Unusual 11 Mid-Day Movers 12/01: MNT, PSUN, ALD, PGI Higher; PPC, MTL, EXM, LIZ Lower

December 1, 2008 12:22 PM EST

Mentor Corp. (NYSE: MNT) 89.4% HIGHER; Johnson & Johnson (NYSE: JNJ) and Mentor Corporation announced a definitive agreement whereby Mentor will be acquired for approximately $1.07 billion in a cash tender offer. Under the terms of the agreement, Johnson & Johnson will commence a tender offer to purchase all outstanding shares of Mentor at $31.00 per share.

Pilgrim's Pride (NYSE: PPC) 45% LOWER; just announced that it involuntarily filed for Chapter 11 bankruptcy protection in order to deal with short-term operational and liquidity concerns.

Pacific Sunwear (Nasdaq: PSUN) 38.4% HIGHER; despite a 42% upside move during last week, shares of Pacific Sunwear have spiked intraday on no news from the company. The stock may be seeing upside this morning following a research note from Citi in which the analyst calls sales at PSUN among some of the strongest last week.

Allied Capital (NYSE: ALD) 29.5% HIGHER; not hearing any news that could justify today's sharp move higher. Notably, the stock has already traded nearly 1 million times more than its average daily volume of about 2.09 million.

Mechel (NYSE: MTL) 28.4% LOWER; in addition to a broader commodities decline today, shares of Mechel may also be seeing downside as Credit Suisse downgraded the stock from Outperform to Neutral earlier.

Excel Maritime Carriers (NYSE: EXM) 25.6% LOWER; shippers are selling off today with the broader markets, and specifically, the entire energy complex. Elsewhere in the sector: DryShips (Nasdaq: DRYS) down 22%.

Liz Claiborne (NYSE: LIZ) 25.6% LOWER; after the close Friday, the S&P announced that The Dun & Bradstreet Corp. (NYSE: DNB) will replace Liz Claiborne in the S&P 500.

SunPower Corporation (Nasdaq: SPWRA) (Nasdaq: SPWRB) 21.4% LOWER; announced it has signed a customer contract with German solar power plant integrator City Solar Kraftwerke AG. Over the next three years, SunPower will provide City Solar with solar panels and commercial rooftop and ground mounted systems. This includes at least 100 megawatts of SunPower's high-efficiency solar panels, the SunPower T10 Solar Roof Tile for commercial rooftop installations, and the SunPower T0 Tracker and SunPower T20 Tracker for utility-scale, ground mounted systems.

Premiere Global Services (NYSE: PGI) 20.8% HIGHER; Oppenheimer upgrades Premiere Global Services from Perform to Outperform.

Financial Bear 3x (NYSE: FAZ) 20.5% HIGHER; this new short financial fund is seeing heavy volume and a double-digit percentage move today as financial stocks are getting absolutely killed so far in the trading session.

ProShares UltraShort Financials ETF (NYSE: SKF) 15.9% HIGHER; this ETF is similar to the above fund except this one only pays out 2-to-1, rather than the new 3-to-1 FAZ.

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• Credit Suisse
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• Unusual 11 Mid-Day Movers
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