Unusual 11 Mid-Day Movers 6/9: MRNA, GRH, STAA, CRDC Higher; ZQK, LCAV, ELY, CRDN Lower

June 9, 2009 12:51 PM EDT

MDRNA, Inc. (Nasdaq: MRNA) 83.8% HIGHER; announced that it has obtained full FDA approval of its Abbreviated New Drug Application for generic calcitonin-salmon nasal spray for the treatment of osteoporosis and that Par Pharmaceutical Companies, Inc. (NYSE: PAR) has launched the product.

GreenHunter Energy (AMEX: GRH) 72.3% HIGHER; not hearing any company-specific news that would justify today's sharp move higher. The stock has already traded more than a million times, which compares to the average daily volume of just 95,000.

STAAR Surgical Company (Nasdaq: STAA) 50.9% HIGHER; today announced that it has received CE Mark approval for its KS-X Preloaded Hydrophobic Acrylic Injector for use in minimally invasive cataract surgical procedures. The CE Mark allows STAAR Surgical to market this foldable intraocular KS-X lens delivery system in the European Union as well as other countries that recognize the CE Mark. It also signifies that STAAR's preloaded acrylic lens delivery system complies with applicable safety and quality standards. Click here to see the full report.

Cardica (Nasdaq: CRDC) 28.2% HIGHER; shares are spiking on extremely heavy volume but no news.

Satyam (NYSE: SAY) 27.9% HIGHER; surging this morning following an announcement last night of a surprise quarterly profit following India's largest-ever corporate scandal earlier this year. For the October-December quarter, the computer services company returned a INR1.6 billion profit, with a cash balance of INR3.73 billion on March 31. The strong results helped boost Indian stocks to a 10-month high.

Lear Corp. (NYSE: LEA) 20.5% HIGHER; traders are responding to an article in Crain's Detroit Business today. The market seems to believe that Lear will be able to make it through the current mess without a bankruptcy filing.

Quiksilver (NYSE: ZQK) 19.3% LOWER; reports Q2 EPS of $0.05, ex-items, 1 cent better than the analyst estimate of $0.04. Revenue for the quarter was $494.2 million, versus the consensus of $502.10 million. Sees Q3 EPS in the low-single digit range. Q3 sales are expected to be down in the mid-teens on a percentage basis compared to the same quarter a year ago.

LCA-Vision (Nasdaq: LCAV) 17.9% LOWER; since announcement management changes on Wednesday of last week, shares have tumbled more than 40%.

Callaway Golf Company (NYSE: ELY) 14.3% LOWER; today announced its intention to offer, subject to market and other conditions, shares of Series B Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $100 per share, with an aggregate liquidation preference of $110 million, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company expects to grant the initial purchaser of the preferred stock a 30-day option to purchase up to an additional $15 million of the preferred stock, solely to cover over-allotments. Separately, Callaway's Board has also approved an 85.7% reduction in its quarterly dividend from $0.07 to $0.01 per common share. The dividend is payable on July 15, 2009 to shareholders of record as of June 26, 2009. The dividend now yields 0.55%, down from 3.85% previously.

Ceradyne, Inc. (Nasdaq: CRDN) 13.3% LOWER; revised revenue and earnings guidance for its fiscal year ending December 31, 2009 to approximately $0.70 per fully diluted share compared to the guidance range at the lower end of $1.60 (cons $1.48). Ceradyne estimates that its 2009 sales will be in the range of $420 to $440 million compared to the prior guidance range of $465 to $500 million (cons $462M).

Popular, Inc. (NASDAQ: BPOP) 12.2% LOWER; today announced that it plans to offer to issue up to 390 million shares of common stock in exchange for its Series A Preferred Stock, Series B Preferred Stock and Trust Preferred Securities. If eligible holders of those securities participate in the proposed exchange offer to the maximum extent permitted by the Corporation, the Corporation's Tier I common equity would increase by approximately $1.2 billion. Based on the "high participation" scenario presented in the Corporation's prospectus referred to below, the Corporation's pro forma March 31, 2009 Tier I common ratio would have been 7.44% after giving effect to the consummation of the Exchange Offer. The Corporation also announced that it will suspend dividends on shares of its common stock and on its Series A Preferred Stock and Series B Preferred Stock after paying the previously declared June 2009 preferred stock dividends on June 30, 2009.

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