Unusual 11 Mid-Day Movers 01/05: OTIV, UPG, CADC, SCON, AMFI Higher; CELL, SPTN, QCOR, ASIA Lower
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On Track Innovations Ltd. (Nasdaq: OTIV) 87.8% HIGHER; announced today that it had signed contracts relating to a national eID program with total consideration that exceeds $30 million. On Track Innovations said revenues from this Project in 2010 are expected to be over $20 million. An advance payment has been received to support the initial stages of the project which have already commenced.
Universal Power Group, Inc. (AMEX: UPG) 26.2% HIGHER; today announced that it has signed a letter of intent to enter into a multi-year battery distribution agreement with K2 Energy Solutions, Inc., a developer and manufacturer of rechargeable battery systems for electric vehicles and energy storage applications.
China Advanced Construction Materials Group (Nasdaq: CADC) 23.9% HIGHER; continuing higher following a nearly 20% rise yesterday. We are not hearing any company-specific news, but the stock could be rising with the rest of the materials group.
Superconductor Technologies (Nasdaq: SCON) 18.5% HIGEHR; MDB Capital initiates coverage on the stock with a Buy rating and a $6.75 price target. The stock appears to have crossed over its 200-day smooth moving average today.
AMCORE Financial, Inc. (NASDAQ: AMFI) 17% HIGHER; AMCORE Bank today announced that it has reached a definitive agreement with Midland States Bank of Effingham, IL, to sell 12 branches and two stand-alone drive-ups. The branches are located in Dixon, Freeport, Mendota, Oregon, Peru, Princeton, Rock Falls and Sterling. The transaction includes approximately $480 million in loans, $540 million in deposits and sweep accounts, up to $400 million in trust and brokerage account relationships, as well as the branch facilities, related fixed assets and leases. In connection with the sale, AMCORE will receive a 1.5% deposit premium and a $1.5 million trust account premium. The transaction, which is subject to regulatory and other customary closing conditions, is expected to close in first quarter 2010. Click here for the full report.
Melco Crown Entertainment Ltd. (Nasdaq: MPEL) 15.8% HIGHER; data showed that gross casino revenue in Macau increased 10 percent in 2009 to a record of about $14.9 billion. In December, gross revenue rose more than 48%.
Brightpoint, Inc. (Nasdaq: CELL) 12.2% LOWER; issued Q4 guidance that was below Street expectations. Sees quarterly adj-EPS of $0.13-$0.18, versus the consensus of $0.19. Click here for the full report.
Spartan Stores, Inc., (Nasdaq: SPTN) 12.1% LOWER; today announced that it plans to operate all supply chain activities from its Grand Rapids, Michigan distribution center. Also said, profitability in Q3 and Q4 will be affected by these circumstances and we now expect Q3 EPS to range between $0.21 and $0.25." The Street is currently looking for Q3 EPS of $0.31. Click here for the full report.
Questcor Pharma (Nasdaq: QCOR) 9% LOWER; the stock has fallen about 15% since December 24 when the company announced that the FDA provided it with a Complete Response Letter for its sNDA on H.P. Acthar Gel.
AsiaInfo Holdings Inc. (Nasdaq: ASIA) 7.7% LOWER; Goldman Sachs downgraded the stock from Buy to Neutral.
Mannkind (Nasdaq: MNKD) 7% LOWER; falling today amid a bearish Hapoalim Securities research note. The firm said, "We continue to expect no approval for MannKind's Afresa on its January 16 PDUFA date, due to the glacial pace of the FDA and the fact that the FDA did not host an expert panel for Afresa. We would expect significant downside on an Afresa delay." Click here for the full report.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
Universal Power Group, Inc. (AMEX: UPG) 26.2% HIGHER; today announced that it has signed a letter of intent to enter into a multi-year battery distribution agreement with K2 Energy Solutions, Inc., a developer and manufacturer of rechargeable battery systems for electric vehicles and energy storage applications.
China Advanced Construction Materials Group (Nasdaq: CADC) 23.9% HIGHER; continuing higher following a nearly 20% rise yesterday. We are not hearing any company-specific news, but the stock could be rising with the rest of the materials group.
Superconductor Technologies (Nasdaq: SCON) 18.5% HIGEHR; MDB Capital initiates coverage on the stock with a Buy rating and a $6.75 price target. The stock appears to have crossed over its 200-day smooth moving average today.
AMCORE Financial, Inc. (NASDAQ: AMFI) 17% HIGHER; AMCORE Bank today announced that it has reached a definitive agreement with Midland States Bank of Effingham, IL, to sell 12 branches and two stand-alone drive-ups. The branches are located in Dixon, Freeport, Mendota, Oregon, Peru, Princeton, Rock Falls and Sterling. The transaction includes approximately $480 million in loans, $540 million in deposits and sweep accounts, up to $400 million in trust and brokerage account relationships, as well as the branch facilities, related fixed assets and leases. In connection with the sale, AMCORE will receive a 1.5% deposit premium and a $1.5 million trust account premium. The transaction, which is subject to regulatory and other customary closing conditions, is expected to close in first quarter 2010. Click here for the full report.
Melco Crown Entertainment Ltd. (Nasdaq: MPEL) 15.8% HIGHER; data showed that gross casino revenue in Macau increased 10 percent in 2009 to a record of about $14.9 billion. In December, gross revenue rose more than 48%.
Brightpoint, Inc. (Nasdaq: CELL) 12.2% LOWER; issued Q4 guidance that was below Street expectations. Sees quarterly adj-EPS of $0.13-$0.18, versus the consensus of $0.19. Click here for the full report.
Spartan Stores, Inc., (Nasdaq: SPTN) 12.1% LOWER; today announced that it plans to operate all supply chain activities from its Grand Rapids, Michigan distribution center. Also said, profitability in Q3 and Q4 will be affected by these circumstances and we now expect Q3 EPS to range between $0.21 and $0.25." The Street is currently looking for Q3 EPS of $0.31. Click here for the full report.
Questcor Pharma (Nasdaq: QCOR) 9% LOWER; the stock has fallen about 15% since December 24 when the company announced that the FDA provided it with a Complete Response Letter for its sNDA on H.P. Acthar Gel.
AsiaInfo Holdings Inc. (Nasdaq: ASIA) 7.7% LOWER; Goldman Sachs downgraded the stock from Buy to Neutral.
Mannkind (Nasdaq: MNKD) 7% LOWER; falling today amid a bearish Hapoalim Securities research note. The firm said, "We continue to expect no approval for MannKind's Afresa on its January 16 PDUFA date, due to the glacial pace of the FDA and the fact that the FDA did not host an expert panel for Afresa. We would expect significant downside on an Afresa delay." Click here for the full report.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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