Unusual 11 Mid-Day Movers 10/16: EEV, SKF, DUG, SDS Higher; SSCC, BMI, WGO, CIT Lower

October 16, 2008 11:53 AM EDT

Smurfit-Stone (NYSE: SSCC) 37.4% LOWER; this paper & paper products manufacturer continues its slide today after being downgraded by Goldman Sachs yesterday. Notably, the stock gave up 38% yesterday.

Badger Meter (NYSE: BMI) 28% LOWER; reports Q3 EPS of $0.39, versus the analyst estimate of $0.47. Revenues for the quarter were $68.83 million, versus the consensus of $73.39 million.

Winnebago Industries, Inc. (NYSE: WGO) 22.7% LOWER; reports a Q4 loss of $0.44, versus the analyst estimate of ($0.19). Revenues for the quarter were $85.3 million, versus the consensus of $132.53 million.

CIT Group Inc. (NYSE: CIT) 19.4% LOWER; reports a Q3 loss of $1.13, which does not compare to the analyst estimate of a $0.19 gain.

Temple-Inland (NYSE: TIN) 17.7% LOWER; following Goldman Sach's industry-wide estimate revision on paper and paper product companies yesterday, and the ensuing 30% decline in Temple-Inland, the stock continues to slide today.

UltraShort MSCI Emerging Markets ProShares (AMEX: EEV) 12.2% HIGHER; this fund is a play on widespread concerns that a global slowdown will affect emerging markets such as Brazil, which had to halt trading yesterday due to a 10% slide in its index, China and India.

UltraShort Financials ProShares (AMEX: SKF) 12% HIGHER; financials are leading the markets lower this morning.

UltraShort Oil & Gas ProShares (AMEX: DUG) 10.6% HIGHER; with crude oil trading to fresh lows under $70 today, this ETF is surging. Since the beginning of October, the DUG has doubled.

UltraShort S&P 500 ProShares (AMEX: SDS) 8.5% HIGHER; this ETF is a bet on further downside in the S&P 500 index.

UltraShort Basic Materials ProShares (AMEX: SMN) 6.4% HIGHER; the commodities trade unraveling continues this week as we are hearing about more and more hedge funds/mutual funds have began shoring up cash in order to cover redemptions.

UltraShort FTSE/Xinhua China 25 ProShares (AMEX: FXP) 4.4% HIGHER; this ETF is moving higher as indices around the globe are sinking on speculation that the US will dive into a much-deeper-than-expected recession, pulling markets in Europe and Asia down with it.

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