Unusual 11 Mid-Day Movers 11/21: DISK, LGND, SOLR, AU Higher; BGP, BHS, FL, MED Lower
Image Entertainment, Inc. (NASDAQ: DISK) 111.6% HIGHER; has entered into a definitive merger agreement with Nyx Acquisitions, Inc. to sell Image in a transaction valued at approximately $100 million, including the assumption of the company's outstanding debt under its credit facility, replication advance obligation and convertible note. Under the terms of the merger agreement, Image stockholders will receive $2.75 per share in cash. The agreed-upon acquisition price represents a 299% premium to Image's closing share price of $0.69 on November 20, 2008, and a 267% premium to the 30-day average closing price of $0.75 ended November 20, 2008.
Borders Group (NYSE: BGP) 36.5% LOWER; shares are sliding again today on the back of concerning results from Barnes & Noble (NYSE: BKS). After opening today's trading session around $1.35, selling in shares of Borders intensified after the price dipped below the $1 level for the first time ever.
Ligand Pharmaceuticals, Inc. (NASDAQ: LGND) 35.3% HIGHER; partner GlaxoSmithKline (NYSE: GSK) granted accelerated approval of PROMACTA.
Brookfield Homes (NYSE: BHS) 32% LOWER; homebuilders are tumbling today; Centex (NYSE: CTX), Lennar (NYSE: LEN), Pulte Homes (NYSE: PHM), KB Home (NYSE: KBH), Ryland (NYSE: RYL), Hovnanian (NYSE: HOV), DR Horton (NYSE: DHI), Beazer Homes (NYSE: BZH), Meritage Homes (NYSE: MTH) and Toll Brothers (NYSE: TOL) have all high new 52-week lows today. Astonishing...
GT Solar (Nasdaq: SOLR) 31.7% HIGHER; despite several negative news items today (disappointing results at Canadian Solar (Nasdaq: CSIQ) and a Merrill downgrade of First Solar (Nasdaq: FSLR) and SunPower (Nasdaq: SPWRA)), solar stocks are rising and GT Solar is leading the sector higher.
Foot Locker, Inc. (NYSE: FL) 31.2% LOWER; reports Q3 EPS of $0.18, ex-items, 7 cents lower than the analyst estimate of $0.25. Revenue for the quarter was $1.309 billion, versus the consensus of $1.35 billion. Lowers its FY08 EPS guidance from $0.70-$0.85 to $0.50-$0.63.
AngloGold Ashanti Limited (NYSE: AU) 31.1% HIGHER; today announces that it has entered into a $1 billion term loan facility agreement with Standard Chartered Bank to refinance its convertible bond. Additionally, gold stocks are rising across the board as the commodity has jumped more than 7% as is once again approaching the $800/oz level.
Media General (NYSE: MEG) 29.6% LOWER; in a Form 4 late last night, Harbinger Capital's Phillip Falcone disclosed that over 11/18 and 11/19, he sold about 278,500 shares of Media General Class A stock.
Collective Brands (NYSE: PSS) 28.9% LOWER; after trading in a relatively limited range (atleast for this market) since the beginning of 2008, shares of PSS have absolutely tumbled since Nov. 12, falling about 60% since that date. Prior to the 12th, the stock had fallen only 30% since Jan. 1. Today's move is certainly notable as the stock is seeing unusually heavy volume: it has already traded about 1.9 million times, compared to the stocks average daily volume of 1.55 million.
Gold Fields (NYSE: GFI) 25.3% HIGHER; gold is surging today.
Barrick Gold (NYSE: ABX) 21.9% HIGHER; gold is surging today.
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