Unusual 11 Mid-Day Movers 07/08: FBP, BYFC, SNBC, ACAP, SKH, LOOK Higher; TIBB, INV, RITT, DRWI, NANO Lower
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First BanCorp (NYSE: FBP) 78.3% HIGHER; announced today that it has signed an agreement with the United States Department of the Treasury pursuant to which it will issue a new series of preferred stock in exchange for the preferred stock the U.S. Treasury currently holds. Click here to see the full report.
Broadway Financial Corp. (Nasdaq: BYFC) 51.4% HIGHER; reported Q1 EPS of $0.39, versus $0.29 reported for the same period a year ago. Investors may also be cheering numbers on the company's quarterly filing, which was submitted after the market closed yesterday.
Sun Bancorp, Inc. (Nasdaq: SNBC) 37.7% HIGHER; today announced the signing of definitive investment agreements with private equity funds affiliated with WL Ross & Co. LLC , the Bank's founding Brown Family shareholders, and others, to invest $100 million in the aggregate in shares of the Company's common stock and newly authorized preferred stock that is mandatorily convertible into common stock upon the receipt of shareholder approval, all as part of the Company's strategic growth plan. The shares to be purchased by WL Ross will represent 24.9% of the Company's outstanding common stock, pro forma for the closing and assuming the conversion of the convertible preferred stock. The investment was made at $4.00 per share. The stock was upgraded at both Sterne Agee and Janney Capital this morning.
American Physicians Capital, Inc. (Nasdaq: ACAP) 28.0% HIGHER; to be bought for $41.50/share by Doctors Company. Click here to see the full report.
TIB Financial (Nasdaq: TIBB) 21.1% LOWER; correcting today following a more than 50% rise over the last three trading sessions.
Innovaro (AMEX: INV) 20.3% LOWER; announced today that it entered into a definitive securities purchase agreement with three institutional investors pursuant to which it agreed to issue to the investors in a registered offering 1,481,481 shares of its common stock priced at $2.565 per share along with Series A warrants to purchase up to 1,481,481 shares of common stock with an exercise price of $3.43 per share of common stock and Series B warrants to purchase up to 893,519 shares of common stock with an exercise price of $0.01 per share of common stock. The offering will raise gross proceeds to the Company of approximately $3.8 million before advisory fees and offering expenses.
RiT Technologies Ltd. (Nasdaq: RITT) 18.3% LOWER; getting back to the $2.00 level after a 35% run after the company announced an alliance with Stins Coman in the middle of last week, dropping the stock enough to close at $1.78. Shares may have followed the broader market rally yesterday, which saw the major indices all close above 2% on the day. Volume has also been heavy on the stock, about 19 - 22x over the last two days.
Skilled Healthcare (NYSE: SKH) 19.7% HIGHER; traders are likely buying the dip today following an almost 80% sell-off so far this week. The stock tumbled yesterday amid news of an update on the Humboldt County litigation.
LookSmart, Ltd. (Nasdaq: LOOK) 16.7% HIGHER; reports preliminary Q2 EPS of $0.02 - $0.04, which compares to the analyst estimate of ($0.04). Revenue for the quarter is expected to be between $12.8 - $13 million, which compares to the estimate of $12.95 million.
DragonWave Inc. (Nasdaq: DRWI) 16.1% LOWER; reported a Q1 GAAP EPS of C$0.26, compared to a loss of C$0.08 in Q109 after the market yesterday. Revenue for the quarter was C$48.7 million, versus the C$13 million reported in the same quarter last year. Sees Q2 sales of about C$25 million. GMP downgraded from Hold to Reduce today.
Nanometrics (Nasdaq: NANO) 15.4% LOWER; Oppenheimer downgrades Nanometrics from Outperform to Perform, with a price target cut to $10.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers..
Broadway Financial Corp. (Nasdaq: BYFC) 51.4% HIGHER; reported Q1 EPS of $0.39, versus $0.29 reported for the same period a year ago. Investors may also be cheering numbers on the company's quarterly filing, which was submitted after the market closed yesterday.
Sun Bancorp, Inc. (Nasdaq: SNBC) 37.7% HIGHER; today announced the signing of definitive investment agreements with private equity funds affiliated with WL Ross & Co. LLC , the Bank's founding Brown Family shareholders, and others, to invest $100 million in the aggregate in shares of the Company's common stock and newly authorized preferred stock that is mandatorily convertible into common stock upon the receipt of shareholder approval, all as part of the Company's strategic growth plan. The shares to be purchased by WL Ross will represent 24.9% of the Company's outstanding common stock, pro forma for the closing and assuming the conversion of the convertible preferred stock. The investment was made at $4.00 per share. The stock was upgraded at both Sterne Agee and Janney Capital this morning.
American Physicians Capital, Inc. (Nasdaq: ACAP) 28.0% HIGHER; to be bought for $41.50/share by Doctors Company. Click here to see the full report.
TIB Financial (Nasdaq: TIBB) 21.1% LOWER; correcting today following a more than 50% rise over the last three trading sessions.
Innovaro (AMEX: INV) 20.3% LOWER; announced today that it entered into a definitive securities purchase agreement with three institutional investors pursuant to which it agreed to issue to the investors in a registered offering 1,481,481 shares of its common stock priced at $2.565 per share along with Series A warrants to purchase up to 1,481,481 shares of common stock with an exercise price of $3.43 per share of common stock and Series B warrants to purchase up to 893,519 shares of common stock with an exercise price of $0.01 per share of common stock. The offering will raise gross proceeds to the Company of approximately $3.8 million before advisory fees and offering expenses.
RiT Technologies Ltd. (Nasdaq: RITT) 18.3% LOWER; getting back to the $2.00 level after a 35% run after the company announced an alliance with Stins Coman in the middle of last week, dropping the stock enough to close at $1.78. Shares may have followed the broader market rally yesterday, which saw the major indices all close above 2% on the day. Volume has also been heavy on the stock, about 19 - 22x over the last two days.
Skilled Healthcare (NYSE: SKH) 19.7% HIGHER; traders are likely buying the dip today following an almost 80% sell-off so far this week. The stock tumbled yesterday amid news of an update on the Humboldt County litigation.
LookSmart, Ltd. (Nasdaq: LOOK) 16.7% HIGHER; reports preliminary Q2 EPS of $0.02 - $0.04, which compares to the analyst estimate of ($0.04). Revenue for the quarter is expected to be between $12.8 - $13 million, which compares to the estimate of $12.95 million.
DragonWave Inc. (Nasdaq: DRWI) 16.1% LOWER; reported a Q1 GAAP EPS of C$0.26, compared to a loss of C$0.08 in Q109 after the market yesterday. Revenue for the quarter was C$48.7 million, versus the C$13 million reported in the same quarter last year. Sees Q2 sales of about C$25 million. GMP downgraded from Hold to Reduce today.
Nanometrics (Nasdaq: NANO) 15.4% LOWER; Oppenheimer downgrades Nanometrics from Outperform to Perform, with a price target cut to $10.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers..
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