Unusual 11 Mid-Day Movers 7/22: BXG, UAUA, LCC, FDRY Higher; AGO, SNDK, MICC, BRCD Lower

July 22, 2008 12:52 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Bluegreen Corporation (NYSE: BXG) 89.9% HIGHER; signed a non-binding letter of intent relating to the acquisition of the Company at a price of $15.00 per share by Diamond Resorts International, which would value this transaction at approximately $500 million, exclusive of Bluegreen’s outstanding debt.

UAL Corporation (Nasdaq: UAUA) 52.9% HIGHER; reports a Q2 loss of $1.19 versus consensus of $2.05 loss. Revenues came in at $5.37 billion versus $5.39 billion consensus. Shares only moved slightly higher on the earnings news. The stock really spiked when United announced that it has reached an agreement in principle with its Mileage Plus co-branded bank card partner, Chase Bank U.S.A., and Paymentech, one of its credit card processors, to extend the term of their respective agreements. The deal will increase United's cash position by about $1.2 billion.

Assured Guaranty Ltd. (NYSE: AGO) 47.4% LOWER; Moody's said it is reviewing the company's Aaa rating for a possible downgrade.

US Airways Group, Inc. (NYSE: LCC) 39% HIGHER; report a Q2 loss of $1.11, ex-items, versus the consensus of a $1.30 loss. Revenues came in at $3.26 billion, versus the consensus of $3.27 billion.

Foundry Networks, Inc. (Nasdaq: FDRY) 32.4% HIGHER; Brocade (Nasdaq: BRCD) announced a definitive agreement to purchase Foundry Networks. Under the agreement, Brocade will pay a combination of $18.50 of cash plus 0.0907 shares of Brocade common stock in exchange for each share of Foundry common stock, representing a total value of $19.25 (based on Brocade's closing stock price on Friday, July 18, 2008 of $8.27).

AMR Corp. (NYSE: AMR) 31.8% HIGHER; the airline sector is seeing substantial upside today amid better-than-expected earnings from United, US Airways and JetBlue (Nasdaq: JBLU) and oil which is down $4.50 today. With about 23% of its float shorted at the beginning of July, today's sharp move higher could be the result of a short squeeze.

SanDisk Corp. (Nasdaq: SNDK) 24.8% LOWER; reports a Q2 loss of $0.10, ex-items, versus the analyst estimate of $0.13. Revenues for the quarter were $816 million, versus the consensus of $906.08 million. Delays start of FAB 4 production. Pushing decision to invest in FAB 5 until market conditions improve.

PepsiAmericas, Inc. (NYSE: PAS) 21.7% HIGHER; reports Q2 EPS of $0.72, 10 cents better than the analyst estimate of $0.62. Revenues for the quarter were $1.34 billion, versus the consensus of $1.35 billion. Raises its FY08 adj-EPS guidance from $1.77-$1.83 to $1.92-$1.96, versus the consensus of $1.82.

Millicom International Cellular S.A. (NASDAQ: MICC) 19% LOWER; has agreed to acquire 100% of Amnet Telecommunications Holding Limited for an enterprise value of US$ 510 million. Completion of the acquisition, which is subject to customary approvals, is expected within three months.

Brocade Communications (Nasdaq: BRCD) 18% LOWER; Announces agreement to acquire Foundry Networks. Also, Piper Jaffray downgraded the stock from Buy to Neutral.

Photronics, Inc. (Nasdaq: PLAB) 18% LOWER; announced that Michael Luttati will step down as CEO of the Company and as a member of the Board, effective immediately. Constantine Macricostas, Chairman of Photronics, will assume the role of interim CEO. Additionally, Stifel Nicolaus downgraded the stock to Hold.

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