Unusual 11 Mid-Day Movers 6/20: HBAN, SBKC, GSI, OZRK Higher; MDTL, LEI, MF, CVI Lower

June 20, 2008 12:18 PM EDT

Huntington Bancshares Incorporated (Nasdaq: HBAN) 29.6% HIGHER; sees Q2 net charge-offs of an annualized 0.60%-0.65% of average total loans and leases. For FY08, net charge-offs would be near the high end of the previously targeted range of 0.60%-0.65% of average total loans and leases. Huntington also said that it expects Q2 provision for credit losses to exceed net charge-offs by about $55-$65 million, compared to $40.2 million in Q1. The provisions reflect continued economic weakness in many of its markets.

Medis Technologies Ltd. (NASDAQ: MDTL) 28% LOWER; entered into definitive agreements to sell securities to selected institutional investors for aggregate gross proceeds of $29,000,000. The securities in the offering include up to 6,823,529 shares of Medis’ common stock and five year warrants to purchase up to 2,941,176 shares of Medis common stock at an exercise price of $5.50 per share.

Security Bank Corp. (Nasdaq: SBKC) 26.6% HIGHER; regional bank stocks are bouncing today after an extremely difficult April, May and so far in June.

Lucas Energy, Inc. (AMEX: LEI) 20.3% LOWER; reports FY08 EPS of $0.13, compared to $0.05 last year. Revenues for the year were $3.08 million, versus the consensus of $3.5 million (1 analyst) and $1.3 million last year.

MF Global (NYSE: MF) 19.2% LOWER; before the open, Deutsche Bank lowered its price target on MF from $17 to $11 and maintains a Hold. MF also announced that it has priced an offering of $150 million of its 9.00% Convertible Senior Notes due 2038 and an offering of $150 million of its 9.75% Non-Cumulative Convertible Preference Shares, Series B.

General Steel (NYSE: GSI) 13.5% HIGHER; on CNBC's Mad Money last night, host, Jim Cramer, received a call during the Lightning Round asking about General Steel. Cramer was bullish and the stock and said he also likes US Steel (NYSE: X) and Reliance Steel (NYSE: RS).

Bank of the Ozarks (Nasdaq: OZRK) 13.4% HIGHER; reiterates its previously issued guidance following the recent drop in the company's stock price.

ShengdaTech Inc. (Nasdaq: SDTH) 12.1% HIGHER; today announced that it plans to acquire Jinan Fertilizer Co., Ltd. Terms of the deal were not disclosed.

CVR Energy, Inc. (NYSE: CVI) 11.2% LOWER; yesterday announced that it has filed a registration statement with the SEC in connection with the proposed offering of $125 million aggregate principal amount of CVR Energy's convertible senior notes due 2013. CVR Energy may sell up to an additional $18.75 million aggregate principal amount of notes upon exercise of an over-allotment option that CVR Energy expects to grant to the underwriters in connection with the offering.

UAL Corporation (Nasdaq: UAUA) 10.4% LOWER; Gives back some of yesterday's 24% gains following alliance with Continental

Western Union (NYSE: WU) 9% HIGHER; raised its long-term EPS growth objective to 15% to 18%, up from 12% to 14%, and reaffirmed its long-term revenue growth objective of 10% to 12%, excluding acquisitions. Western Union also announced that its Board of Directors authorized an additional $1 billion for share repurchases. Western Union expects to deliver financial results for 2008 that will likely be at the higher end of both its revenue growth guidance of 9% to 11% and non-GAAP EPS guidance of $1.25 to $1.29.

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