Special Reports

StreetInsider.com Notable ETF Movers:

HIGHER;

• Financial Select Sector SPDR (NYSE: XLF) up 1.2% following comments from a executives at a BofA/ML banking conference. Citigroup's (NYSE: C) Vice Chairman Ned Kelly said the company's balance sheet is very liquid.
  
  
• SPDR S&P Homebuilders (NYSE: XHB) up about 2.4% to $15.20 after Toll Brothers (NYSE: TOL) reported a strong preliminary four quarter results.
  
  
• Ultra Silver ProShares (NYSE: AGQ) is trading about 1.1% higher as December silver futures are up about 1.8%, after a relatively flat trading day yesterday. Weakness in the dollar is contributing to the move higher.
  
  
• iPath DJ AIG Sugar TR Sub-Idx ETN (NYSE: SGG) up 3.44% to $63.98 as futures rise on news that India may need to import 2.5 - 3 million tons on drought capping production at 15.3 million tons, short of the country's annual consumption.
  
  

• iShares Dow Jones US Oil & Gas Ex Index (NYSE:
  IEO) down about 1.2 % on the eve of the crude inventory report. Futures were lower in Asia after a U.S. industry report showed a surprise build in crude and distillate stocks.
  
  
• iShares MSCI United Kingdom Index (NYSE: EWU) is trading down about 1% as the GBP falls compared to the USD.
  
  
• UltraShort 20+ Year Treasury ProShares (NYSE: TBT) down about 1.7% to $47.02 following a massive $25 billion U.S. treasury auction yesterday. The bond market is closed today due to Veterans Day.

UPGRADES:
Bank of America upgrades Semi Manufacturing International (NYSE: SMI) from Underperform to Neutral.

Wells Fargo Securities upgrades Toll Brothers, Inc. (NYSE: TOL) Market Perform to Outperform with a $24-$26 valuation. Click Here for more color.

Deutsche Bank upgrades Smithfield Foods (NYSE: SFD) from Hold to Buy and raised their price target from $12 to $20. Click Here for more color.

Goldman Sachs upgraded Microchip Technology Inc. (NASDAQ: MCHP) from Sell to Neutral. Click Here for more color.

For daily real-time Upgrades go to http://www.streetinsider.com/Upgrades

DOWNGRADES:
Credit Suisse downgrades Priceline.com (NASDAQ: PCLN) to Neutral. Price target $210.

Morgan Keegan downgrades Synovus Financial (NYSE: SNV) from Outperform to Market Perform.

Thomas Weisel and J.P. Morgan downgrade RHI Entertainment (NASDAQ: RHIE) from to Underweight and Neutral, respectively. J.P. Morgan slashed their price target from $4 to $0.75.

Oppenheimer downgrades Adobe (NASDAQ: ADBE) to Market Perform.

Collins Stewart downgrades Sigma Designs (NASDAQ: SIGM) to Sell. Price target $9. For more color, Click Here.

Hilliard Lyons downgrades Humana (NYSE: HUM) from Buy to Neutral.

For daily real-time Downgrades go to http://www.streetinsider.com/Downgrades

NEW COVERAGE:
MKM Partners initiates coverage on Palm (NASDAQ: PALM) with a Neutral rating.

Bernstein initiates coverage on Hyatt Hotels (NYSE: H) with an Underperform rating.

Bank of America re-instates coverage on Wynn Resorts (NASDAQ: WYNN) with a Buy rating. Price target $75.

Susquehanna initiates coverage on Cameron International (NYSE: CAM) with a Positive. Price target $48. Click Here for more color.

J.P. Morgan initiates coverage on Banco Santander (NASDAQ: BSBR) with an Overweight rating.

For daily real-time New Coverage go to http://www.streetinsider.com/New+Coverage

• IESI-BFC Ltd. (NYSE: BIN) and Waste Services, Inc. (NASDAQ: WSII) today announced that their respective boards of directors have each approved a definitive merger agreement that establishes North America's third largest solid waste management company with expected pro forma annual revenues of nearly $1.5 billion. The combined company, to be headquartered in Toronto, will have more than 6,000 employees serving commercial, industrial and residential customers in 11 U.S. states and the District of Columbia, and in six Canadian provinces. The transaction, which is expected to close during the first calendar quarter of 2010, is expected to generate $25-$30 million in net pre-tax annual run rate synergies by the end of the second year following closing, and to be accretive to IESI-BFC's earnings and free cash flow per share in the first year following closing.
  
  Under the terms of the agreement:
  • IESI-BFC will issue 27.8 million common shares to WSI shareholders, representing approximately 23% ownership in the combined company, assuming conversion of IESI-BFC's Participating Preferred Shares.
    
    
  • The exchange ratio is 0.5833 common shares of IESI-BFC for each WSI common share held.
  Based on the closing stock prices of both companies on Tuesday, November 10, 2009, this represents a premium of approximately 27% over the volume weighted average closing price of WSI's shares for the previous 30 trading days of $6.10. This premium reflects a fully-diluted share count for WSI at closing of 47,660,982, which includes restricted share units vesting on change of control, as well as in-the-money options.
  
  
• NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST) announced today the execution of a definitive agreement with subsidiaries of Smith & Nephew plc. (NYSE: SNN) for the sale to Smith & Nephew of substantially all of Nucryst's operations and assets including all rights to its proprietary nanocrystalline silver technology for cash consideration of $21 million plus the value of working capital and subject to certain adjustments. The closing of the Sale Transaction is subject to customary conditions including the approval of Nucryst shareholders.
  
  Nucryst also entered into an amalgamation agreement with The Westaim Corporation, which currently owns approximately 75% of Nucryst's outstanding common shares. Under the amalgamation agreement, Nucryst will amalgamate with a newly formed subsidiary of Westaim to form Amalco and Nucryst shareholders other than Westaim will receive one redeemable preferred share in the capital of Amalco, which share will be redeemed for $1.77 in cash upon the completion of the Amalgamation. Completion of the Amalgamation is subject to certain conditions including closing of the Sale Transaction and the approval of Nucryst shareholders. Following the completion of the Amalgamation, Nucryst intends to delist from the TSX and NASDAQ stock exchanges.
  
  The board of directors of Nucryst engaged KPMG Corporate Finance Inc. to provide a fairness opinion regarding the Sale Transaction and an independent valuation of Nucryst for the purpose of the Amalgamation, in accordance with Multilateral Instrument 61-101. Specifically, KPMG Corporate Finance Inc. has opined that the consideration offered in the S&N Agreement is fair, from a financial point of view, to Nucryst. In addition, the valuation prepared by KPMG Corporate Finance Inc. provides a valuation range of $1.72 to $1.82 per common share, subject to certain assumptions.
  
  The board of directors of Nucryst unanimously determined that the Sale Transaction is in the best interests of Nucryst and is fair, from a financial point of view, to Nucryst and that the value proposed to the minority shareholders of Nucryst under the amalgamation agreement is fair, from a financial point of view, to the common shareholders of Nucryst (other than Westaim). In light of these conclusions, the Nucryst board of directors unanimously determined to enter into the S&N Agreement and the amalgamation agreement and to recommend that Nucryst shareholders vote in favor of the resolutions authorizing the Sale Transaction and the Amalgamation.
  
  Closing under the S&N Agreement and completion of the Amalgamation is conditional upon, among other things, approval of the shareholders of Nucryst at a special meeting called for such purpose. The Sale Transaction and the Amalgamation will each separately be proposed to shareholders for consideration. The Sale Transaction requires the approval of more than two thirds of the votes cast at the meeting and Westaim has entered into a support agreement with Smith & Nephew under which it will vote in favor of the S&N Agreement, subject to certain limited exceptions applicable where a financially superior proposal has been made. The Amalgamation requires both the approval of more than two thirds of the votes cast at the meeting and, pursuant to Multilateral Instrument 61-101, the approval of a simple majority of shareholders other than the directors and officers of Westaim. If the Sale Transaction is approved by shareholders and other conditions to closing are satisfied, the transaction will proceed, irrespective of whether the Amalgamation is approved. The S&N Agreement includes a non-solicitation covenant on the part of Nucryst, subject to a customary "fiduciary out" provision, the right of Smith & Nephew to match any financially superior proposal and the payment of a $1.0 million termination fee by Nucryst to Smith & Nephew in certain circumstances. Details regarding the S&N Agreement and the amalgamation agreement will be included in Nucryst's management information circular which is expected to be mailed to shareholders in late November, 2009 for a shareholders meeting to be held in December, 2009.
  
  
• Stryker Corporation (NYSE: SYK) has acquired OtisMed Corporation, a privately held, software technology firm. OtisMed will focus on customizable instrumentation that has the potential to complement the many benefits that surgeons and patients realize from Stryker's Triathlon Knee System, as well as other Stryker implants. OtisMed will operate as part of Stryker's Orthopaedics Division and remain located in Alameda, California.
  
  In addition, Stryker announced it has entered into definitive agreements with Mutoh Co., Ltd., a Japanese company, and certain of its affiliates, and Synergetics USA, Inc. (NASDAQ: SURG) to acquire assets used to produce the Sonopet Ultrasonic Aspirator control consoles, hand pieces and accessories as well as the worldwide rights to market and sell these products. The closing of these combined transactions is anticipated to occur prior to December 31, 2009, subject to agreed upon conditions. These products will be incorporated into Stryker's Instruments Division which is headquartered in Kalamazoo, Michigan.
  
  The terms of these two combined transactions include $67 million in upfront payments as well as potential future milestone and royalty payments of up to an additional $36 million.
  
  
• Logitech International (Nasdaq: LOGI) announced that it has agreed to acquire privately held LifeSize Communications of Austin, Texas for $405 million in cash.
  
  LifeSize is a global leader in high definition (HD) video communication solutions, with more than 9,000 video conferencing customers across 80 countries in large enterprises, small-to-medium businesses (SMBs) and public healthcare, education and government organizations.

NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST) 69% HIGHER; announced today the execution of a definitive agreement with subsidiaries of Smith & Nephew plc. (NYSE: SNN) for the sale to Smith & Nephew of substantially all of Nucryst's operations and assets including all rights to its proprietary nanocrystalline silver technology for cash consideration of $21 million plus the value of working capital and subject to certain adjustments. Click here for the full report.

Semiconductor Manufacturing International (NYSE: SMI) 57% HIGHER; spiking on news that its CEO will resign and that it has settled all pending lawsuits with Taiwan Semiconductor Manufacturing (NYSE: TSM).

Emerson Radio (NYSE: MSN) 36.4% HIGHER; reports Q2 EPS of $0.12, 5 cents better than the analyst estimate of $0.07. Revenue for the quarter was $51.77 million, which compares to the estimate of $48.65 million.

China Housing & Land Development Inc. (NASDAQ: CHLN) 33.2% HIGHER; reports Q3 EPS of $0.07, ex-items, 1 cent lower than the analyst estimate of $0.08. Revenue for the quarter was $23.8 million, which compares to the estimate of $20.40 million. Sees Q4 contract sales of $32-$34 million.

Netlist, Inc. (Nasdaq: NLST) 23.6% HIGHER; today launches HyperCloud(TM), the world's first 16GB, 2 virtual rank (vRank) memory module for servers.

Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) 18.2% HIGHER; Sanofi-aventis (NYSE: SNY) and Regeneron have entered into agreements to expand and extend their existing global collaboration to discover, develop, and commercialize fully-human therapeutic monoclonal antibodies.

Doral Financial (NYSE: DRL) 12.9% HIGHER; B. Riley upgrades the stock from Neutral to Buy.

SMART Modular Technologies (NASDAQ: SMOD) 12.8% HIGHER; expects Q1 non-GAAP diluted net income per share is expected to be in the range of $0.06 to $0.08, a substantial increase to the previous guidance provided by the Company of $0.02 to $0.04. The consensus is $0.01. The Company expects to report net sales in the range of $110 to $120 million, more than 10% higher than the previous guidance of $98 to $105 million and the consensus of $103 million. Gross profit is expected to be in the range of $24 to $26 million, approximately 20% higher than the previous guidance of $20 to $22 million.

Triad Guaranty Inc. (NASDAQ: TGIC) 12.7% LOWER; reports Q3 loss of $6.78, compared to ($10.69) in the same quarter last year. Revenue for the quarter was $59.30 million, versus $69.49 million in Q308.

Toll Brothers (NYSE: TOL) 12.6% HIGHER; last night issued preliminary results for Q4. Net signed contract of about 765 units, resulting in sales of $430.8 million, up 42% and 62%, respectively, from the same quarter last year. Contract cancellation rate was 6.9% during the quarter, inline with its pre-downturn historical averages. Q4 home building deliveries and sales were about 860 units and $486.6 million, respectively, down 20% and 30% from the same quarter last year. For FY09, net signed contracts came in at 2,450 units and $1.30 billion. Home building deliveries were 2,965 units on sales of $1.76 billion, down 37% and 44%, respectively, versus 2008. Click here for the full report. The stock was also upgraded to Outperform at Wells Fargo.

Supreme Industries Inc (NYSE: STS) 11.8% LOWER; reports Q3 EPS of $0.11, versus the analyst estimate of ($0.08). Revenue for the quarter was $50.1 million, which compares to the estimate of $49 million.

Clearwire Corporation (NASDAQ: CLWR) 11.7% LOWER; reports a Q3 loss of $0.43, in-line with the analyst estimate of ($0.43). Revenue for the quarter was $68.8 million, which compares to the estimate of $66.62 million.

China Digital TV Holding Co. Ltd (NYSE: STV) 11.1% LOWER; reports Q3 EPS of $0.08, 2 cents worse than the analyst estimate of $0.10. Revenue for the quarter was $12.2 million, which compares to the estimate of $12.62 million. Based on information available as of November 10, 2009, China Digital TV expects smart card shipments for the fourth quarter of 2009 to be in the range of 2.2 million to 2.4 million. Net revenues for the fourth quarter of 2009 are expected to be in the range of US$12.5 million to US$13.6 million, representing a year-over-year decrease in the range of 25% to 19%. (Revenue consensus is $14.32M)

Magnum Hunter Resources Corporation (NYSE Amex: MHR) 10% LOWER; announced today that it has entered into definitive agreements with certain institutional investors to sell 3,903,720 units, with each unit consisting of one of the Company's common shares and a one fifth of a warrant to purchase one common share, for gross proceeds of approximately $6.75 million, before deducting placement agent fees and estimated offering expenses, in a "registered direct" offering. The investors have agreed to purchase the units at a purchase price of $1.73 per unit.

Metabolix, Inc. (NASDAQ: MBLX) 9.8% LOWER; today announced that it has priced a public offering of 3.0 million newly issued shares of its common stock at a public offering price of $9.00 per share. The gross proceeds to Metabolix, before underwriting discounts and commissions and other offering expenses, from the sale of the shares are expected to be approximately $27 million.

ZOLL Medical Corporation (NASDAQ: ZOLL) 8.8% HIGHER; reports Q4 EPS of $0.16, 8 cents better than the analyst estimate of $0.08. Revenue for the quarter was $107.9 million, which compares to the estimate of $98.70 million.

Trailer Bridge (NASDAQ: TRBR) 8.4% HIGHER; reports Q3 EPS of $0.14, 4 cents better than the analyst estimate of $0.10. Revenue for the quarter was $30.3 million, which compares to the estimate of $30.50 million.

To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.

Triad Guaranty Inc. (NASDAQ: TGIC) 16.1% LOWER; reports Q3 loss of $6.78, compared to ($10.69) in the same quarter last year. Revenue for the quarter was $59.30 million, versus $69.49 million in Q308.

Mad Catz Interactive, Inc. (NYSE: MCZ) 13.5% LOWER; reports Q3 loss of $0.02, compared to ($0.02) for the same period in 2008. Revenue for the quarter was $21.60 million, which compares to the estimate of $ million.

Bitstream Inc. (NASDAQ: BITS) 7.4% HIGHER; reports Q3 non-GAAP EPS of $0.07, compared to $0.04 in the same quarter last year. Revenue for the quarter was $5.66 million, versus $5.48 million in Q308.

GlobalScape Inc. (NYSE: GSB) 7.1% HIGHER; reports Q3 EPS of $0.03, compared to $0.01 in the same quarter last year. Revenue for the quarter was $4.3 million, versus $3.7 million in Q308.

China Digital TV Holding Co. Ltd (NYSE: STV) 6.8% LOWER; reports Q3 EPS of $0.08, 2 cents worse than the analyst estimate of $0.10. Revenue for the quarter was $12.2 million, which compares to the estimate of $12.62 million. Based on information available as of November 10, 2009, China Digital TV expects smart card shipments for the fourth quarter of 2009 to be in the range of 2.2 million to 2.4 million. Net revenues for the fourth quarter of 2009 are expected to be in the range of US$12.5 million to US$13.6 million, representing a year-over-year decrease in the range of 25% to 19%. (Revenue consensus is $14.32M)

OceanFreight, Inc. (Nasdaq: OCNF) 6% HIGHER; reports Q3 adj-EPS of $0.11, 11 cents better than the analyst estimate of $0.00. Revenue for the quarter was $29.5 million, which compares to the estimate of $33.61 million.

Metabolix, Inc. (NASDAQ: MBLX) 4.7% LOWER; today announced that it has commenced a public offering of shares of its common stock pursuant to the Company's effective shelf registration statement filed with the U.S. Securities and Exchange Commission.

Emdeon Inc. (NYSE: EM) 4.5% LOWER; reports Q3 adjusted EPS of $0.21, 2 cents better than the analyst estimate of $0.19. Revenue for the quarter was $235.5 million, which compares to the estimate of $233.87 million. Emdeon currently anticipates its annual revenue, Adjusted EBITDA and Adjusted Net Income per fully diluted share for 2009 to be as follows: 2009 revenue to be between $915 to $925 million vs. consensus of $918.54 million. 2009 Adjusted Net Income per fully diluted share to be between $0.80 to $0.86 vs. consensus of $0.80. 2009 Adjusted EBITDA to be between $234 to $239 million

Ralcorp Holdings, Inc. (NYSE: RAH) 4% LOWER; reports Q4 adj-EPS of $1.14, 10 cents lower than the analyst estimate of $1.24. Revenue for the quarter was $983.2 million, which compares to the estimate of $1.01 billion. The company also announced that it may buyback up to 7 million shares.

Cascal N V (NYSE: HOO) 3.7% HIGHER; reports Q2 EPS of $0.45. Revenue for the quarter was $84.7 million.

Clearwire Corporation (NASDAQ: CLWR) 2.9% LOWER; reports a Q3 loss of $0.43, in-line with the analyst estimate of ($0.43). Revenue for the quarter was $68.8 million, which compares to the estimate of $66.62 million.

Bob Evans Farms (NASDAQ: BOBE) 2% LOWER; reports Q2 EPS of $0.50, 2 cents better than the analyst estimate of $0.48. Revenue for the quarter was $424.8 million, which compares to the estimate of $428.59 million. The Company reaffirmed its estimate for reported fiscal 2010 operating income of approximately $110 million to $115 million. The outlook for fiscal 2010 includes the impact of a 53rd week, which the Company estimates will contribute an incremental $31 million in net sales and $5 million in operating income.

Cytec Industries Inc. (NYSE: CYT) INDICATED LOWER; Goldman Sachs added the stock to their Conviction Sell List.

To get this report daily, visit http://www.streetinsider.com/entities/After-Hours+Movers.