Unusual 11 Mid-Day Movers 9/12: DUCK, MNTG, RDN, CLR Higher; PDGI, AIG, QXM, CMG Lower

September 12, 2008 12:34 PM EDT

PharmaNet Development Group (Nasdaq: PDGI) 53.5% LOWER; lowered its FY08 EPS from $0.53 to $0.63 a share to a loss of ($0.35) to ($0.58) per share, versus FY08 consensus EPS of $0.48. Additionally, PharmaNet Development lowereed its FY08 revenue guidance from $390M-$399M to $358-$366M versus consensus of $395.12 million.

Duckwall-ALCO Stores (Nasdaq: DUCK) 24.5% HIGHER; reports Q2 EPS of $0.85, compared to $0.68 in the same quarter last year. Revenues for the quarter were $129.55 million, versus the consensus of $152.27 million.

MTR Gaming Group, Inc. (Nasdaq: MNTG) 22.8% HIGHER; Responding to shareholder inquiries and apparent confusion concerning the calculation of the debt-to-EBITDA ratio required by the Company's $125 million revolving line of credit (currently $105 million drawn), the Company provides the following explanation of that calculation: For purposes of computing total leverage under the credit facility, the computation allows for add backs to EBITDA for preopening expense, stock option expense and non cash losses, which includes the loss on debt modification incurred in the first quarter of 2008. For the period ended September 30, 2008, the Company will add back approximately $6 million to EBITDA for computational purposes. Additionally, when computing total funded debt, cash in excess of $25 million is subtracted from total funded debt.

American International Group (NYSE: AIG) 22.8% LOWER; continues sliding today on fears about its exposure to credit default swaps and concerns it will have to raise additional capital or sell key assets to survive. Bloomberg is reporting that AIG credit-default swaps jump to 12.5% upfront.

Qiao Xing Mobile Communication Co., Ltd. (NYSE: QXM) 21.5% LOWER; reports Q2 revenues of RMB383.7 million, or US$55.9 million, versus RMB844.1 million in Q207.

Chipotle Mexican Grill, Inc. (NYSE: CMG) 19.6% LOWER; announced that the impact of the weakened economy has been greater than anticipated resulting in further sales deceleration leading to comparable restaurant sales in the low single digits for Q308.

Radian Group (NYSE: RDN) 16% HIGHER; insurers are bouncing for the third day in a row despite continued concerns about Lehman (NYSE: LEH) and AIG (NYSE: AIG).

Continental Resources (NYSE: CLR) 11.3% HIGHER; commodities stocks are rallying for the second day in a row following a very sharp slide which started in mid-August.

Panera Bread (Nasdaq: PNRA) 11.2% LOWER; Morgan Keegan downgrades Panera from Outperform to Market Perform.

lululemon athletica (Nasdaq: LULU) 10% HIGHER; after reporting better than expected Q2 earnings yesterday, the stock was upgraded at BMO to Outperform this morning.

Foster Wheeler (Nasdaq: FWLT) 8.9% HIGHER; its board of directors has authorized a common share repurchase program under which the company is authorized to repurchase up to $750 million of its outstanding common shares.

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Morgan Keegan & Company

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?