Unusual 11 Mid-Day Movers 07/02: ONP, TIBB, GOK, BSQR, THO, RRGB Higher; MXC, MIPI, WIBC, RJET, HLX Lower
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Orient Paper (AMEX: ONP) 39.5% HIGHER; traders are probably "buying the dip" today as the stock hasn't closed in positive territory since June 21. Shares fell by about 45% over the course of this decline.
TIB Financial Corp. (Nasdaq: TIBB) 20.9% HIGHER; making a rebound after Tuesday, when the company announced that North American Financial Holdings will invest $175 million in the company. TIBB is going to sell NAFH 700 million shares at $0.15 per share. The stock fell 28% and 13% the following Wednesday and Thursday.
Geokinetics Inc. (AMEX: GOK) 20.2% HIGHER; announced today that effective June 30, 2010, the Company has amended its revolving credit facility with Royal Bank of Canada to, among other things, provide greater flexibility in meeting financial covenants. This amendment provides favorable adjustments to the maximum total leverage ratio and minimum interest coverage ratio for the quarters ending June 30, 2010 and September 30, 2010. It also removes the fixed charge coverage ratio requirement for the quarter ending June 30, 2010 and decreases the minimum fixed charge coverage ratio for the quarter ending September 30, 2010.
BSQUARE Corp. (Nasdaq: BSQR) 17.1% HIGHER; and the Ford Motor Company (NYSE: F) have established a Telematics Competency Center under an agreement signed on June 29, 2010. The Competency Center will be staffed by BSQUARE and will focus on development and deployment of the next generation Sync in-dashboard information and infotainment system developed with BSQUARE under an existing agreement.
Mexco Energy Corporation (AMEX: MXC) 15.5% LOWER; reports FY10 EPS of $0.21, versus $0.61 reported for the same period a year ago. Revenue for the quarter was $3.25 million, compared to $4.93 million in FY09.
Molecular Insight Pharmaceuticals, Inc. (Nasdaq: MIPI) 11% LOWER; today announced that the Company has received a fourth extension of its waiver agreement with its Bondholders, allowing debt restructuring discussions to progress.
Wilshire Bancorp, Inc. (Nasdaq: WIBC) 9.9% LOWER; today provided additional information regarding its preliminary financial expectations for the second quarter of 2010. Click here to see the full report.
Republic Airways Holdings, Inc. (Nasdaq: RJET) 9.6% LOWER; leads the airline sector lower, as weakness in hampering the Airlines today due to Continental Airlines (NYSE: CAL) reporting that passenger revenue per available seat miles came in at about 21% to 22%, versus many analyst estimates of a 23% - 25% increase. Continental is down 9% today as well.
Helix Energy Solutions Group, Inc. (NYSE: HLX) 9.0% LOWER; announced the engagement of advisors to evaluate strategic alternatives for a potential divestment of its oil and gas business. The Company remains committed to the pursuit of this objective as it is consistent with its long-term business strategy. While the evaluation process has progressed, the Company believes that based on the situation in the Gulf of Mexico related to the oil spill from the Macondo well, any potential divestment is likely to take longer than was anticipated before the oil spill.
Thor Industries Inc. (NYSE: THO) 8.9% HIGHER; after the market closed yesterday, announced that it has completed its evaluation of certain accounting positions previously taken in its audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2009 and the unaudited financial statements included in the Company's Quarterly Reports on Form 10-Q for the periods ended January 31, 2009, April 30, 2009, October 31, 2009 and January 31, 2010 and Thor's auditors have completed their review under SAS100 of the third quarter results. The Company's evaluation did not result in any changes to previously taken accounting positions.
Red Robin Gourmet Burgers Inc. (Nasdaq: RRGB) 8.8% HIGHER; Steak 'n Shake's Chairman and CEO, Sardar Biglari, disclosed an increased stake in Red Robin Gourmet Burgers (Nasdaq: RRGB). The fund now shows a 941,189 share position (6.0% stake) in the company, up from the fund's previous position of 738,599 shares, or a 4.73% stake. Notably, Biglari is now the fourth largest shareholder in Red Robin.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers..
TIB Financial Corp. (Nasdaq: TIBB) 20.9% HIGHER; making a rebound after Tuesday, when the company announced that North American Financial Holdings will invest $175 million in the company. TIBB is going to sell NAFH 700 million shares at $0.15 per share. The stock fell 28% and 13% the following Wednesday and Thursday.
Geokinetics Inc. (AMEX: GOK) 20.2% HIGHER; announced today that effective June 30, 2010, the Company has amended its revolving credit facility with Royal Bank of Canada to, among other things, provide greater flexibility in meeting financial covenants. This amendment provides favorable adjustments to the maximum total leverage ratio and minimum interest coverage ratio for the quarters ending June 30, 2010 and September 30, 2010. It also removes the fixed charge coverage ratio requirement for the quarter ending June 30, 2010 and decreases the minimum fixed charge coverage ratio for the quarter ending September 30, 2010.
BSQUARE Corp. (Nasdaq: BSQR) 17.1% HIGHER; and the Ford Motor Company (NYSE: F) have established a Telematics Competency Center under an agreement signed on June 29, 2010. The Competency Center will be staffed by BSQUARE and will focus on development and deployment of the next generation Sync in-dashboard information and infotainment system developed with BSQUARE under an existing agreement.
Mexco Energy Corporation (AMEX: MXC) 15.5% LOWER; reports FY10 EPS of $0.21, versus $0.61 reported for the same period a year ago. Revenue for the quarter was $3.25 million, compared to $4.93 million in FY09.
Molecular Insight Pharmaceuticals, Inc. (Nasdaq: MIPI) 11% LOWER; today announced that the Company has received a fourth extension of its waiver agreement with its Bondholders, allowing debt restructuring discussions to progress.
Wilshire Bancorp, Inc. (Nasdaq: WIBC) 9.9% LOWER; today provided additional information regarding its preliminary financial expectations for the second quarter of 2010. Click here to see the full report.
Republic Airways Holdings, Inc. (Nasdaq: RJET) 9.6% LOWER; leads the airline sector lower, as weakness in hampering the Airlines today due to Continental Airlines (NYSE: CAL) reporting that passenger revenue per available seat miles came in at about 21% to 22%, versus many analyst estimates of a 23% - 25% increase. Continental is down 9% today as well.
Helix Energy Solutions Group, Inc. (NYSE: HLX) 9.0% LOWER; announced the engagement of advisors to evaluate strategic alternatives for a potential divestment of its oil and gas business. The Company remains committed to the pursuit of this objective as it is consistent with its long-term business strategy. While the evaluation process has progressed, the Company believes that based on the situation in the Gulf of Mexico related to the oil spill from the Macondo well, any potential divestment is likely to take longer than was anticipated before the oil spill.
Thor Industries Inc. (NYSE: THO) 8.9% HIGHER; after the market closed yesterday, announced that it has completed its evaluation of certain accounting positions previously taken in its audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2009 and the unaudited financial statements included in the Company's Quarterly Reports on Form 10-Q for the periods ended January 31, 2009, April 30, 2009, October 31, 2009 and January 31, 2010 and Thor's auditors have completed their review under SAS100 of the third quarter results. The Company's evaluation did not result in any changes to previously taken accounting positions.
Red Robin Gourmet Burgers Inc. (Nasdaq: RRGB) 8.8% HIGHER; Steak 'n Shake's Chairman and CEO, Sardar Biglari, disclosed an increased stake in Red Robin Gourmet Burgers (Nasdaq: RRGB). The fund now shows a 941,189 share position (6.0% stake) in the company, up from the fund's previous position of 738,599 shares, or a 4.73% stake. Notably, Biglari is now the fourth largest shareholder in Red Robin.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers..
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