StreetInsider.com Unusual 11 Mid-Day Movers 11/26
Fuwei Films (Nasdaq: FFHL) 73.2% HIGHER; today announced three new members to its Board of Directors: Mr. Tee Chuang Khoo, Professor Yudong Huang and Mr. Xiuyong Zhang.
The Genlyte Group Incorporated (Nasdaq: GLYT) 50.6% HIGHER; entered into a definitive merger agreement with Philips Holding USA Inc., a fully-owned subsidiary of Royal Philips Electronics (NYSE: PHG) pursuant to which Philips will acquire Genlyte in an all-cash transaction for approximately USD 2.7 billion that will create one of the world leaders in lighting fixtures, controls and related products.
NovaGold Resources (AMEX: NG) 43.3% LOWER; today announced it has suspended construction at the Galore Creek copper and gold mine in British Columbia, Canada. An affliate, Teck Cominco Ltd., also announced it would stop development after the two companies figured a new estimated cost of construction at about $5 billion, more than twice the amount originally expected.
Hoku Scientific, Inc. (NASDAQ: HOKU) 38% HIGHER; Hoku and Solarfun Power Hong Kong Limited, a subsidiary of Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF), announced the signing of a definitive contract for Hoku's sale and delivery of polysilicon to Solarfun over an eight-year period beginning in mid-2009. Under the contract, up to approximately $306 million may be payable to Hoku during the eight-year period, subject to product deliveries and other conditions.
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Franklin Bank Corp. (Nasdaq: FBTX) 21.6% LOWER; today announced that it would increase its allowance for credit losses by $20 million, or about $13.5 million after taxes.
U.S. Shipping Partners (NYSE: USS) 21.2% HIGHER; today announced it will be able to pay its quarterly dividend, which previously was expected to be postponed. U.S. Shipping Partners current yield is 15.31% per share, making the annual dividend $0.45.
Home Solutions of America (Nasdaq: HSOA) 18.5% LOWER; shares of Home Solutions continue to decline for the second trading day in a row after it announced it is the target of a class action lawsuit and Nasdaq Notice regarding a delay in the filing of its quarterly report on form 10-Q.
SkillSoft Public Limited (Nasdaq: SKIL) 14.9% HIGHER; reported Q3 EPS of $0.06, 6 cents better than the analyst estimate of $0.00. Revenues for the quarter were $75.1 million, versus the consensus of $73.93 million. The Company raised its FY08 revenue guidance to be in the range of $276.7 to $280.0 million from $272 to $280 million, versus the consensus of $277.71 million. SkillSoft also raised EPS for the full-year from $0.19-$0.21 to $0.22-$0.24, versus the consensus of $0.20.
Cree Inc. (Nasdaq: CREE) 14.7% HIGHER; as a very large producer of lighting, specifically LED's, Cree is benefiting today as a result of Philip's buyout offer for Genlyte. Speculation has recently swirled that Cree could be a target for industry consolidation, and this acquisition further strengthens investor sentiments.
CIT Group (NYSE: CIT) 12% LOWER; after falling five days in a row since November 15, and losing a quarter of its stock value, CIT made up nearly all the lost ground on Friday's half day. Feeling another correction today, shares have sank as many shorts who covered on Friday may now be jumping back on the bandwagon.
Newell Rubbermaid (NYSE: NWL) 6.5% LOWER; sees fourth quarter sales essentially flat with last year, and full year sales up between 3% and 3.5%. The previously communicated expectation assumed sales growth of approximately 2 percent for the fourth quarter and about 4 percent for the full year. Newell Rubbermaid maintained its previous EPS guidance despite the softer sales.
The Genlyte Group Incorporated (Nasdaq: GLYT) 50.6% HIGHER; entered into a definitive merger agreement with Philips Holding USA Inc., a fully-owned subsidiary of Royal Philips Electronics (NYSE: PHG) pursuant to which Philips will acquire Genlyte in an all-cash transaction for approximately USD 2.7 billion that will create one of the world leaders in lighting fixtures, controls and related products.
NovaGold Resources (AMEX: NG) 43.3% LOWER; today announced it has suspended construction at the Galore Creek copper and gold mine in British Columbia, Canada. An affliate, Teck Cominco Ltd., also announced it would stop development after the two companies figured a new estimated cost of construction at about $5 billion, more than twice the amount originally expected.
Hoku Scientific, Inc. (NASDAQ: HOKU) 38% HIGHER; Hoku and Solarfun Power Hong Kong Limited, a subsidiary of Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF), announced the signing of a definitive contract for Hoku's sale and delivery of polysilicon to Solarfun over an eight-year period beginning in mid-2009. Under the contract, up to approximately $306 million may be payable to Hoku during the eight-year period, subject to product deliveries and other conditions.
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Franklin Bank Corp. (Nasdaq: FBTX) 21.6% LOWER; today announced that it would increase its allowance for credit losses by $20 million, or about $13.5 million after taxes.
U.S. Shipping Partners (NYSE: USS) 21.2% HIGHER; today announced it will be able to pay its quarterly dividend, which previously was expected to be postponed. U.S. Shipping Partners current yield is 15.31% per share, making the annual dividend $0.45.
Home Solutions of America (Nasdaq: HSOA) 18.5% LOWER; shares of Home Solutions continue to decline for the second trading day in a row after it announced it is the target of a class action lawsuit and Nasdaq Notice regarding a delay in the filing of its quarterly report on form 10-Q.
SkillSoft Public Limited (Nasdaq: SKIL) 14.9% HIGHER; reported Q3 EPS of $0.06, 6 cents better than the analyst estimate of $0.00. Revenues for the quarter were $75.1 million, versus the consensus of $73.93 million. The Company raised its FY08 revenue guidance to be in the range of $276.7 to $280.0 million from $272 to $280 million, versus the consensus of $277.71 million. SkillSoft also raised EPS for the full-year from $0.19-$0.21 to $0.22-$0.24, versus the consensus of $0.20.
Cree Inc. (Nasdaq: CREE) 14.7% HIGHER; as a very large producer of lighting, specifically LED's, Cree is benefiting today as a result of Philip's buyout offer for Genlyte. Speculation has recently swirled that Cree could be a target for industry consolidation, and this acquisition further strengthens investor sentiments.
CIT Group (NYSE: CIT) 12% LOWER; after falling five days in a row since November 15, and losing a quarter of its stock value, CIT made up nearly all the lost ground on Friday's half day. Feeling another correction today, shares have sank as many shorts who covered on Friday may now be jumping back on the bandwagon.
Newell Rubbermaid (NYSE: NWL) 6.5% LOWER; sees fourth quarter sales essentially flat with last year, and full year sales up between 3% and 3.5%. The previously communicated expectation assumed sales growth of approximately 2 percent for the fourth quarter and about 4 percent for the full year. Newell Rubbermaid maintained its previous EPS guidance despite the softer sales.
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