StreetInsider.com Unusual 11 Mid-Day Movers 11/19
Natrol, Inc. (Nasdaq: NTOL) 88.7% HIGHER; signed a definitive merger agreement under which Plethico Pharmaceuticals Limited of India will acquire all outstanding shares of Natrol’s common stock, $.01 par value, for a cash purchase price of $4.40 per share.
Pharmion Corporation (Nasdaq: PHRM) 34.5% HIGHER; Celgene Corporation (Nasdaq: CELG) announced a definitive agreement to acquire Pharmion for $72.00 per share payable in a combination of cash and shares of Celgene common stock.
Quanex Corporation (NYSE: NX) 33.3% HIGHER; announced two transactions as a result of the strategic review announced in May 2007. First, Quanex will spin-off its Building Products business to its shareholders as a stand-alone company called Quanex Building Products in a taxable distribution. Second, immediately subsequent to completion of the spin-off, Quanex, consisting principally of the Vehicular Products business, including its MACSTEEL division, and corporate accounts will merge with a wholly-owned subsidiary of Gerdau S.A. in exchange for $39.20 per share in cash.
Genesco Inc. (NYSE: GCO) 21% LOWER; announced it, along with new its new parent company, Finish Line (Nasdaq: FINL) will be the target of a lawsuit filed by UBS Financial.
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EchoStar Communications (Nasdaq: DISH) 20.4% HIGHER; Citigroup upgrades EchoStar Communications (Nasdaq: DISH) from Hold to Buy, with a $52 price target, citing valuation and takeover possibility. Commenting on EchoStart, the firm said, "We are upgrading EchoStar shares to Buy from Hold, based on 1) attractive valuation, and 2) our ongoing conviction that there's a 65% chance that T (NYSE: T) acquires DISH over the next 12 months. We still view $52 as fair value for DISH shares."
FiberTower Corp. (Nasdaq: FTWR) 16% LOWER; is receiving unusually high volume today, but has no recent news items and appears to be moving down for no specific reason. StreetInsider note: FiberTower traded flat after it reported Q3 earnings on Wednesday of last week.
Pacific Ethanol (Nasdaq: PEIX) 15.6% LOWER; Soleil Securities Group lowered its price target on Pacific Ethanol from $7.65 to $4 on Friday of last week.
Advanced Battery Technologies (NYSE: GBT) 15.3% LOWER; moving down for no obvious reason.
Tween Brands, Inc. (NYSE: TWB) 14.8% LOWER; reports Q3 EPS of $0.46, in-line with the consensus. Revenues 13% to $230.5 million, versus the consensus of $268.3 million. Also, Tween cut its forecast for Q4: EPS of $0.98-$1.08, 4% to 5% below its previous guidance of $1.03 to $1.13. The consensus is $1.08.
Micrel, Inc. (Nasdaq: MCRL) 11.2% HIGHER; today announced it has won a multi-million dollar contract in a deal that will allow Micrel to enter the booming solar electric market.
Downey Financial (NYSE: DSL) 7% HIGHER; mid way through the trading day, Hilltop Holdings, a firm run by billionaire investor Gerald Ford announced it has taken a 6.8% stake in Downey.
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