7 million, versus the consensus of $100.23 million. SMSC reaffirms prior Q4 guidance. Sees Q4 EPS $0.46 to $0.49, versus the consensus of $0.48.

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