Unusual 11 Mid-Day Movers 4/23: SIRT, SAF, ZOLL, ANAD Higher; ABK, MBI, TSFG, DAKT Lower

April 23, 2008 12:53 PM EDT

Sirtris Pharmaceuticals (Nasdaq: SIRT) 82.4% HIGHER; GlaxoSmithKline (NYSE: GSK) and Sirtris Pharmaceuticals Incorporated (Nasdaq: SIRT) entered into a definitive agreement pursuant to which GlaxoSmithKline will acquire Sirtris Pharmaceuticals for approximately USD720 million (or approx. GBP362 million) through a cash tender offer of USD22.50 (or approx. GBP11.33) per share.

Safeco Corporation (NYSE: SAF) 45.9% HIGHER; Liberty Mutual Group and Safeco Corporation entered into a definitive agreement pursuant to which Liberty Mutual will acquire all outstanding shares of common stock of Safeco for $68.25 per share in cash. SAF closed at $45.23 yesterday.

Ambac Financial (NYSE: ABK) 37.8% LOWER; reported a Q1 loss of $6.93 per share, worse than the consensus of a $1.51 loss. The decrease is primarily due to non-cash, mark-to-market losses on credit derivative exposures amounting to $1,725.2 million in the first quarter 2008 driven by the continued disruption in the global credit markets impacting the fair value of Ambac's derivatives exposures during the quarter. The decrease was also caused in part by the current quarter's loss provision on Ambac's financial guarantee direct exposures to mortgage-related securities which amounted to $1,042.8 million, as well as by other than temporary impairment charges on certain investment securities within the financial services investment portfolio.

MBIA Inc. (NYSE: MBI) 27.6% LOWER; is sinking today with Ambac, which reported a huge Q1 loss. These insurance companies often trade very closely together. MBIA is expected to report Q1 earnings on May 13.

The South Financial Group, Inc. (NASDAQ: TSFG) 26.5% LOWER; reports a Q1 loss of $0.20 vs. consensus of $0.20 profit.

Daktronics, Inc. (Nasdaq: DAKT) 24.6% LOWER; updated its estimates for the fourth quarter of fiscal 2008 which ends April 26, 2008. Previously, the Company estimated that its fiscal fourth quarter net sales would be in the range of $130 million to $138 million and that its earnings per share would be in the range of $0.12 to $0.19 per share. The company now estimates that net sales for the fiscal fourth quarter of 2008 will be in the range of $122 million to $126 million, with earnings in the range of $0.05 to $0.09 per share. (Q4 revenue consensus is $134.65 million and EPS consensus is $0.16)

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ZOLL Medical (Nasdaq: ZOLL) 23.4% HIGHER; reports Q2 earnings of $0.27 per share, above the consensus of $0.19. Revenues came in at $99.2 million, versus the consensus of $84.2 million. Sees FY08 EPS of $1.10 versus the consensus of $1.03.

ANADIGICS, Inc. (Nasdaq: ANAD) 21.9% HIGHER; reports Q EPS of $0.15, 5 cents better than the analyst estimate of $0.10. Revenues for the quarter were $74.4 million, versus the consensus of $69.20 million. Sees Q2 eps of 16-17 cents versus 13 cents.

Raymond James (NYSE: RJF) 20.6% HIGHER; reports Q1 EPS of $0.50, 8 cents better than the analyst estimate of $0.42.

Cree Inc. (Nasdaq: CREE) 18.3% LOWER; reports Q3 EPS of $0.14 ex-items, 3 cents better than the analyst estimate of $0.11. Revenues for the quarter were $125 million, versus the consensus of $122.23 million. Q4 eps 12-14 cents versus 13 cents.

Level 3 Communications Inc. (Nasdaq: LVLT) 17.7% HIGHER; reports Q1 loss of $0.12, versus the consensus of an $0.11 loss. Revenues came in at $1.09 billion, versus the consensus of $1.06 billion. Level 3 reaffirms forecast for core communications revenue and for adjusted EBITA.

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