Unusual 11 Mid-Day Movers 12/10: ANL, NFP, SINO, NHWK Higher; XL, LBY, TTEC, ERTS Lower
American Land Lease, Inc. (NYSE: ANL) 223% HIGHER; announced today that it has signed a definitive merger agreement under which affiliates of Green Courte Partners, LLC will acquire ANL for a cash purchase price of $14.20 per share in a transaction valued at approximately $438 million, including assumption of debt and preferred stock.
National Financial Partners Corp. (NYSE: NFP) 66.3% HIGHER; announced today that it has completed an amendment to its credit agreement. Among other items, the amendment provides for greater flexibility with respect to the maximum consolidated leverage ratio.
Sino-Global Shipping (Nasdaq: SINO) 65.7% HIGHER; dry bulk shippers are seeing material upside once again today. This is the third day in a row this sector has traded higher. Elsewhere in the sector: OceanFrieght (Nasdaq: OCNF) up 30.7%, Eagle Bulk Shipping (Nasdaq: EGLE) up 27.1%, Genco Shipping (Nasdaq: GNK) up 20.7%, DryShips (Nasdaq: DRYS) up 14.7%.
XL Capital (NYSE: XL) 41% LOWER; has spiked lower mid-day on reports that the company is seeking a buyer. Investors seem to view the sale news as an act of desperation, which any potential buyer will certainly hone in on when considering a price for the beleaguered re-insurer.
NightHawk Radiology Holdings, Inc. (Nasdaq: NHWK) 31.1% HIGHER; confirmed the company's FY08 guidance of $165-$168 million in revenue and adjusted EPS of $0.64-$0.67. The Street is expecting FY08 sales of $166.59 million and EPS of $0.66. The company also announced today that it intends to initiate its previously authorized share repurchase program to purchase up to $10 million of its common stock.
ArcSight, Inc. (Nasdaq: ARST) 30% HIGHER; reports Q2 non-GAAP EPS of $0.11, 7 cents better than the analyst estimate of $0.04. Revenue for the quarter was $32.8 million, versus the consensus of $30.13 million. Sees Q3 sales of $32-$34 million and non-GAAP EPS of $0.06-$0.10. The Street is currently expecting Q3 sales of $32.09 million and EPS of $0.08.
Libbey Inc. (NYSE: LBY) 25.7% LOWER; expects its sales and EBITDA (excluding any one-time charges) for Q4 to be significantly lower than its previous guidance of $210.0-$220.0 million in sales and EBITDA of $20.5-$23.5 million, provided on October 16, 2008. Libbey also announced that it plans to permanently close its Syracuse China ceramic dinnerware factory in Syracuse, New York, as part of its ongoing effort to improve its cost structure and operating efficiency.
Focus Media Holding Ltd. (Nasdaq: FMCN) 23.5% HIGHER; announces the restructuring of its in-store advertising unit and the termination of its remaining wireless advertising business. Click here for the full report.
TeleTech Holdings (Nasdaq: TTEC) 18.5% LOWER; Stifel Nicolaus downgrades TeleTech from Buy to Hold.
Electronic Arts (NASDAQ: ERTS) 16.7% LOWER; yesterday announced that it expects net revenue and EPS for FY09 to be below the financial guidance previously provided on October 30, 2008. The revised expectations are primarily the result of lower than expected sales across North America and Europe. The Company does not expect to provide updated financial guidance for FY09 prior to reporting its Q3 results in early February 2009. The Company is continuing to pursue cost saving initiatives including a reduction of its product portfolio for FY10 with additional associated headcount reductions and facility consolidations.
Eastman Kodak Company (NYSE: EK) 8.2% LOWER; today announced that it has withdrawn its second-half and full-year 2008 guidance for revenue growth, digital revenue growth, earnings from continuing operations, and cash generation because of the deepening global recession and changes in the value of the U.S. dollar.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
National Financial Partners Corp. (NYSE: NFP) 66.3% HIGHER; announced today that it has completed an amendment to its credit agreement. Among other items, the amendment provides for greater flexibility with respect to the maximum consolidated leverage ratio.
Sino-Global Shipping (Nasdaq: SINO) 65.7% HIGHER; dry bulk shippers are seeing material upside once again today. This is the third day in a row this sector has traded higher. Elsewhere in the sector: OceanFrieght (Nasdaq: OCNF) up 30.7%, Eagle Bulk Shipping (Nasdaq: EGLE) up 27.1%, Genco Shipping (Nasdaq: GNK) up 20.7%, DryShips (Nasdaq: DRYS) up 14.7%.
XL Capital (NYSE: XL) 41% LOWER; has spiked lower mid-day on reports that the company is seeking a buyer. Investors seem to view the sale news as an act of desperation, which any potential buyer will certainly hone in on when considering a price for the beleaguered re-insurer.
NightHawk Radiology Holdings, Inc. (Nasdaq: NHWK) 31.1% HIGHER; confirmed the company's FY08 guidance of $165-$168 million in revenue and adjusted EPS of $0.64-$0.67. The Street is expecting FY08 sales of $166.59 million and EPS of $0.66. The company also announced today that it intends to initiate its previously authorized share repurchase program to purchase up to $10 million of its common stock.
ArcSight, Inc. (Nasdaq: ARST) 30% HIGHER; reports Q2 non-GAAP EPS of $0.11, 7 cents better than the analyst estimate of $0.04. Revenue for the quarter was $32.8 million, versus the consensus of $30.13 million. Sees Q3 sales of $32-$34 million and non-GAAP EPS of $0.06-$0.10. The Street is currently expecting Q3 sales of $32.09 million and EPS of $0.08.
Libbey Inc. (NYSE: LBY) 25.7% LOWER; expects its sales and EBITDA (excluding any one-time charges) for Q4 to be significantly lower than its previous guidance of $210.0-$220.0 million in sales and EBITDA of $20.5-$23.5 million, provided on October 16, 2008. Libbey also announced that it plans to permanently close its Syracuse China ceramic dinnerware factory in Syracuse, New York, as part of its ongoing effort to improve its cost structure and operating efficiency.
Focus Media Holding Ltd. (Nasdaq: FMCN) 23.5% HIGHER; announces the restructuring of its in-store advertising unit and the termination of its remaining wireless advertising business. Click here for the full report.
TeleTech Holdings (Nasdaq: TTEC) 18.5% LOWER; Stifel Nicolaus downgrades TeleTech from Buy to Hold.
Electronic Arts (NASDAQ: ERTS) 16.7% LOWER; yesterday announced that it expects net revenue and EPS for FY09 to be below the financial guidance previously provided on October 30, 2008. The revised expectations are primarily the result of lower than expected sales across North America and Europe. The Company does not expect to provide updated financial guidance for FY09 prior to reporting its Q3 results in early February 2009. The Company is continuing to pursue cost saving initiatives including a reduction of its product portfolio for FY10 with additional associated headcount reductions and facility consolidations.
Eastman Kodak Company (NYSE: EK) 8.2% LOWER; today announced that it has withdrawn its second-half and full-year 2008 guidance for revenue growth, digital revenue growth, earnings from continuing operations, and cash generation because of the deepening global recession and changes in the value of the U.S. dollar.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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