Unusual 11 Mid-Day Movers 6/26: PHTN, PLUG, APPY, HTM Higher; GRO, OSK, CEM, HILL Lower

June 26, 2008 12:47 PM EDT

Photon Dynamics, Inc. (NASDAQ: PHTN) 31.2% HIGHER; Orbotech Ltd. (NASDAQ: ORBK) to acquire Photon Dynamics for $15.60 per share.

Agria Corporation (NYSE: GRO) 28.5% LOWER; reports Q4 sales of $43.6 million and a loss, excluding items, of $0.08.

Oshkosh Corporation (NYSE: OSK) 23.4% LOWER; expects a loss of approximately $1.22 to $1.32 per share for its third quarter of fiscal 2008 compared to the Company's prior EPS estimate range of $1.40 to $1.50. The expected loss relates to a non-cash charge for the impairment of goodwill to be recorded in connection with the Company's European refuse collection vehicle manufacturer, the Geesink Norba Group (Geesink). The impact of the impairment charge on third fiscal quarter earnings is estimated to be approximately $175 million, or $2.32 per share.

Chemtura Corporation (NYSE: CEM) 20.5% LOWER; announced that a special committee of its board of directors and the company's financial advisor, Merrill Lynch & Co., would explore a variety of strategic alternatives. Chemtura's board of directors announced today that, after thoroughly exploring a potential sale, merger or other business combination involving the entire company, it has concluded that shareholders' interests will be best served by continuing to operate as a stand-alone company and focusing on its own growth and efficiency initiatives. The board has terminated discussions on a potential sale, merger or other business combination after determining that such discussions are unlikely at this time to result in an offer at a sufficiently attractive price.

Dot Hill Systems Corp. (Nasdaq: HILL) 19.5% LOWER; sees Q2 revs in the range of $66-$70 million, versus the consensus of $68.23 million. Also sees a Q2 loss of $0.12-$0.16, an increase from its previous guidance for a loss of $0.07-$0.10, versus the Street estimate of ($0.11).

BankUnited Financial Corporation (Nasdaq: BKUNA) 19.1% LOWER; taps new 52-week low levels today on rumors of a dilutive capital raise.

Plug Power (Nasdaq: PLUG) 17.3% HIGHER; shares are bouncing today, nearly taking back all the ground given up by 3 straight days of downside movement since Monday. With about 20% of its float shorted at the beginning of June, short sellers may be covering their downside bets today, boosting the stock price.

AspenBio Pharma, Inc. (NASDAQ: APPY) 16.3% HIGHER; has officially initiated a clinical trial to support the FDA 510(k) application for the AppyScore(TM) Human Appendicitis blood-based diagnostic test.

U.S. Geothermal Inc. (AMEX: HTM) 14.4% HIGHER; today announced that it is set to join, according to preliminary results, the broad-market Russell 3000 Index when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on June 27.

America's Car-Mart (Nasdaq: CRMT) 13.7% HIGHER; reports Q4 earnings of $0.51 per share, above the consensus of $0.29. Revenues came in at $76.5 million, versus the consensus of $69.2 million.

BPZ Resources, Inc. (AMEX: BZP) 13.4% HIGHER; today announced that it has signed a Memorandum of Understanding with Shell Exploration Company B.V. This non-binding MOU allows both parties to move forward with their negotiations on a possible Farm-out Agreement with the ultimate goal of jointly developing Blocks Z-1, XIX and XXIII in Northwest Peru into large-scale oil and gas ventures, including regional power generation, gas supply for local and regional industry, and LNG.

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