Unusual 11 Mid-Day Movers 8/19: SPC, HYGS, WCG, GSS Higher; ISSC, FMD, CNTF, RUS Lower

August 19, 2008 1:51 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Innovative Solutions (Nasdaq: ISSC) 25.7% LOWER; Eclipse Aviation today announced that it would be substantially reducing production of its Eclipse 500 jet for the rest of '08 and the first half of '09. After Innovative Solutions announced this morning that it will hold a conference call on August 21 to discuss its Q4 outlook, the market is betting that this news from Eclipse will have an impact on Innovative Solutions earnings.

First Marblehead (NYSE: FMD) 24.3% LOWER; after rising more than 71% yesterday on news of a new CEO and the completion of an equity investment, shares appear to be slightly correcting today after so much upside on Monday.

Spectrum Brands (NYSE: SPC) 21.1% HIGHER; investors may be taking the stock down today due to the much higher than expected PPI number as cost inflation has been a major concern at Spectrum recently. Wachovia issued a research note this morning lowering its valuation range on Spectrum from $3-$5 to $2-$4. Besides the note, we are not hearing any other news related to the company.

China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF) 19.3% LOWER; reports Q2 EPS of $0.09, 1 cent better than the analyst estimate of $0.08. Revenues for the quarter were $56.6 million, versus the consensus of $52.84 million. China Techfaith Sees Q3 revenues of $30-$35 million, versus the consensus of $59.8 million.

Hydrogenics Corporation (NASDAQ: HYGS) 19% HIGHER; today announced that APC by Schneider Electric, a global leader in integrated critical power and cooling services, will soon launch an extended-run back-up power system powered by Hydrogenics' HyPM XR Fuel Cell Power Modules.

Russ Berrie (NYSE: RUS) 18.4% LOWER; reports a Q2 loss of $0.57, compared to a $0.02 profit in the same quarter last year. Revenues for the quarter were $87.69 million, compared to $70.71 million in Q207.

WellCare Health Plans, Inc. (NYSE: WCG) 15.2% HIGHER; disclosed that on August 18, 2008, the Company entered into an agreement with AHCA, the United States Attorney's Office for the Middle District of Florida and the Florida Attorney General's Medicaid Fraud Control Unit pursuant to which two of our subsidiaries, WellCare of Florida, Inc. and HealthEase of Florida, Inc., agreed to transmit $35.2 million to the Financial Litigation Unit of the USAO.

Radian Group (NYSE: RDN) 14.7% LOWER; the property insurance industry is nose-diving today as Goldman Sachs put out a cautious research note on AIG (NYSE: AIG) this morning. The firm said it looks increasingly likely that the insurer will have to raise more capital, certainly boding negatively for the entire group.

Golden Star Resources (AMEX: GSS) 12.3% HIGHER; with crude oil seeing substantial upside today (currently up $2.22 to $115.09) the speculative oil stocks are back in play.

Pyramid Oil (AMEX: PDO) 11.5% HIGHER; see Golden Star.

Continental Resources (NYSE: CLR) 10.9% HIGHER; seeing upside today as crude continues to gain ground after several weeks of selling.

Taser International (Nasdaq: TASR) 8.6% HIGHER; there is a questionable rumor going around today that GE (NYSE: GE) could buy the company. We haven't seen anything else that could be driving the stock.

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