Unusual 11 Mid-Day Movers 10/27: DIN, CDY, DDS, FHN Higher; SVNT, SGIC, CNA, THOR Lower
Savient Pharmaceuticals (Nasdaq: SVNT) 71.9% LOWER; Disappointing data from its pegloticase pivotal clinical studies in treatment-failure gout patients.
DineEquity, Inc. (NYSE: DIN) 35.4% HIGHER; reports Q3 loss of $0.47, versus the analyst estimate of ($0.09). Revenues for the quarter were $391.18 million, versus the consensus of $403.63 million. Sees FY08 same store sales growth at IHOP at the lower end of its 2-4% guidance range and sees Applebee's same store sales in the rang of down 1% to down 2%.
Cardero Resource Corp. (NYSE: CDY) 28.7% HIGHER; today announced that it has entered into an agreement with Nanjinzhao Group Co., Ltd. whereby Cardero Hierro del Peru, S.A.C., the holder of the Pampa de Pongo Iron Property, will sell its 100% interest to Nanjinzhao for a total purchase price of $200 million.
Dillard's Inc. (NYSE: DDS) 28.4% HIGHER; announced some insider buys earlier. President, Alex Dillard, bought 100,000 shares on 10/23 at $3.93 and CFO, James I. Freeman, bought 200,000 shares on 10/23 at $3.90. Director, Brad Martin, also bought 2,000 shares.
Silicon Graphics (Nasdaq: SGIC) 20.4% LOWER; negative Barron's article this weekend highlighting Silicon's high level of debt and low amount of cash-on-hand.
CNA Financial Corporation (NYSE: CNA) 18.1% LOWER; reports Q3 EPS of $0.31, below the consensus of $0.48. CNA will issue $1.25 billion of non-voting cumulative senior preferred stock which will be purchased by Loews Corporation (NYSE: L). CNA Financial also has suspended its quarterly common stock dividend
First Horizon National Corp. (NYSE: FHN) 16.3% HIGHER; announced that it has received preliminary approval from the U.S. Treasury Department to participate in its Capital Purchase Program, a voluntary initiative assisting U.S. financial institutions in building capital to support Treasury's plan to aid the economy by increasing financing to businesses and consumers. Participation is subject to standard terms and conditions. First Horizon will receive approximately $866 million in capital, which will raise the company's Tier 1 ratio at Sept. 30 from 10.9%-14.1%. Under the program, Treasury will purchase up to $250 billion of senior preferred shares of companies taking part in the program.
Fifth Third Bancorp (Nasdaq: FITB) 16.1% HIGHER; said its plans to participate in the U.S. Treasury Capital Purchase Program. Fifth Third Bancorp said their application was for an amount equal to 3 percent of risk-weighted assets, or approximately $3.4 billion.
Thoratec (Nasdaq: THOR) 16% LOWER; Friday after the close, initiated a worldwide medical device correction of all serial numbers of the HeartMate II Left Ventricular Assist Systems (HM II LVAS) having Catalogue No. 1355 or 102139
Amylin Pharmaceuticlas (Nasdaq: AMLN) 16% LOWER; Morgan Stanley downgrades Amylin from Overweight to Equalweight.
Huntington Bancshares (Nasdaq: HBAN) 15.4% HIGHER; announced that the Treasury Department has preliminarily approved its application to participate in its Capital Purchase Program. Participation is subject to standard terms and conditions. As a result, the Treasury Department intends to purchase $1.4 billion of newly issued preferred equity stock. This preferred stock will carry a 5% coupon for five years, and 9% thereafter. In addition, the Treasury Department will receive warrants to purchase shares of Huntington common stock in an amount and price to be determined at the time this investment is made. These warrants will expire in 10 years.
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