Unusual 11 Mid-Day Movers 7/21: TRX, TKR, ROCK, FNM Higher; ARTC, CHIC, OSTK, FSP Lower

July 21, 2008 11:57 AM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Tronox Incorporated (NYSE: TRX) 40.9% HIGHER; today announced that it has received approval from its lenders for an amendment to its senior secured credit facility. Due to unexpected impacts in Q2, Tronox had requested and received approval for a waiver to its leverage ratio financial covenant for the Q2 and subsequently requested the amendment to its leverage ratio financial covenant for the remainder of the year.

ArthroCare Corp. (NASDAQ: ARTC) 37.9% LOWER; announced that it will restate its financial statements for the years ended December 31, 2006 and 2007, the quarters ended September 30, 2006, December 31, 2006, each of the quarters of 2007 and the quarter ended March 31, 2008, as a result of the determination by the Audit Committee of the Board of Directors on July 20, 2008, that the financial statements for such periods can no longer be relied upon.

Charlotte Russe, Inc. (NASDAQ: CHIC) 20.5% LOWER; Q3 sales came in at $193.2 million, versus the consensus of $198.77 million. EPS for the quarter were $0.31, versus the analyst estimate of $0.32. The Board also announced the appointment of Leonard Mogil as the company's interim CEO, effective immediately. Finally, the stock was downgraded to Market Perform at Friedman Billings Ramsey.

The Timken Company (NYSE: TKR) 19.6% HIGHER; sees Q2 EPS $0.96, ex-items, versus the company's previous estimate of $0.73 to $0.83 per share. The stock was also upgraded at BB&T to Buy.

Gibraltar Industries (NASDAQ: ROCK) 18% HIGHER; Piper Jaffray upgrades the stock from Neutral to Buy and increases their price target from $15.50 to $16.00.

Fannie Mae (NYSE: FNM) 17% HIGHER; shares are continuing to rally into the beginning of this week after gaining more than 30% last week. Freddie Mac (NYSE: FRE) stock is up only 4.4% today.

WCI Communities, Inc. (NYSE: WCI) 16.4% HIGHER; today announced that the media outlet stories that have reported that WCI has received a buyout offer are false in all regards. No press release was issued by the Company regarding a buyout of the Company.

Ceragon Networks Ltd. (NASDAQ: CRNT) 14% HIGHER; reports Q2 EPS of $0.13, in-line with the analyst estimate of $0.13. Revenues for the quarter were $55.2 million, versus the consensus of $49.47 million.

Overstock.com (Nasdaq: OSTK) 11.8% LOWER; continues to decline this week after reporting in-line Q2 earnings on Friday of last week.

Franklin Street Properties Corp. (AMEX: FSP) 10.9% LOWER; today announced that its Board has declared a quarterly dividend of $0.19 per common share, payable on August 20, to shareholders of record on July 31. The dividend represents a 39% reduction in its previous distribution of $0.31 per share.

Astec Industries, Inc. (Nasdaq: ASTE) 9.6% LOWER; reports Q2 EPS of $0.93, 2 cents lower than the analyst estimate of $0.95. Revenues for the quarter were $277.7 million, versus the consensus of $269.33 million.

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• Piper Jaffray
• Friedman, Billings, Ramsey
• BB&T Capital Markets

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