StreetInsider.com Unusual 11 Mid-Day Movers 12/05/06
MTM Technologies (NASDAQ: MTMC) 64.5% HIGHER; Company has been awarded a multi-year, multi-million dollar IT services contract by Webster Bank, N.A. to provide comprehensive support services to over 3,500 desktops and over 600 servers.
Food Technology Service (Nasdaq: VIFL) 52.3% HIGHER; Taco Bell E.coli outbreak in New York and New Jersey. Also news from Jamba that they discovered that one of their suppliers, Cleugh's Frozen Foods Inc., shipped frozen strawberries that tested positive for Listeria monocytogenes, a potentially harmful bacteria.
Bandag, Inc. (NYSE: BDGA) 30.7% HIGHER; Bridgestone Americas Holding and Bandag (NYSE: BDG) (NYSE: BDGA) announced that they have entered into a merger agreement pursuant to which Bridgestone Americas will acquire the outstanding shares of each class of stock of Bandag for US$50.75 per share in cash. The transaction is valued at approximately US$1.05 billion.
Direct General Corp (Nasdaq: DRCT) 24.8% HIGHER; Entered into a definitive merger agreement with Elara Holdings, Inc., an affiliate of Fremont Partners and Texas Pacific Group, under which Elara will acquire Direct General. In the transaction, Direct General's shareholders will receive $21.25 in cash for each share of Direct General common stock they hold, a 28.71% premium to the closing price of $16.51 on December 4, 2006. The total value of the transaction, including debt, is approximately $628.2 million.
Forbes Medi Tech Inc. (Nasdaq: FMTI) 18% LOWER; Stock continues lower after yesterday's report - Cholesterol-lowering drug, FM-VP4, did not achieve the Company's established goal of a 15% average reduction in LDL cholesterol from baseline.
China Telecom Corp. Ltd. (NYSE: CHA) 14.6% HIGHER; China Network (NYSE: CN) says it expects itself and China Telecom to receive 3G mobile licenses from Chinese regulators.
Nastech Pharmaceutical (Nasdaq: NSTK) 13.6% LOWER; Provided an update on Parathyroid Hormone (PTH1-34) Nasal Spray, which is under development for the treatment of osteoporosis. An additional Phase II dose ranging study has been added to the clinical development program and is planned to begin later in 2007. Amendment to the contract with Procter & Gamble.
AMREP Corporation (NYSE: AXR) 11% HIGHER; AMREP reports Q2 EPS of $2.42 compared to $0.76 for the same period last year. Revenues were $56.06 million compared to $34.8 million for the same period last year.
Cooper Tire & Rubber (NYSE: CTB) 9.1% HIGHER; Deutsche Bank upgrades Cooper Tire & Rubber from Hold to Buy with a $19 target, sees favorable demand environment.
Centene (NYSE: CNC) 8.8% LOWER; Goldman Sachs downgrades Centene from Neutral to Sell
Retail Ventures (NYSE: RVI) 6.1% LOWER; Reports a Q3 loss of $0.07 vs. consensus of a $0.05 profit. Revenues were $787.5 million vs. $800.50 million consensus.
Food Technology Service (Nasdaq: VIFL) 52.3% HIGHER; Taco Bell E.coli outbreak in New York and New Jersey. Also news from Jamba that they discovered that one of their suppliers, Cleugh's Frozen Foods Inc., shipped frozen strawberries that tested positive for Listeria monocytogenes, a potentially harmful bacteria.
Bandag, Inc. (NYSE: BDGA) 30.7% HIGHER; Bridgestone Americas Holding and Bandag (NYSE: BDG) (NYSE: BDGA) announced that they have entered into a merger agreement pursuant to which Bridgestone Americas will acquire the outstanding shares of each class of stock of Bandag for US$50.75 per share in cash. The transaction is valued at approximately US$1.05 billion.
Direct General Corp (Nasdaq: DRCT) 24.8% HIGHER; Entered into a definitive merger agreement with Elara Holdings, Inc., an affiliate of Fremont Partners and Texas Pacific Group, under which Elara will acquire Direct General. In the transaction, Direct General's shareholders will receive $21.25 in cash for each share of Direct General common stock they hold, a 28.71% premium to the closing price of $16.51 on December 4, 2006. The total value of the transaction, including debt, is approximately $628.2 million.
Forbes Medi Tech Inc. (Nasdaq: FMTI) 18% LOWER; Stock continues lower after yesterday's report - Cholesterol-lowering drug, FM-VP4, did not achieve the Company's established goal of a 15% average reduction in LDL cholesterol from baseline.
China Telecom Corp. Ltd. (NYSE: CHA) 14.6% HIGHER; China Network (NYSE: CN) says it expects itself and China Telecom to receive 3G mobile licenses from Chinese regulators.
Nastech Pharmaceutical (Nasdaq: NSTK) 13.6% LOWER; Provided an update on Parathyroid Hormone (PTH1-34) Nasal Spray, which is under development for the treatment of osteoporosis. An additional Phase II dose ranging study has been added to the clinical development program and is planned to begin later in 2007. Amendment to the contract with Procter & Gamble.
AMREP Corporation (NYSE: AXR) 11% HIGHER; AMREP reports Q2 EPS of $2.42 compared to $0.76 for the same period last year. Revenues were $56.06 million compared to $34.8 million for the same period last year.
Cooper Tire & Rubber (NYSE: CTB) 9.1% HIGHER; Deutsche Bank upgrades Cooper Tire & Rubber from Hold to Buy with a $19 target, sees favorable demand environment.
Centene (NYSE: CNC) 8.8% LOWER; Goldman Sachs downgrades Centene from Neutral to Sell
Retail Ventures (NYSE: RVI) 6.1% LOWER; Reports a Q3 loss of $0.07 vs. consensus of a $0.05 profit. Revenues were $787.5 million vs. $800.50 million consensus.
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