Unusual 11 Mid-Day Movers 5/23: AGL, XJT, IXYS, SINO Higher; HURC, LCC, LMRA, GSOL Lower

May 23, 2008 11:48 AM EDT

Angelica Corporation (NYSE: AGL) 29.3% HIGHER; has signed a definitive merger agreement on May 22, 2008 with a company formed by Lehman Brothers Merchant Banking Partners IV L.P. to acquire Angelica for $22.00 per share in cash. The transaction, which is subject to approval by Angelica shareholders, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and satisfaction of other customary closing conditions, is expected to close in late summer.

ExpressJet Holdings Inc. (NYSE: XJT) 19.9% HIGHER; Calyon Securities upgrades ExpressJet from Add to Buy with a $3.50 price target.

Hurco Companies (Nasdaq: HURC) 17.9% LOWER; reports Q2 EPS of $0.85, 3 cents worse than the analyst estimate of $0.88. Revenues for the quarter came in at $58.29 million, versus the consensus of $52.60 million.

US Airways (NYSE: LCC) 16.9% LOWER; Credit Suisse downgrades US Airways from Outperform to Underperform and lowered their price target from $12 to $4, citing liquidity concerns and M&A risk concerns. The entire airline industry is nose diving today amid rising crude oil prices.

Ixys Corporation (Nasdaq: IXYS) 16.9% HIGHER; reports Q4 EPS of $0.17, 6 cents better than the analyst estimate of $0.11. Revenues for the quarter were $79.3 million, versus the consensus of $82.50 million.

Lumera Corporation (NASDAQ: LMRA) 16.7% LOWER; received notice from The NASDAQ Stock Market stating that the Company’s stockholders’ equity at March 31, 2008 of $9,001,000 was less than the $10 million minimum in stockholders’ equity required for continued listing on The NASDAQ Global Market under Marketplace Rule 4450(a)(3).

Global Sources Ltd. (Nasdaq: GSOL) 13.1% LOWER; reports Q1 EPS of $0.14, 3 cents better than the analyst estimate of $0.11. Revenues for the quarter were $40.6 million, versus the consensus of $39.90 million. Sees Q2 revs in the range of $62-$63 million, versus the Street consensus of $61.50 million. Non-GAAP EPS are expected to be $0.33-$0.35, versus $0.20.

Sino-Global Shipping America, Ltd. (Nasdaq: SINO) 13% HIGHER; Wednesday's hot IPO continues higher today. Shares priced at $7.75, meaning investors who got in on the offering are now up more than 200% on their investment.

Black Box Network Services (Nasdaq: BBOX) 11.7% LOWER; reports Q4 EPS of $0.74, 3 cents lower than the analyst estimate of $0.77. Revenues for the quarter were $245 million, versus the consensus of $241.90 million. Sees FY09 EPS of $3.25-$3.40, versus the consensus of $3.60 and revs of about $1 billion, versus the consensus of $1.05 billion.

Foot Locker, Inc. (NYSE: FL) 11.8% HIGHER; reports Q1 EPS of $0.14, in-line with the analyst estimate of $0.14. Revenues for the quarter were $1.31 billion, versus the consensus of $1.28 billion.

Hibbett Sports Inc. (Nasdaq: HIBB) 9.3% HIGHER; reports Q1 EPS of $0.32, 5 cents better than the analyst estimate of $0.27. Revenues for the quarter were $145.8 million, versus the consensus of $141.98 million. Reaffirms FY09 EPS guidance of $0.88-$0.90, versus the consensus of $0.96.

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• Credit Suisse
• Lehman Brothers
• Calyon Securities

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