Special Reports

Unusual 11 Mid-Day Movers 2/9: ACLI, CLWT, CTIC, NBG, ECPG Higher; TRID, MGAM, CONN, TMRK Lower Feb 9, 2010 01:31PM

American Commercial Lines Inc. (NASDAQ: ACLI) 25.7% HIGHER; reports Q4 EPS of $1.09 including items, which may not compare to the analyst estimate of $0.06. Revenue for the quarter was $226.9 million, which compares to the estimate of $222.49 million.

Euro Tech Holdings Company Limited (NASDAQ: CLWT) 20.7% HIGHER; today announced that its subsidiary, Yixing PACT Environmental Technology Company Ltd. has recently been awarded a contract by a Korean stainless steel company, worth about US$ 3.8 million. Click here for the full report.

Cell Therapeutics, Inc. (NASDAQ: CTIC) 19.1% HIGHER; announced today that the US FDA informed CTI that due to severe weather conditions in the Washington, D.C. area, the FDA is postponing the Oncologic Drugs Advisory Committee meeting that was to be held on Wednesday, February 10, 2010 to discuss the pixantrone New Drug Application. The FDA indicated that it intends to reschedule the meeting as soon as the FDA can determine a schedule that will allow them to reconvene the advisory panel.

National Bank of Greece (NYSE: NBG) 18.1% HIGHER; after several days of debt worries, today traders seem to be betting that this issue will eventually be resolved. Reports came out saying Germany was considering giving aid to Greece, however, a government spokesman debunked these rumors.

Encore Capital Group, Inc. (Nasdaq: ECPG) 17.3% HIGHER; reports Q4 EPS of $0.34, veruss the analyst estimate of $0.42 and compared to a loss of $0.09 in the same quarter last year. Revenue for the quarter was $81.55 million, which compares to the estimate of $88.17 million.

Trident Microsystems (NASDAQ: TRID) 17.1% LOWER; reports Q2 adjusted loss of $0.22, versus the analyst estimate of ($0.18). Revenue for the quarter was $31.9 million, which compares to the estimate of $32.75 million.

UAL Corp. (Nasdaq: UAUA) 16.1% HIGHER; United Air reported its preliminary consolidated traffic results for January 2010. Total consolidated revenue passenger miles increased in January by 2.4% on a decrease of 2.0% in available seat miles compared with the same period in 2009. This resulted in a reported January 2010 consolidated passenger load factor of 78.5%, an increase of 3.4 points compared to 2009.

Multimedia Games Inc. (Nasdaq: MGAM) 16% LOWER; reports Q4 loss of $0.15, 7 cents worse than the analyst estimate of ($0.08). Revenue for the quarter was $26.3 million, which compares to the estimate of $29.70 million.

Conn’s, Inc. (NASDAQ: CONN) 15.5% LOWER; today announced net sales for the quarter ended January 31, 2010, of $171.0 million, decreased $74.5 million, or 30.3%, after achieving a 22.3% increase in the same quarter of the prior fiscal year. Click here for the full report.

Terremark Worldwide, Inc. (NASDAQ: TMRK) 15.3% LOWER; reports a Q3 loss of $0.13, 5 cents worse than the analyst estimate of ($0.08). Revenue for the quarter was $74.3 million, which compares to the estimate of $75.07 million. Sees Q4 revenues to range from $80.1 million to $85.1 million and EBITDA, as adjusted, to range from $25.4 million to $30.4 million. (Revenue consensus is $80.84 million) Sees FY10, EBITDA, as adjusted, of $80.0 million to $85.0 million and revenues to range between $290.0 million to $295.0 million. (Revenue consensus is $291.44 million) Sees FY11 revenues between $335.0 million and $340.0 million and EBITDA, as adjusted, to range from $95.0 million to $100.0 million. (Revenue consensus is $348.59 million) The stock was also downgraded at Jefferies and Craig-Hallum.

Toreador Resources Corporation (NASDAQ: TRGL) 14.6% LOWER; announced today that it has priced an underwritten public offering of 3 million shares of common stock at a public offering price of $8.50 per share. The offering is expected to close on February 12, 2010, subject to customary closing conditions.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

Notable ETF Movers for 02/09: XME, OIH, MOO Up; UNG, IRY, UUP Lower Feb 9, 2010 12:27PM

Notable ETF movers for 02/09:

Advancers

• SPDR S&P Metals & Mining (NYSE: XME) down 4.52 % to $47.68. Shares surge on a lower dollar and a strong earnings report from Alpha Natural Resources (NYSE: ANR) topping EPS views by 6 cents. Metal futures across the board are also up.
  
  
• Oil Services HOLDRs (NYSE: OIH) up 3.61% to $119.15. As future of oil are up on a lower dollar, Nabors (NYSE: NBR) is forecasting that their results will top EPS estimates of $0.16, albeit modestly.
  
  
• Market Vectors Agribusiness ETF (NYSE: MOO) is mooooving up 3.70% to $41.75. Agriculture futures are up on reports from the USDA that due to unforseen frost in Florida due to chillier temps this year, the production report for February is revised down 6 million 90-pound boxes of oranges. Also, of course, the weaker dollar.
  
  Receders
  
  
  
  • United States Natural Gas (NYSE: UNG) down 2.45% to $9.57. Shares of the ETF are down today as colder temperatures are forecasted, but gas stores are up. For the week ended January 29, 2010, there was 2.406 trillion cubic feet available, a 9% increase Y/Y and 6.6% above the five-year average.
    
    
  • iShares Dow Jones US Real Estate (NYSE: IYR) down 1.01% to $42.15. Top holding Annaly Capital Management, Inc. (NYSE: NLY) announced the issuance of $500M in convertible senior notes, singaling the need to raise capital.
    
    
  • PowerShares DB US Dollar Index Bullish (NYSE: UUP) down 0.42% to $23.54. The dollar is ebbing as concerns over Greek debt seem to be easing, fortifying the move into the Euro by many investors.
    
    

Notable Mergers and Acquisitions of the Day 02/09: VOLC, MORN Feb 9, 2010 10:14AM

• Volcano Corporation (NASDAQ: VOLC) announced today that it has acquired the Xtract™ Thrombus Aspiration Catheter device line from Lumen Biomedical. Volcano became the exclusive global distributor of the Xtract™ catheter in May 2009. This acquisition reinforces Volcano's dedication to build a strategic portfolio of diagnostic and therapeutic tools to help patients with coronary artery disease at all levels of complexity, including acute myocardial infarction (AMI) or heart attacks.
  
  The Xtract™ thrombus aspiration catheter supports the care of ST Segment Elevation Myocardial Infarction (STEMI). The main cause of heart attacks is a plaque rupture in one of the main coronary arteries. Plaque builds up in the arterial wall and ruptures, which can generate a blood clot or thrombus that blocks blood flow and deprives the heart muscle of oxygen. As long as the clot subsists, cells of the heart muscle will continue to die and worsen the patient's condition. The Xtract™ aspiration catheter, with its patented, large single lumen design, circular right-angle tip, and curved directional distal segment, delivers fast and powerful clot removal to help re-establish blood flow quickly. The product line includes two sizes, with the larger size model offering the largest aspiration lumen of any aspiration catheter, for effective and efficient clot extractions.
  
  "Volcano is excited to fortify its commitment to be the leading and most-trusted partner for physicians when addressing patients with complex disease states that require thrombus aspiration," said Scott Huennekens, President and Chief Executive Officer of Volcano. "Since we began to distribute the Xtract™ catheter last year, it has been well-received by the interventional cardiology community. Consistent with our drive to continuously improve our product offerings, we now have control over the product and rights to the design, and will be able to directly build upon the feedback we have received from our customers on how to further improve upon our unique approach to thrombus aspiration."
  
  As a result of the strength of recent clinical studies, a new recommendation acknowledging that the use of aspiration thrombectomy is reasonable to treat STEMI was a key change in the December 2009 update to the STEMI and percutaneous coronary intervention (PCI) guidelines. These guidelines for treating coronary disease and heart attacks using PCI were issued by the American Heart Association (AHA), the American College of Cardiology (ACC), and the Society for Cardiovascular Angiography and Interventions (SCAI). "There are three clinical studies cited in the guidelines – TAPAS, EXPIRA, and ATTEMPT - that clearly demonstrate the potential benefit of using aspiration thrombectomy in STEMI patients," said Dr. Matthew Price, Director of the Cardiac Catheterization Laboratory at Scripps Clinic and Director of Interventional Cardiology Research for Scripps Genomic Medicine. "In the TAPAS study, with aspiration versus PCI alone, there was a 46% reduction in cardiac death at 1 year. In the EXPIRA study, there was no cardiac death in the PCI only group versus 6.5% death at 2 years. In the ATTEMPT study, which was a large pooled analysis of randomized trials, there was a 34% reduction in mortality even with the use of IIb/IIa inhibitors. In addition to better clinical outcomes, these studies also showed better procedural results with respect to Myocardial Blush Grade and resolution of ST Segment Elevation Resolution."
  
  "Aspiration has really been a game-changer with respect to how we treat a STEMI in the cath lab," continued Dr. Price. "Starting with aspiration rather than balloon angioplasty prevents distal embolization and reflow. Furthermore, by re-establishing blood flow beyond the initial clot, the rest of the vessel becomes visible so we can better diagnose the location and severity of the vessel blockage and optimize stent placement."
  
  "Volcano could not be more pleased about the new recommendation from the ACC, AHA, and SCAI that aspiration thrombectomy, the procedure for which the Xtract™ device is uniquely designed, is reasonable in primary PCI for STEMI," noted Vince Burgess, Group President of Advanced Imaging Systems at Volcano. "This acquisition of the Xtract™ device line underscores how Volcano strives to be strategically ahead of the curve by providing physicians with the right technologies supported by the most impactful clinical data."
  
  "Just like our previous acquisitions of CardioSpectra, Novelis, and Axsun, we are excited to add another innovative technology to the comprehensive suite of tools we are building to support physicians, regardless of how complex the disease state they address might be," added Burgess. "Although our core IVUS and FM products are used in both routine and complex clinical scenarios, Volcano is continuing to execute on our therapeutic strategy by investing in products and clinical studies aimed at procedures whose outcomes have the most room for improvement. These include AMI, CTO (Chronic Total Occlusion) and Bifurcation lesions. The acquisition of the Xtract™ product line is yet another example of our commitment to that strategy."
  
  
• Morningstar, Inc. (NASDAQ: MORN) today announced it has acquired the Footnoted business of Financial Fineprint Inc., a privately held firm based in Peekskill, N.Y. The acquisition includes the Footnoted.org website and the Footnoted Pro service. Terms were not disclosed.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

Morning Movers 2/9: ACLI, CTIC, HAR, ADCT, COIN Higher; TRGL, CONN, TRID, TMRK Lower Feb 9, 2010 10:14AM

American Commercial Lines Inc. (NASDAQ: ACLI) 23.8% HIGHER; reports Q4 EPS of $1.09 including items, which may not compare to the analyst estimate of $0.06. Revenue for the quarter was $226.9 million, which compares to the estimate of $222.49 million.

Cell Therapeutics, Inc. (NASDAQ: CTIC) 17.2% HIGHER; announced today that the US FDA informed CTI that due to severe weather conditions in the Washington, D.C. area, the FDA is postponing the Oncologic Drugs Advisory Committee meeting that was to be held on Wednesday, February 10, 2010 to discuss the pixantrone New Drug Application. The FDA indicated that it intends to reschedule the meeting as soon as the FDA can determine a schedule that will allow them to reconvene the advisory panel.

Harman (NYSE: HAR) 17.1% HIGHER; reports Q4 EPS of $0.40, 33 cents better than the analyst estimate of $0.07. Revenue for the quarter was $937 million, which compares to the estimate of $811 million.

ADC (NASDAQ: ADCT) 13.9% HIGHER; reports Q1 EPS of $0.02, ex-items, 1 cent better than the analyst estimate of ($0.01). Revenue for the quarter was $265.6 million, which compares to the estimate of $267.72 million. Sees Q2 GAAP loss of $0.04-$0.06 on sales of $260-$280 million. The Street is currently looking for Q2 sales of $275.52 million. The stock was also upgraded to Strong Buy at CL King.

Toreador Resources Corporation (NASDAQ: TRGL) 13.7% LOWER; announced today that it has priced an underwritten public offering of 3 million shares of common stock at a public offering price of $8.50 per share. The offering is expected to close on February 12, 2010, subject to customary closing conditions.

Conn’s, Inc. (NASDAQ: CONN) 13.3% LOWER; today announced net sales for the quarter ended January 31, 2010, of $171.0 million, decreased $74.5 million, or 30.3%, after achieving a 22.3% increase in the same quarter of the prior fiscal year. Click here for the full report.

Converted Organics Inc. (NASDAQ: COIN) 12.8% HIGHER; shipped a re-order for its organic Lawn & Turf fertilizer to The Home Depot® (NYSE: HD) in preparation for the upcoming 2010 growing season. The Home Depot placed its initial order for Converted Organics’ all-natural Lawn & Turf fertilizer in December, 2008 through distributor New England Pottery, an affiliate of Central Garden & Pet. Last year, Converted Organics’ Lawn & Turf fertilizer was carried in 94 The Home Depot® stores throughout Massachusetts, Connecticut, Rhode Island and Long Island, New York.

Trident Microsystems (NASDAQ: TRID) 12.2% LOWER; reports Q2 adjusted loss of $0.22, versus the analyst estimate of ($0.18). Revenue for the quarter was $31.9 million, which compares to the estimate of $32.75 million.

National Bank of Greece (NYSE: NBG) 11.4% HIGHER; after several days of debt worries, today traders seem to be betting that this issue will eventually be resolved.

UAL Corp. (Nasdaq: UAUA) 11.3% HIGHER; United Air reported its preliminary consolidated traffic results for January 2010. Total consolidated revenue passenger miles increased in January by 2.4% on a decrease of 2.0% in available seat miles compared with the same period in 2009. This resulted in a reported January 2010 consolidated passenger load factor of 78.5%, an increase of 3.4 points compared to 2009.

Terremark Worldwide, Inc. (NASDAQ: TMRK) 10.8% LOWER; reports a Q3 loss of $0.13, 5 cents worse than the analyst estimate of ($0.08). Revenue for the quarter was $74.3 million, which compares to the estimate of $75.07 million. Sees Q4 revenues to range from $80.1 million to $85.1 million and EBITDA, as adjusted, to range from $25.4 million to $30.4 million. (Revenue consensus is $80.84 million) Sees FY10, EBITDA, as adjusted, of $80.0 million to $85.0 million and revenues to range between $290.0 million to $295.0 million. (Revenue consensus is $291.44 million) Sees FY11 revenues between $335.0 million and $340.0 million and EBITDA, as adjusted, to range from $95.0 million to $100.0 million. (Revenue consensus is $348.59 million) The stock was also downgraded at Jefferies and Craig-Hallum.

Euro Tech Holdings Company Limited (NASDAQ: CLWT) 10.5% HIGHER; today announced that its subsidiary, Yixing PACT Environmental Technology Company Ltd. has recently been awarded a contract by a Korean stainless steel company, worth about US$ 3.8 million. Click here for the full report.

Parkway Properties Inc. (NYSE: PKY) 10.5% LOWER; reports Q4 recurring FFO of $0.77 vs. the analyst estimate of $0.67. Revenue for the quarter was $65.98 million, which compares to the estimate of $65.64 million. For 2010, the Company estimates reported FFO per diluted share of $2.72 to $2.92, recurring FFO per diluted share of $2.40 to $2.60 vs. consensus of $2.58. PKY resets common dividend to an annualized rate of $0.30 per share. The stock was also downgraded to Sell at Stifel Nicolaus.

SeraCare Life Sciences, Inc. (Nasdaq: SRLS) 10.1% HIGHER; reports Q1 EPS of $0.07, 4 cents better than the analyst estimate of $0.03. Revenue for the quarter was $11.3 million, which compares to the estimate of $12.24 million.

China BAK Battery, Inc. (Nasdaq: CBAK) 10.1% HIGHER; shows expected revenue of $270 million for FY10 which compares favorable to the consensus of $240.5 million (only one analyst).

Rubicon Technology, Inc. (NASDAQ: RBCN) 9.9% HIGHER; reports Q4 loss of $0.04, 1 cent better than the analyst estimate of ($0.05). Revenue for the quarter was $8.5 million, which compares to the estimate of $7.31 million. Sees Q110 revs of $10.5 million and an EPS of $0.03. Consensus sees revs of $8.70 million and an EPS of $0.01.

Electronic Arts (NASDAQ: ERTS) 8.4% LOWER; reports Q3 EPS of $0.33, 2 cents better than the analyst estimate of $0.31. Revenue for the quarter was $1.24 billion, which compares to the estimate of $1.34 billion. Sees Q110 EPS of $0.02 - $0.06, versus $0.13 consensus. Sees Q110 sales $800 - $850 million, versus $851 million consensus. Sees Fy10 EPS of $0.50 - $0.70, versus $0.74 consensus. Also sees FY10 sales of $3.65 - $3.90 billion, versus $4.1 billion consensus. The stock was also downgraded at Needham.

Energy Conversion Devices (NASDAQ: ENER) 8.3% LOWER; reports Q4 loss of $0.92, versus the analyst estimate of ($0.43). Revenue for the quarter was $52.9 million, which compares to the estimate of $48.97 million.

Developers Diversified Realty Corporation (NYSE: DDR) 8.2% HIGHER; today announced it has priced an offering of 37,295,000 of its common shares at a price of $8.16 per share. The offering is expected to close on February 12, 2010.

To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.

Notable Analyst Rating Changes for 02/09: VZ, XCO, WBC, CAT Upgraded; TMRK, PTR, ERTS Downgraded Feb 9, 2010 10:09AM

UPGRADES
Sanford C. Bernstein upgrades Verizon (NYSE: VZ) from Underperform to Market Perform.

Goldman Sachs upgrades EXCO Resources (NYSE: XCO) from Neutral to Buy with a $25 6-month price target. Click Here for more color.

J.P. Morgan upgrades WABCO Holdings (NYSE: WBC) from Neutral to Overweight. Price target increased from $26 to $31.

Morgan Stanley upgrades Caterpillar (NYSE: CAT) from Underweight to Overweight, price target raised from $51 to $70. Click Here for more color.

For daily real-time Upgrades go to http://www.streetinsider.com/Upgrades

DOWNGRADES
Jefferies & Co downgrades Terremark (NASDAQ: TMRK) from Buy to Hold. Price target $8.

Goldman Sachs downgraded PetroChina (NYSE: PTR) from Neutral to Sell.

Analysts take negative view on Electronic Arts (NASDAQ: ERTS):

• Credit Suisse downgraded GameStop from Outperform to Neutral and also lowered the stock's price target from $28 to $25;
  
  
• Needham & Company downgrades from Buy to Hold. Click Here for more color;
  
  
• Wedbush maintains an 'Outperform' rating and lowers price target from $23 to $20. Click Here for more color; and
  
  
• Brean Murray maintains a 'Buy' but lowers their price target from $22 to $20.

For daily real-time Upgrades go to http://www.streetinsider.com/Downgrades

NEW COVERAGE
Deutsche Bank initiates coverage on Complete Production Services (NYSE: CPX) with a Buy rating. Price target $20. Click Here for more color.

Barclays initiates coverage on Fulton Financial (NASDAQ: FULT) with an Overweight rating. Price target $11.

Benchmark Securities initiates coverage on Vitacost.com (NASDAQ: VITC) with a Buy.

Needham & Company initiates coverage on Time Warner Inc. (NYSE: TWX) with a Hold rating. Click Here for more color.

For daily real-time New Coverage go to http://www.streetinsider.com/New+Coverage