Unusual 11 Mid-Day Movers 6/3: GRO, LNG, COIN, OMNI Higher; NOOF, MIND, IMGN, CHU Lower

June 3, 2008 1:29 PM EDT

Agria (NYSE: GRO) 33.5% HIGHER; yesterday announced that key management of Primalights III Agricultural Development, an affiliated entity of Agria, as well as Brothers Capital, a major shareholder of Agria have entered into agreements with Agria in connection with the proposed release to P3A's key management of the cash and shares placed into escrow by BCL. Shares rose about 9% yesterday and are continuing to move sharply higher today. Investors could be "bottom fishing" as shares are at their lowest levels in the last year. Also, see COIN below for more details on why Agria may be moving today.

New Frontier Media (Nasdaq: NOOF) 25.5% LOWER; reports Q4 EPS of $0.08, 1 cent worse than the analyst estimate of $0.09. Revenues for the quarter were $12.62 million, versus the consensus of $14.56 million.

Cheniere Energy (AMEX: LNG) 15% HIGHER; yesterday just before the close announced that its Senior VP - Exploration has resigned from his position, but will continue as an employee until July 31. This news, however, does not seem substantial enough to move the stock this much on such strong volume, meaning momentum players are probably moving the shares higher. Notably, shares were up about 11% yesterday.

Converted Organics (Nasdaq: COIN) 14.8% HIGHER; the ag sector is on fire today as U.N. Chief Ban Ki-moon told leaders from around the worldwide that world food production must rise by 50% by 2030 in order to meet increasing demand. The chief presented at a U.N. Food and Agriculture Organization hosted summit concerning hunger and civil unrest related to food-price increases.

Omni Energy Services (Nasdaq: OMNI) 14.7% HIGHER; shares are seeing increasing momentum on heavier-than-normal volume despite crude oil that is down more than a buck today.

Mitcham Industries (Nasdaq: MIND) 13.5% LOWER; reports Q1 EPS of $0.41, 3 cents better than the analyst estimate of $0.38. Revenues for the quarter were $18.5 million, versus the consensus of $19.65 million.

Western Refining (NYSE: WNR) 13.5% HIGHER; shares continue trending higher today despite no company specific news. Western Refining is up about 35% so far this week.

ImmunoGen, Inc. (Nasdaq: IMGN) 12% LOWER; at ASCO today, ImmunoGen presented encouraging clinical findings with trastuzumab-DM1.

China Unicom (NYSE: CHU) 11.5% LOWER; downgraded by Morgan Stanley to Equalweight and Credit Suisse to Neutral today.

BankAtlantic (NYSE: BBX) 11.4% HIGHER; in the last 5 minutes of yesterday's trading session, BankAtlantic shares jumped about 3% to end the day nearly flat. This momentum continues today; adding to the upside, the company filed a Form 4 disclosing that its Executive Vice President, Lloyd Devaux, purchased 25,000 shares on 5/30 at a price of $1.76, bringing his stake to 220,000. With about 13% of its float shorted as of the beginning of May, short sellers covering their downside bets on BankAtlantic could intensifying today's move.

lululemon athletica (Nasdaq: LULU) 4.8% LOWER; reports Q1 EPS of $0.12, in-line with the analyst estimate of $0.12. Revenues for the quarter were $78.2 million, versus the consensus of $71.78 million. Sees FY08 EPS of $0.68-$0.71, versus prior guidance of $0.70-$0.72, versus the consensus of $0.74.

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