Unusual 11 Mid-Day Movers 11/28: FNM, GGP, LEA, NWY Higher; CPE, PC, CHK, FRO Lower

November 28, 2008 11:44 AM EST

Callon Petroleum Company (NYSE: CPE) 65.7% LOWER; decided to suspend operations underway to develop the Entrada Field located on the Garden Banks 782 Block in the deepwater of the Gulf of Mexico. The Entrada Field is owned 50% by a subsidiary of Callon, which is the operator.

Fannie Mae (NYSE: FNM) 39.4% HIGHER; shares of Fannie have rallied nearly 200% since the Fed announced its TALF program on Tuesday. Fannie is seeing such a rapid turnaround in stock price as the Fed action began lowering mortgage rates immediately.

General Growth Properties (NYSE: GGP) 31.9% HIGHER; as concerns related to how far-along we are in the commercial real estate mess remain, trading remains extremely volatile in this name.

Lear (NYSE: LEA) 26.2% HIGHER; with the US automakers trading materially higher and crude oil prices down about 3% today, stocks related to the car industry are seeing upside this morning.

New York & Company, Inc. (NYSE: NWY) 25.6% HIGHER; today announced that its Board of Directors has authorized the repurchase of up to 3,750,000 shares over the next 12 months.

Ford (NYSE: F) 24.7% HIGHER; continues moving higher in anticipation of the Big 3 automakers return to Capitol Hill, scheduled for December 2.

Mechel OAO (NYSE: MTL) 23.6% HIGHER; since setting a new 52-week low at $3.63 on Thursday of last week, shares of Mechel have now rebounded by more than 71%. Notably, the stock is bucking the trend in the iron & steel industry as the majority of these names are trading lower today.

Panasonic Corporation (NYSE: PC) 19.4% LOWER; lowers its FY09 sales guidance from 9,200 billion yen to 8,500 billion yen. Consolidated operating profit is expected to amount to 340 billion yen, down from the previous forecast of 560 billion yen. Consolidated income before income taxes is forecast to be 100 billion yen, down from the previously announced 500 billion yen. Net income is now expected to decrease from the previous forecast of 310 billion yen to 30 billion yen.

Chesapeake Energy Corporation (NYSE: CHK) 17.5% LOWER; made three filings with the SEC related to future share sales.

Frontline Ltd. (NYSE: FRO) 14.2% LOWER; reports Q3 EPS of $1.76, versus the analyst estimate of $1.96. FRO also announced a $0.50 per share cash dividend for the quarter. Last quarter, the dividend was $3 per share.

STMicroelectronics (NYSE: STM) 8.5% LOWER; lowers fourth quarter guidance. The company said based on current visibility, they now expects fourth quarter revenues to be between approximately $2.2 billion and $2.35 billion, versus the consensus of $2.62 billion.

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