Unusual 11 Mid-Day Movers 10/10: XL, PSEC, WB, PMI Higher; TYG, MS, RT, CCO Lower

October 10, 2008 1:27 PM EDT

Tortoise Energy Infrastructure (NYSE: TYG) 44.3% LOWER; in response to the recent declines in MLP values, the company provided an update regarding its leverage coverage ratios. As of Friday, October 3, the company passed all of the tests on that valuation date. TYG's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 319%, and its coverage ratio for preferred shares was 251%. Its senior notes and preferred shares basic maintenance coverage ratios (1.00 times required) were 1.39 times and 1.35 times, respectively.

Morgan Stanley (NYSE: MS) 40.3% LOWER; Moody's places on review for downgrade. Concerns about liquidity.

Ruby Tuesday (NYSE: RT) 37% LOWER; after missing the Street's Q1 estimates on Wednesday after the close, the stock continues sliding today following a 26% decline yesterday.

Clear Channel Outdoor (NYSE: CCO) 32.9% LOWER; the entire advertising sector is nose-diving today as traders are speculating that the credit crunch will have a larger impact on this group than previously expected.

XL Capital Ltd (NYSE: XL) 30.9% HIGHER; provided the following preliminary metrics on its expected Q308 results: Book value, as of September 30, 2008, is expected to be in the range of $21.00-$22.50 per ordinary share on a fully diluted basis. On that date, the Company's total common share count was approximately 330.8 million. XL Capital estimates that during Q308, the decline in value of its investment portfolio (comprised of changes in unrealized losses, other than temporary impairments and realized losses on securities sales) due to movements in market prices was in a range of $1.0-$1.2 billion.

Prospect Capital Corporation (NASDAQ: PSEC) 29.6% HIGHER; its Board approved a share repurchase plan for up to $20 million in common stock. The company also gave EPS guidance for the quarter ending Sept. 30 of $0.79-$0.87.

Wachovia (NYSE: WB) 26.7% HIGHER; Citi (NYSE: C) reached no agreement with Wells Fargo (NYSE: WFC) following several days of discussions about matters related to Wachovia. The dramatic differences in the parties' transaction structures and their views of the risks involved made it impossible to reach a mutually acceptable agreement.

Helix Energy Solutions (NYSE: HLX) 24.1% LOWER; oil-related stocks are seeing downside today as crude continues to plummet as crude oil is down more than $5 today, most recently trading around $80.90.

The PMI Group (NYSE: PMI) 19.8% HIGHER; in the last hour of trading yesterday, the stock fell more than 30% as the entire stock market plummeted.

SLM Corp. (NYSE: SLM) 19.5% HIGHER; shares are rebounding today after falling more than 18% yesterday.

General Growth Properties (NYSE: GGP) 17.4% HIGHER; names that have been absolutely beaten this week are seeing upside today despite broader markets which are still down 3-4%.

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• Citi
• Morgan Stanley
• Wachovia
• Crude Oil

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