StreetInsider.com Unusual 11 Mid-Day Movers 07/19

July 19, 2007 1:27 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Sterling Financial Corporation (Nasdaq: SLFI) 68% HIGHER; The PNC Financial Services Group, Inc. (NYSE: PNC) signed a definitive agreement to acquire Lancaster, Pa.-based Sterling Financial Corporation, with approximately $3.3 billion in assets, for $565 million in stock and cash, or approximately $19.00 per share. SLFI closed at $10.55 on Wednesday.

Avici Systems Inc. (NASDAQ: AVCI) 40% HIGHER; reports Q2 non-GAAP EPS of $0.86, (GAAP EPS was $0.82) vs. consensus of $0.21 - Only 1 analyst. Revenues were $29.6 million vs. $15.83 million consensus. Based on final orders received for its router products including network expansion and customer last time purchases, Avici is raising its expected revenue guidance for the full year 2007 to $110 to $125 million with the variability attributable to timing of manufacturing and final shipment dates. (Consensus is $60.16 million)

Clearwire (NASDAQ: CLWR) 33% HIGHER; Sprint Nextel (NYSE: S) and Clearwire plan to jointly construct the first nationwide mobile broadband network using WiMAX technology, and promote the global development of WiMAX-based services.

Schmitt Industries Inc. (NASDAQ: SMIT) 24% LOWER; Income before income taxes for the fiscal year ended May 31, 2007 increased to $1,994,825, compared to fiscal year 2006 of $1,783,672 on a sales increase of 3.3%. Total annual net sales for fiscal year 2007 are $11,882,076 versus $11,503,360 in fiscal year 2006.

ImmuCell Corporation (Nasdaq: ICCC) 23% LOWER; announced that Pfizer Animal Health has elected to terminate its product development and marketing agreement covering Mast Out.

Labor Ready (NYSE: LRW) 22% HIGHER; reported Q2 earnings of $0.41 per share, 6 cents better than estimates. ($0.35) Revenues came in at $351.1 million versus the consensus of $342.4 million. Sees Q3 EPS of $0.48-$0.50, versus the consensus of $0.49. Sees Q3 revs of $390-$395 million versus the consensus of $388.36 million. Sees FY EPS of $1.45-$1.48, versus the consensus of $1.40. Sees FY revenues of $1.39-$1.4 billion versus the consensus of $1.38 billion.

Williams Scotsman, Inc. (NASDAQ: WLSC) 20.5% HIGHER; agreed to be acquired by the parent company of Algeco, the European space rental company, in an all-cash transaction for $2.2 billion, which includes the refinancing of outstanding debt. Under the terms of the transaction, Williams Scotsman shareholders will receive $28.25 per share in cash.

Partners Trust Financial Group, Inc. (Nasdaq: PRTR) 20% HIGHER; M&T Bank Corporation (NYSE: MTB) and Partners Trust Financial Group entered into a definitive agreement under which Partners Trust will merge into M&T in a transaction valued at approximately $555 million.

Limco-Piedmont Inc. (Nasdaq: LIMC) 18.6% HIGHER; Today open trades higher after pricing at $11.00 per share, near the top end of the expected $9.50-$11.50 range.

NVE Corp (NASDAQ: NVEC) 13.8% LOWER; reported Q1 earnings of $0.33 per share, 3 cents better than estimates. ($0.30) Revenues came in at $ 4.71million versus the consensus of $4.7 million.

DRAXIS Health Inc. (Nasdaq: DRAX) 11.75% LOWER; estimating diluted net earnings for the second quarter ended June 30, 2007 of approximately 4 cents per share, versus the consensus of 7 cents.

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