Unusual 11 Mid-Day Movers 8/5: CPHL, PPC, ATHN, UBET Higher; GLBL, MWY, OTTR, RACK Lower

August 5, 2008 11:53 AM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Global Industries, Ltd. (Nasdaq: GLBL) 30% LOWER; reports a Q2 loss of $0.12, versus the analyst estimate of $0.37. Revenues for the quarter were $300.5 million, versus the consensus of $319.15 million. Also announced a $100 million buyback program.

Midway Games Inc. (NYSE: MWY) 29.1% LOWER; reports a Q2 loss of $0.38, cents better than the analyst estimate of ($0.19). Revenues for the quarter were $23.4 million, versus the consensus of $53.30 million. Sees Q3 revs of about $52 million, versus the consensus of $118.10 million, and a non-GAAP loss of $0.27, versus the Street estimate of a $0.03 gain.

CastlePoint Holdings, Ltd. (NASDAQ: CPHL) 28.4% HIGHER; Tower Group, Inc. (NASDAQ: TWGP) and CastlePoint Holdings, Ltd. entered into a definitive agreement for the acquisition of CastlePoint by Tower in a transaction valued at approximately $490 million.

Pilgrim's Pride (NYSE: PPC) 21% HIGHER; shares are jumping despite no news from the company. With about 23% of Pilgrim's float shorted at the beginning of July, today's move could be the result of shorts covering their downside bets. Notably, the stock is seeing unusually high volume this morning: shares have already traded about 3.32 million times, compared to its average daily volume of 2.87 million. Market players are speculating that today's move could be the result of a sell-off in commodities, specifically grains, etc.

Otter Tail Power (Nasdaq: OTTR) 20.8% LOWER; reports Q2 earnings of $0.11 per share, well below the consensus of $0.56. Revenues came in at $323.6 million versus the consensus of $331.4 million. Sees FY08 EPS of $1.40-$1.65 versus prior guidance of $1.75-$2.00 and the consensus of $1.86.

Rackable Systems, Inc. (Nasdaq: RACK) 19% LOWER; reports a Q2 adjusted-loss of $0.12, versus the analyst estimate of ($0.01). Revenues for the quarter were $76 million, versus the consensus of $76.23 million. Reaffirms forecast.

athenahealth (Nasdaq: ATHN) 17.2% HIGHER; reports Q2 EPS of $0.11, 2 cents better than the analyst estimate of $0.09. Revenues for the quarter were $33 million, versus the consensus of $32.50 million.

Youbet.com (Nasdaq: UBET) 16.1% HIGHER; reports Q2 income from continuing operations before income taxes was $2.3 million, versus a loss of $0.4 million in the prior-year period.

RiskMetrics Group Inc. (NYSE: RMG) 15.8% HIGHER; reports Q2 adj-EPS of $0.15, versus the analyst estimate of $0.06. GAAP Revenues for the quarter were $74.1 million, versus the consensus of $70.99 million.

W&T Offshore (NYSE: WTI) 15.4% LOWER; reports Q2 EPS of $1.86, 2 cents better than the analyst estimate of $1.84. Revenues for the quarter were $461 million, versus the consensus of $433 million.

Trex (NYSE: TWP) 15% HIGHER; shorts appear to be getting squeezed out of Trex this morning. At the beginning of July, the stock had about 43% of its float shorted. No news has hit shares of Trex today.

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