StreetInsider.com Unusual 11 Mid-Day Movers 07/13/2007
Point Therapeutics, Inc. (NASDAQ: POTP) 39% HIGHER; Company lost 40% yesterday after Provided a further update on corporate developments. To conserve its remaining cash balance, the Company in June and July reduced its work force from 33 employees to 8 employees. The Company estimates that the total charge for this work force reduction is approximately $260,000. In the near future, the Company also intends to further reduce its current workforce, which consists primarily of executive, financial and legal personnel, by eliminating most of the employment positions. (Note - stock trades under $1 per share)
Idenix Pharmaceuticals (Nasdaq: IDIX) 33.9% LOWER; Announced that after discussions with the FDA the development program of valopicitabine (NM283) for the treatment of hepatitis C has been placed on clinical hold in the United States based on the overall risk/benefit profile observed to date in clinical testing.
Great Pee Dee Bancorp, Inc. (Nasdaq: PEDE) 24.8% HIGHER; First Bancorp (Nasdaq: FBNC) and Great Pee Dee Bancorp, Inc. (Nasdaq: PEDE) announce the signing of a definitive merger agreement providing for the merger of Great Pee Dee into First Bancorp. The terms of the agreement call for shareholders of Great Pee Dee to receive 1.15 shares of First Bancorp stock for each share of Great Pee Dee stock they own. Based on Thursday\'s closing price of First Bancorp\'s common stock of $18.28, the transaction represents a price of $21.02 per share of Great Pee Dee\'s common stock and a total transaction value of approximately $38.2 million.
Playtex Products, Inc., (NYSE: PYX) 16% HIGHER; Energizer Holdings, Inc., (NYSE: ENR) announced it will acquire Playtex for $18.30 per share in cash plus the assumption of Playtex debt. Total enterprise value of the transaction is approximately $1.9 billion.
Vimicro International (Nasdaq: VIMC) 14.4% LOWER; Reports Q4 and Q1 results. The company said, "Our first quarter results were impacted by a number of factors including a longer than expected delay in the release of Microsoft\'s Vista Operating System, the seasonality resulting from an overall business slowdown associated with the Chinese New Year Holiday as well as pricing pressure within some of our product lines."
Shaw Group Inc (SGR) 13% HIGHER; Citigroup upgrades SGR from Hold to Buy.
Global Crossing Ltd. (Nasdaq: GLBC) 12.6% HIGHER; Stock moving higher with no specific news releases. However, the stock has fallen approx. 40% since May 7, 2007.
Spectrum Brands, Inc. (NYSE: SPC) 12% LOWER; Anticipates that full year 2007 sales and earnings before interest, tax, depreciation and amortization (EBITDA) will be lower than previously anticipated. Preliminary results for the recently completed fiscal third quarter and projections for the fiscal fourth quarter suggest that the company will generate full year 2007 net sales of approximately $2,634 million and EBITDA of between $260 and $264 million. This compares with earlier expectations of net sales of $2,648 million and EBITDA of $282 million. The company cited unfavorable weather conditions.
Hovnanian Enterprises Inc. (NYSE: HOV) 10% HIGHER; Residential Construction sector/index is up 3.47% today. Investors may be \'bottom-feeding\' since the stock has fallen almost 40% since May 30, 2007.
Fleetwood Enterprises Inc. (NYSE: FLE) 10% HIGHER; Company reported earnings yesterday, EPS missed by several cents, but revenues were well ahead of the consensus. This morning, BB&T Capital upgraded the stock from Hold to Buy.
Baker Hughes Incorporated (NYSE: BHI) 6.5% HIGHER; Announced that net income for the second quarter 2007 is estimated to be between $1.07 and $1.09 per diluted share compared to the $1.17 per diluted share reported for the first quarter of 2007. (Consensus is $1.18). The sequential decline in the second quarter of 2007 compared to the first quarter of 2007 primarily results from significant deterioration of activity and profitability in Canada -- particularly in the Drilling and Evaluation segment.
Idenix Pharmaceuticals (Nasdaq: IDIX) 33.9% LOWER; Announced that after discussions with the FDA the development program of valopicitabine (NM283) for the treatment of hepatitis C has been placed on clinical hold in the United States based on the overall risk/benefit profile observed to date in clinical testing.
Great Pee Dee Bancorp, Inc. (Nasdaq: PEDE) 24.8% HIGHER; First Bancorp (Nasdaq: FBNC) and Great Pee Dee Bancorp, Inc. (Nasdaq: PEDE) announce the signing of a definitive merger agreement providing for the merger of Great Pee Dee into First Bancorp. The terms of the agreement call for shareholders of Great Pee Dee to receive 1.15 shares of First Bancorp stock for each share of Great Pee Dee stock they own. Based on Thursday\'s closing price of First Bancorp\'s common stock of $18.28, the transaction represents a price of $21.02 per share of Great Pee Dee\'s common stock and a total transaction value of approximately $38.2 million.
Playtex Products, Inc., (NYSE: PYX) 16% HIGHER; Energizer Holdings, Inc., (NYSE: ENR) announced it will acquire Playtex for $18.30 per share in cash plus the assumption of Playtex debt. Total enterprise value of the transaction is approximately $1.9 billion.
Vimicro International (Nasdaq: VIMC) 14.4% LOWER; Reports Q4 and Q1 results. The company said, "Our first quarter results were impacted by a number of factors including a longer than expected delay in the release of Microsoft\'s Vista Operating System, the seasonality resulting from an overall business slowdown associated with the Chinese New Year Holiday as well as pricing pressure within some of our product lines."
Shaw Group Inc (SGR) 13% HIGHER; Citigroup upgrades SGR from Hold to Buy.
Global Crossing Ltd. (Nasdaq: GLBC) 12.6% HIGHER; Stock moving higher with no specific news releases. However, the stock has fallen approx. 40% since May 7, 2007.
Spectrum Brands, Inc. (NYSE: SPC) 12% LOWER; Anticipates that full year 2007 sales and earnings before interest, tax, depreciation and amortization (EBITDA) will be lower than previously anticipated. Preliminary results for the recently completed fiscal third quarter and projections for the fiscal fourth quarter suggest that the company will generate full year 2007 net sales of approximately $2,634 million and EBITDA of between $260 and $264 million. This compares with earlier expectations of net sales of $2,648 million and EBITDA of $282 million. The company cited unfavorable weather conditions.
Hovnanian Enterprises Inc. (NYSE: HOV) 10% HIGHER; Residential Construction sector/index is up 3.47% today. Investors may be \'bottom-feeding\' since the stock has fallen almost 40% since May 30, 2007.
Fleetwood Enterprises Inc. (NYSE: FLE) 10% HIGHER; Company reported earnings yesterday, EPS missed by several cents, but revenues were well ahead of the consensus. This morning, BB&T Capital upgraded the stock from Hold to Buy.
Baker Hughes Incorporated (NYSE: BHI) 6.5% HIGHER; Announced that net income for the second quarter 2007 is estimated to be between $1.07 and $1.09 per diluted share compared to the $1.17 per diluted share reported for the first quarter of 2007. (Consensus is $1.18). The sequential decline in the second quarter of 2007 compared to the first quarter of 2007 primarily results from significant deterioration of activity and profitability in Canada -- particularly in the Drilling and Evaluation segment.
You May Also Be Interested In
- Notable Analyst Rating Changes 05/24: (PPG) (WPI) (DUK) Upgraded; (BHI) (HGSI) (COG) Downgraded
- Notable ETF Movers of the Day 05/25: (EWZ) (GLD) Higher; (VXX) (UNG) Lower
- Streetinsider.com's Hot Lunchtime Reads 05/24: (FB) (STP) (TIF) (OVTI) (AAPL)
Create E-mail Alert Related Categories
Special ReportsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
