Unusual 11 Mid-Day Movers: ADPI, DOCX, CBAK Higher; AVNX, CTDC Lower
American Dental Partners (Nasdaq: ADPI) 83.5% HIGHER; soaring today after announcing a settlement with PDG, avoiding a $130.6 million judgement.
Document Sciences Corporation (Nasdaq: DOCX) 75% HIGHER; EMC Corporation (NYSE: EMC) announced a definitive agreement to acquire Document Sciences in a cash transaction valued at approximately $85 million, or $14.75 per share. Shares of Document Sciences closed at $8.23 yesterday.
Avanex Corp. (Nasdaq: AVNX) 28% LOWER; announced it expects to report lower revenues than previously expected due to an alleged premature termination from an agreement by a French company, 3S Photonics. Avanex now expects to see Q2 revenues of $51-$53 million, versus the consensus of $57.40.
China BAK Battery (Nasdaq: CBAK) 26% HIGHER; gapped higher to open this morning's trading session and is seeing very high trading volume. Shares of CBAK surged about 14% yesterday, and it seems the rally is being continued today.
China Sunergy Co. Ltd. (NASDAQ: CSUN) 17% HIGHER; Sees continued momentum after yesterday's 39% run-up.
Qiao Xing Universal Telephone (Nasdaq: XING) 16% HIGHER; this morning made an announcement that the Company expects to report positive results for the fourth quarter of 2007. Qiao Xing said its major indicators of financial performance for the FY07 reflect that the Company could reach record highs for the quarter.
China Technology Development Group (NASDAQ: CTDC) 13.9% LOWER; Sees profit taking after yesterday's 70% run-up.
ShengdaTech (Nasdaq: SDTH) 13.3% LOWER; seems to be feeling a correction today as the Company's stock has risen more than 50% during December.
United Community Banks (Nasdaq: UCBI) 11.6% LOWER; gave an updated outlook for the Company's fourth quarter: sees Q4 EPS of $0.12 to $0.14, versus the consensus of $0.43.
Sterling Financial Corporation (Nasdaq: STSA) 11.4% LOWER; is revising its Q4 EPS estimate as a result of an increased charge for credit costs, a charge to prepay some high fixed rate trust preferred securities and other charges during the fourth quarter. Sterling now expects Q4 EPS of $0.31 to $0.34, versus the consensus of $0.53. For the year ended, Sterling expects earnings to be in the range of $1.84 to $1.87 per diluted share, versus the consensus of $2.09.
Echelon Corp. (Nasdaq: ELON) 10.6% HIGHER; appears to be moving on no news. Shares gained more than a dollar yesterday, or about 6%, and shares continue to trade higher today. After EMC Corp. announced it would acquire Document Sciences Corp. early this morning, investors could be speculating that Echelon could be the next target in the software & programming industry.
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