Unusual 11 Mid-Day Movers 1/14: COIN, ASVI, BFAM, SNG Higher; NFI, HAR, OPWV, SNS Lower
Converted Organics (Nasdaq: COIN) 45.4% HIGHER; the stock was highlighted on CNBC this morning as the stock has gone from under $4 at the end of December to almost $13 today.
A.S.V., Inc. (NASDAQ: ASVI) 44.8% HIGHER; Terex Corporation (NYSE: TEX) reached a definitive agreement to acquire A.S.V., Inc. for $18 per share, through a tender offer followed by a merger. The transaction is valued at approximately $488 million, or $18 per fully diluted share of ASV common stock, and is subject to the valid tender of a majority of ASV’s fully diluted common shares, regulatory approvals and other customary conditions.
NovaStar Financial (NYSE: NFI) 36.3% LOWER; announced this morning that it would need to lay off about 170 employees out of 200 total employees and also give up its mortgage licenses, as a result of the subprime crisis.
Bright Horizons Family Solutions, Inc. (NASDAQ: BFAM) 34.8% HIGHER; announced a definitive merger agreement to be acquired by an affiliate of Bain Capital Partners, LLC for $1.3 billion or $48.25 per share, a 47% premium over Bright Horizons' closing share price on January 11, 2008.
Harman International Industries (NYSE: HAR) 32.9% LOWER; now expects non-GAAP diluted EPS for the 2008 fiscal year to be between $3.00 and $3.10. The Wall Street consensus is $4.31.
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Canadian Superior Energy (AMEX: SNG) 25% HIGHER; today announced it and a partner Challenger Energy Corp. (AMEX: CHQ) have made a new natural gas discovery on Block5(c) located about 60 miles off the east coast of Trinidad.
Openwave Systems Inc. (Nasdaq: OPWV) 19.4% LOWER; announced the appointment of Charles Levine as non-executive Chairman of the Board, effective January 10, 2008. Levine replaces interim Chairman Robert Vrij, who will continue as Openwave's President and CEO. In addition, Openwave announced the departure of Jean-Yves Dexmier, chief financial officer, who is no longer with the Company, effective immediately.
STEC Inc. (Nasdaq: STEC) 18.3% HIGHER; announced this morning that its Zeus-IOPS line of solid-state drives will be used in EMC Corp.'s (NYSE: EMC) most recent version of its Symmetrix storage device.
BIDZ.com (Nasdaq: BIDZ) 17% HIGHER; American Technology Research initiated coverage on BIDZ.com with a Buy rating and $19 price target.
Steak n Shake Company (NYSE: SNS) 15.3% LOWER; issued preliminary results for its Q1: total revenues are expected to be $136 million, versus the consensus of $141.08 million. The Company expects to report a Q1 loss of $0.04 to $0.05, versus the consensus of a $0.05 gain. Steak n Shake's same store sales for the quarter were down 9.5%.
Transmeridian Exploration Inc. (AMEX: TMY) 14.9% LOWER; actually opened the day higher today but had moved into the red by just before noon and has since drastically sold-off, plummeting more than 10% in less than 30 minutes of trading.
A.S.V., Inc. (NASDAQ: ASVI) 44.8% HIGHER; Terex Corporation (NYSE: TEX) reached a definitive agreement to acquire A.S.V., Inc. for $18 per share, through a tender offer followed by a merger. The transaction is valued at approximately $488 million, or $18 per fully diluted share of ASV common stock, and is subject to the valid tender of a majority of ASV’s fully diluted common shares, regulatory approvals and other customary conditions.
NovaStar Financial (NYSE: NFI) 36.3% LOWER; announced this morning that it would need to lay off about 170 employees out of 200 total employees and also give up its mortgage licenses, as a result of the subprime crisis.
Bright Horizons Family Solutions, Inc. (NASDAQ: BFAM) 34.8% HIGHER; announced a definitive merger agreement to be acquired by an affiliate of Bain Capital Partners, LLC for $1.3 billion or $48.25 per share, a 47% premium over Bright Horizons' closing share price on January 11, 2008.
Harman International Industries (NYSE: HAR) 32.9% LOWER; now expects non-GAAP diluted EPS for the 2008 fiscal year to be between $3.00 and $3.10. The Wall Street consensus is $4.31.
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Canadian Superior Energy (AMEX: SNG) 25% HIGHER; today announced it and a partner Challenger Energy Corp. (AMEX: CHQ) have made a new natural gas discovery on Block5(c) located about 60 miles off the east coast of Trinidad.
Openwave Systems Inc. (Nasdaq: OPWV) 19.4% LOWER; announced the appointment of Charles Levine as non-executive Chairman of the Board, effective January 10, 2008. Levine replaces interim Chairman Robert Vrij, who will continue as Openwave's President and CEO. In addition, Openwave announced the departure of Jean-Yves Dexmier, chief financial officer, who is no longer with the Company, effective immediately.
STEC Inc. (Nasdaq: STEC) 18.3% HIGHER; announced this morning that its Zeus-IOPS line of solid-state drives will be used in EMC Corp.'s (NYSE: EMC) most recent version of its Symmetrix storage device.
BIDZ.com (Nasdaq: BIDZ) 17% HIGHER; American Technology Research initiated coverage on BIDZ.com with a Buy rating and $19 price target.
Steak n Shake Company (NYSE: SNS) 15.3% LOWER; issued preliminary results for its Q1: total revenues are expected to be $136 million, versus the consensus of $141.08 million. The Company expects to report a Q1 loss of $0.04 to $0.05, versus the consensus of a $0.05 gain. Steak n Shake's same store sales for the quarter were down 9.5%.
Transmeridian Exploration Inc. (AMEX: TMY) 14.9% LOWER; actually opened the day higher today but had moved into the red by just before noon and has since drastically sold-off, plummeting more than 10% in less than 30 minutes of trading.
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