Unusual 11 Mid-Day Movers 12/22: HCD, PALM, IRE, HUN Higher; EMAG, GW, FRG, MPG Lower

December 22, 2008 12:22 PM EST

Emageon Inc. (Nasdaq: EMAG) 42.3% LOWER; today announced that it has formally demanded a closing of its pending merger with Health Systems Solutions, Inc. (OTCBB: HSSO) by Tuesday, December 23, 2008.

Grey Wolf Inc. (NYSE: GW) 38.2% LOWER; falls ahead of shareholder vote on merger with Precision Drilling Trust (NYSE: PDS).

Highland Distressed Opportunities, Inc. (NYSE: HCD) 36.8% HIGHER; Friday after the close announced that its Board approved a reorganization of the Company into Highland Credit Strategies Fund (NYSE: HCF), a nondiversified closed-end management investment company also managed by Highland Capital Management, L.P. The closing of the reorganization is subject to several conditions, including the approval of the Company's stockholders.

Fronteer Development Group Inc. (NYSE: FRG) 27.7% LOWER; announced today that it intends to make an offer to acquire all of the outstanding common shares of Aurora Energy Resources Inc. that it does not already own. Pursuant to the Offer, Aurora shareholders will receive 0.825 of a Fronteer common share for each Common Share.

Palm, Inc. (NASDAQ: PALM) 26.1% HIGHER; announced that Elevation Partners has agreed to make an additional $100 million equity investment in Palm.

Bank of Ireland (NYSE: IRE) 23.6% HIGHER; the government of Ireland said it will inject $2.8 billion in the bank in order to prevent the country's financial-services industry from collapsing. The Irish government also injected capital into Allied Irish Banks (NYSE: AIB).

Maguire Properties, Inc. (NYSE: MPG) 20% LOWER; on Friday announced that its Board has determined that, as part of its capital management initiatives, no distribution would be paid on its Series A Preferred Stock for the period of November 1, 2008 through and including January 31, 2009.

Newcastle Investment Corp. (NYSE: NCT) 16.4% LOWER; announced today that its Board of Directors has elected not to pay a common stock or preferred stock dividend in Q408. The Company decided to retain capital to further reduce recourse debt and for working capital purposes.

Huntsman Corporation (NYSE: HUN) 7.2% HIGHER; Friday announced it has received the $325 million termination fee provided for in the Merger Agreement between Huntsman and Hexion Specialty Chemicals, Inc. Hexion committed to pay the termination fee in connection with the previously announced $1 billion settlement between Huntsman and Hexion, Apollo Management, L.P. and certain of its affiliates. Huntsman expects to receive another $250 million payment from Apollo affiliates and a further $250 million payment upon issuance of 10 year Huntsman convertible notes to Apollo on or before December 31, 2008. The remaining $175 million of payments must be made on or before March 31, 2009.

Burger King (NYSE: BKC) 5.7% HIGHER; UBS upgrades Burger King from Neutral to Buy, saying the fast-food chain offers double-digit EPS growth which is increasingly difficult to find in '09.

ProShares UltraShort Oil & Gas ETF (NYSE: DUG) 5.7% HIGHER; with crude oil down nearly 3% to about $41.15 today, this short ETF is moving higher.

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