Unusual 11 Mid-Day Movers 12/17: NG, SAY, CADX, PAY Higher; ROCK, NWL, HOV, LEG Lower

December 17, 2008 12:09 PM EST

NovaGold (NYSE: NG) 55.8% HIGHER; gold stocks are surging today as the underlying commodity (for December delivery) is popping, up about $25 to $867. Gold is seeing strength today as the dollar is once again showing weakness.

Satyam Computer Services (NYSE: SAY) 36.1% HIGHER; said it is not going ahead with its proposed acquisition of Maytas Properties and Maytas Infra, in light of the feedback received from the Investor community. Commenting on this decision, Satyam Chairman, Mr. Raju said, "We have been surprised by the market reaction to this decision even though we were quite positive about the merits of the acquisition. However, in deference to the views expressed by many investors, we have decided to call off these acquisitions."

Cadence Pharmaceuticals, Inc. (Nasdaq: CADX) 32% HIGHER; today announced positive topline results from Study 304, a Phase III clinical trial of Acetavance(TM), the company's intravenous formulation of acetaminophen, for the treatment of acute pain following abdominal laparoscopic surgery. Study 304 successfully met its primary endpoint of a statistically significant reduction in summed pain intensity differences from baseline over 24 hours (SPID24) for Acetavance 1000 mg compared to placebo (p < 0.01).

Gibraltar Industries, Inc. (NASDAQ: ROCK) 27.6% LOWER; announced the closing of its Enterprise, MS, facility and the consolidation of its manufacturing operations into two other existing facilities, with no anticipated impact on sales. Also, Piper Jaffray and Baird downgraded the stock to Sell and Underperform, respectively.

Newell Rubbermaid (NYSE: NWL) 27.3% LOWER; is currently estimating 2008 fourth quarter normalized earnings of $0.06 to $0.10 per diluted share, compared with previous guidance of $0.29 to $0.34 per diluted share. For the full year 2008, the company expects normalized earnings of between $1.17 and $1.21 per diluted share, compared with previous guidance of $1.40 to $1.45 per diluted share.

VeriFone Holdings, Inc. (NYSE: PAY) 20.6% HIGHER; reports Q4 non-GAAP EPS of $0.19, 7 cents lower than the analyst estimate of $0.26. Revenue for the quarter was $244.7 million, versus the consensus of $253.33 million. Sees Q1 sales of $220-$230 million, versus the consensus of $228.42 million, and non-GAAP EPS of $0.15-$0.19, versus the Street estimate of $0.19. For FY09, VeriFone sees sales of $920 million-$1 billion, and adj-EPS of $0.85-$1.10. The Street is expecting FY09 sales of $972.63 million and EPS of $1.04.

Safe Bulkers (NYSE: SB) 18.6% HIGHER; Merrill Lynch upgraded the stock from Neutral to Buy. Merill also upgraded Eagle Bulk Shipping (Nasdaq: EGLE), Navios Maritime (NYSE: NM) and Genco Shipping & Trading (NYSE: GNK), giving a boost to the entire sector.

OceanFreight (Nasdaq: OCNF) 18% HIGHER; see Safe Bulkers.

Hovnanian Enterprises, Inc. (NYSE: HOV) 12.8% LOWER; reports Q4 loss of $5.79, versus the analyst estimate of ($1.67) and compared to a loss of $7.42 in the same quarter last year. Revenue for the quarter was $721.4 million, versus the consensus of $730.38 million.

Leggett & Platt (NYSE: LEG) 9.7% LOWER; lowers its Q4 adj-EPS guidance to $0.00-$0.15, versus the consensus of $0.23. For FY08, the company sees FY08 adj-EPS of $0.85-$1.00, versus the Street estimate of $1.05.

Deutsche Bank (NYSE: DB) 9.3% LOWER; this German i-bank is seeing substantial downside today as investors are speculating that it could report a large loss. This negative sentiment could be the result of a larger than expected loss reported by Morgan Stanley (NYSE: MS) this morning.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

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