Unusual 11 Mid-Day Movers 12/19: PBKS, EAT, SLH, DRI Higher; ARTC, UFI, DVAX, EGLE Lower

December 19, 2008 12:46 PM EST

ArthroCare Corp. (NASDAQ: ARTC) 63% LOWER; announces expansion of periods covered by restatement of financial statements and withdrawal of previously disclosed anticipated adjustments; management changes; subpoenas for production of documents. Click here for the full report.

Provident Bankshares Corporation (Nasdaq: PBKS) 58.5% HIGHER; M&T Bank Corporation (NYSE: MTB) and Provident have announced that they have entered into a definitive agreement under which Provident will be acquired by M&T in a stock-for-stock transaction valued at approximately $401 million based on M&T's closing price on December 16, 2008.

Unifi, Inc. (NYSE: UFI) 31.1% LOWER; today announced that it is revising its Q2 Adj-EBITDA guidance to $2-$4 million from the previous guidance of $8-$9 million given on its earnings call on October 30, 2008 (a description of Adjusted EBITDA is included below). The revised guidance is a result of significant decreases in consumer spending coupled with high supply chain inventories across the Company's key business segments.

Dynavax Technologies Corporation (Nasdaq: DVAX) 26% LOWER; announced the termination of a global license and development collaboration agreement with Merck & Co., Inc. (NYSE: MRK) for HEPLISAVTM, a Phase 3 hepatitis B virus (HBV) vaccine. All rights to develop and commercialize HEPLISAV revert to Dynavax. Notably, shares of Dynavax surged earlier this week on news that it signed a strategic alliance with GlaxoSmithKline (NYSE: GSK). The stock rose 569% on Monday.

Eagle Bulk Shipping Inc. (Nasdaq: EGLE) 25.5% LOWER; today announced the completion of two transactions that enhance internally generated growth and increase financial flexibility. Among other initiatives, the company suspended its quarterly dividend.

KSW, Inc. (NASDAQ: KSW) 24.5% LOWER; today announced that its Board of Directors has approved a stock repurchase program that authorizes the Company to buy up to $1,000,000 of its common stock.

Brinker International, Inc. (NYSE: EAT) 15.4% HIGHER; announced yesterday that Brinker and Mac Acquisition LLC closed the previously announced transaction for the sale of a majority interest in Romano's Macaroni Grill.

Solera Holdings, Inc. (NYSE: SLH) 13.4% HIGHER; today announced that it has completed the acquisition of HPI Ltd., the leading UK provider of used vehicle validation services, from Aviva plc, the largest insurance provider in the U.K.

Darden Restaurants, Inc. (NYSE: DRI) 12.8% HIGHER; reports Q2 EPS of $0.44, versus the analyst estimate of $0.30. Revenue for the quarter was $1.67 billion, versus the consensus of $1.65 billion. Combined same store sales for the quarter were down 0.2%. Sees combined same store sales for FY09 down 1.25-2.25%. Sees sales growth of 8-9% for the year, compared to $6.63 billion reported in FY08. EPS for the year are expected to be down 1-6%, compared to adjusted-EPS of $2.74 last year.

General Motors (NYSE: GM) 10.6% HIGHER; Govenment extends $17.4B in automaker loans, but with some tough conditions.

Research In Motion (Nasdaq: RIMM) 7% HIGHER; reported in-line Q3 adj-EPS of $0.83 and issued strong Q4 guidance. After falling more than 5% intraday, the stock is swinging wildly in after-hours trading. Just after the earnings report, RIM stock surged to as high as $42, but quickly came off this high. The stock held onto a small gain, but has now lost momentum, and is currently down about $0.04 from its closing price of $38.44.

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