Unusual 11 Mid-Day Movers 07/02: (CELL) (IVAN) (LNCR) Higher; (LQDT) (OPEN) (GBX) Lower
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Brightpoint, Inc. (Nasdaq: CELL) 63.2% HIGHER; Ingram Micro Inc. (NYSE: IM), and Brightpoint entered into a definitive agreement under which, subject to customary closing conditions, Ingram Micro will acquire all of the outstanding shares of BrightPoint common stock for $9.00 per share in cash. For more, click here.
Ivanhoe Energy Inc. (Nasdaq: IVAN) 36.6% HIGHER; rebounding from a surprising late-day drop last Friday. Shares ended about 27 percent lower literally within the last 10 minutes of the session. Today, the company issued a statement saying it wasn't aware of any material events to lead to the drop.
Liquidity Services, Inc. (Nasdaq: LQDT) 23.7% LOWER; moving lower on a negative report earlier, though Stifel Nicolaus has said the drop is "meritless."
Lincare Holdings Inc. (Nasdaq: LNCR) 21.4% HIGHER; Lincare and The Linde Group announced today that Linde has entered into a definitive agreement for the acquisition of Lincare, a U.S.-based homecare health company. Under the terms of the agreement, Linde will make a tender offer for all outstanding shares of common stock of Lincare at $41.50 per share in cash.
MEMC Electronic Materials, Inc. (NYSE: WFR) 21.4% HIGHER; reported today that during the second quarter it executed sales contracts for four solar projects in Europe representing approximately 98 MW, including 60 MW in Bulgaria and 38 MW in Italy. Deutsche Bank also commented on the news.
ATP Oil & Gas Corporation (Nasdaq: ATPG) 18.2% HIGHER; ATP and its wholly-owned subsidiary ATP East Med B.V. announced success at the Shimshon well in the Levant Basin of offshore Israel. The Shimshon well encountered more than 62 feet (19 meters) of natural gas pay in the Bet Guvrin sands. The Shimshon well is in a water depth of 3,622 feet (1,104 meters) and was drilled to a subsea depth of 14,445 feet (4,403 meters). ATP expects to provide additional information about the discovery during the third quarter of 2012. ATP East Med operates with a 40% working interest. Other interest owners in the well are Isramco Negev 2 LP (39%), Naphtha Exploration Limited Partnership (10%), INOC Dead Sea LP (10%) and I.O.C.-Israel (1%).
Cenveo Inc. (NYSE: CVO) 18.1% HIGHER; Cenveo pushing through 50-day SMA at $2.21 today. Volume is strong into the shortened trading week.
OpenTable (Nasdaq: OPEN) 11.2% LOWER; Barclays downgraded OpenTable from Overweight to Equalweight, moving its price target frm $50 down to $43.
Greenbrier Companies (NYSE: GBX) 8.4% LOWER; KeyBanc lowered its rating on Greenbrier from Buy to Hold and Jefferies also cut estimates and its price target today.
Groupon, Inc. (Nasdaq: GRPN) 7.7% LOWER; Susquehanna cut its price target on Neutral-rated Groupon from $15 down to $12.
Pinnacle Entertainment (NYSE: PNK) 7.0% LOWER; Credit Suisse downgraded Pinnacle from Outperform to Neutral.
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Ivanhoe Energy Inc. (Nasdaq: IVAN) 36.6% HIGHER; rebounding from a surprising late-day drop last Friday. Shares ended about 27 percent lower literally within the last 10 minutes of the session. Today, the company issued a statement saying it wasn't aware of any material events to lead to the drop.
Liquidity Services, Inc. (Nasdaq: LQDT) 23.7% LOWER; moving lower on a negative report earlier, though Stifel Nicolaus has said the drop is "meritless."
Lincare Holdings Inc. (Nasdaq: LNCR) 21.4% HIGHER; Lincare and The Linde Group announced today that Linde has entered into a definitive agreement for the acquisition of Lincare, a U.S.-based homecare health company. Under the terms of the agreement, Linde will make a tender offer for all outstanding shares of common stock of Lincare at $41.50 per share in cash.
MEMC Electronic Materials, Inc. (NYSE: WFR) 21.4% HIGHER; reported today that during the second quarter it executed sales contracts for four solar projects in Europe representing approximately 98 MW, including 60 MW in Bulgaria and 38 MW in Italy. Deutsche Bank also commented on the news.
ATP Oil & Gas Corporation (Nasdaq: ATPG) 18.2% HIGHER; ATP and its wholly-owned subsidiary ATP East Med B.V. announced success at the Shimshon well in the Levant Basin of offshore Israel. The Shimshon well encountered more than 62 feet (19 meters) of natural gas pay in the Bet Guvrin sands. The Shimshon well is in a water depth of 3,622 feet (1,104 meters) and was drilled to a subsea depth of 14,445 feet (4,403 meters). ATP expects to provide additional information about the discovery during the third quarter of 2012. ATP East Med operates with a 40% working interest. Other interest owners in the well are Isramco Negev 2 LP (39%), Naphtha Exploration Limited Partnership (10%), INOC Dead Sea LP (10%) and I.O.C.-Israel (1%).
Cenveo Inc. (NYSE: CVO) 18.1% HIGHER; Cenveo pushing through 50-day SMA at $2.21 today. Volume is strong into the shortened trading week.
OpenTable (Nasdaq: OPEN) 11.2% LOWER; Barclays downgraded OpenTable from Overweight to Equalweight, moving its price target frm $50 down to $43.
Greenbrier Companies (NYSE: GBX) 8.4% LOWER; KeyBanc lowered its rating on Greenbrier from Buy to Hold and Jefferies also cut estimates and its price target today.
Groupon, Inc. (Nasdaq: GRPN) 7.7% LOWER; Susquehanna cut its price target on Neutral-rated Groupon from $15 down to $12.
Pinnacle Entertainment (NYSE: PNK) 7.0% LOWER; Credit Suisse downgraded Pinnacle from Outperform to Neutral.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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Credit Suisse, Stifel Nicolaus, Deutsche Bank, KeyBanc, Jefferies & Co, Barclays, Susquehanna International Group of Companies, Unusual 11 Mid-Day Movers
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