Unusual 11 Mid-Day Movers 08/30: (FSR) (P) (BPT) Higher; (DDMG) (CIEN) (FSLR) Lower

August 30, 2012 1:10 PM EDT
Flagstone Reinsurance Holdings, S.A. (NYSE: FSR) 20.4% HIGHER; Validus Holdings, Ltd. (NYSE: VR) and Flagstone approved a definitive merger agreement pursuant to which Validus will acquire all of the issued and outstanding shares of Flagstone. Under the terms of the agreement, Flagstone shareholders will receive 0.1935 Validus voting common shares and $2.00 in cash for each Flagstone share.

Pandora (NYSE: P) 20.2% HIGHER; reported Q2 break even loss on sales of $101.3 million, versus consensus views calling for a loss of 3 cents per share on sales of $100.9 million. Click here for more color.

Digital Domain Media Group (Nasdaq: DDMG) 17.7% LOWER; seeing some robust selling below the $2.80 - $3 level. Volume is also heavy Thursday.

Ciena Corp. (Nasdaq: CIEN) 17.7% LOWER; reported Q3 loss of 4 cents per share on revs of $474.1 million, compare with consensus views calling for a loss of 2 cents per share and sales of $473.4 million. Looking to the next quarter, Ciena said it expects sales of $455 million to $480 million and adjusted gross margin of 40 percent (from 39.6 percent in the recent quarter and 44.1 percent in the same period last year). The Street was modeling for sales of $499.5 million.

BP Prudhoe Bay Royalty Trust (NYSE: BPT) 15.9% HIGHER; shares dropped 30 percent over the last three sessions through Wednesday and are up 15 percent plus Thursday. The company said it wouldn't issue a comment on the stock action.

First Solar, Inc. (Nasdaq: FSLR) 14.6% LOWER; halted deliveries to its $1.8 billion Agua Caliente project, the world's largest photovoltaic power plant in Arizona, because construction is ahead of schedule. Click here for more color.

Cadence Pharma (Nasdaq: CADX) 13.8% LOWER; Leerink Swann downgraded Cadence Pharma from Outperform to Market Perform with a price target of $4.50 (from $5.00), citing valuation and IP concerns.

Sarepta Therapeutics, Inc. (Nasdaq: SRPT) 12.9% HIGHER; the company's Duchenne Muscular Dystrophy treatment Eteplirsen continues to get press. Yesterday evening, KFVS Jakson, MO highlighted the case of 12 year old Justin Trovillion. Since he entered the trial for Sarepta's Eteplirsen "Justin has a new energy for life," his mother said. "He is able to do so much more."

Gold Standard Ventures Corp. (AMEX: GSV) 12.2% HIGHER; released additional information on the leases entered into with various land holders encompassing approximately 4,128 net mineral acres of land adjacent to the Company's flagship Railroad gold project in Elko County, Nevada. Acquisition of these Leases was originally announced by Gold Standard in its news release of March 28, 2012. OTIV) 11.1% LOWER; reported a 24 percent drop in H112 sales to $20.3 million while its net loss widened from $2.3 million to $5.7 million.

Geron Corporation (Nasdaq: GERN) 10.0% HIGHER; Geron higher as Stifel Nicolaus started the company off at Buy with a $4 price target.

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