Unusual 11 Mid-Day Movers 8/15: SPWR, ABK, ELN, APP Higher; MENT, HAR, CMVT, BIOF Lower

August 15, 2008 1:19 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Mentor Graphics Corporation (NASDAQ: MENT) 19.3% LOWER; Cadence Design Systems, Inc. (NASDAQ: CDNS) this morning announced that it has withdrawn its proposal to acquire all of the outstanding shares of Mentor Graphics common stock.

SunPower (Nasdaq: SPWR) 18.2% HIGHER; PG&E (NYSE: PCG) today announced that it has entered into several agreements to bring 800 MW of renewable energy to California. According to PG&E, the agreements will create about 1.65 billion kilowatt-hours for about 239,000 residential homes each year. Of the 800 MW, a SunPower subsidiary, High Plains Rach will supply 250 MW of high-efficiency PV solar power.

Ambac Financial Group, Inc. (NYSE: ABK) 17.8% HIGHER; Standard & Poor's affirmed Ambac's 'AA' rating this morning.

Elan (NYSE: ELN) 17.3% HIGHER; continues to rebound today after hitting a 52-week low of $9.55 on August 1 on news related to its Tysabri. Several analysts were out with positive reports on Elan's prospects and continued talks with physicians about the potential for the drug. Today's move could be getting intensified as short-sellers cover their downside bets against the stock.

American Apparel (NYSE: APP) 17.3% HIGHER; reports Q2 EPS of $0.10, versus the analyst estimate of $0.10. Revenues for the quarter were $133 million, versus the consensus of $126.40 million. American Apparel sees FY08 EPS 32-36c versus consensus of 35 cents.

International Rectifier Corporation (NYSE: IRF) 15.7% HIGHER; Vishay Intertechnology, Inc. (NYSE: VSH) made a non-binding proposal to the International Rectifier Board of Directors to acquire all the outstanding shares of International Rectifier common stock for $21.22 per share in cash, or total payment of approximately $1.6 billion.

Harman International Industries (NYSE: HAR) 15.2% LOWER; reports Q2 EPS of $0.68, versus the analyst estimate of $0.77. Revenues for the quarter were $1.07 billion, versus the consensus of $1.05 billion. The stock was also downgraded from Outperform to Neutral by Robert W. Baird.

RAM Holdings (Nasdaq: RAMR) 14.9% HIGHER; reports a Q2 non-GAAP operating loss of $4.26, which does not compare to the analyst estimate of ($1.32). Revenues for the quarter were $19.47 million, versus the consensus of $20 million.

Comverse Technology (OTC: CMVT) 18.1% LOWER; In a Form 8-K filed last night, Comverse announced that it will delay the filing of its financial statements.

BioFuel Energy (Nasdaq: BIOF) 14.2% LOWER; shares of BioFuel have been extremely volatile this week: after disclosing large losses due to the closing of several corn, ethanol and natural gas hedges, the stock fell 63%, only to bounce more than 90% over Wednesday and Thursday's trading sessions. Today's slight correction maybe the result of investors getting further insight into the quarter as BioFuel issued its 10Q after the close yesterday.

Lifeway Foods, Inc., (Nasdaq: LWAY) 12% LOWER; reports Q2 EPS of $0.05, 1 cent lower than the analyst estimate of $0.06. Revenues for the quarter were $11.52 million, versus the consensus of $11.78 million. The stock was also downgraded by Lazard to Hold.

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