Unusual 11 Mid-Day Movers 1/28: LYG, AVNX, RBS, MTG Higher; ALD, CNB, QELP, CENX Lower
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Lloyds Banking Group plc (NYSE: LYG) 50.8% HIGHER; fears of nationalization at numerous European banks have subsided recently. The stock was also upgraded the stock from Hold to Buy, saying dilutions risks are exaggerated. Click here for color on the Citi report.
Avanex Corporation (NASDAQ: AVNX) 46.2% HIGHER; announced an agreement to merge with Bookham, Inc. (NASDAQ: BKHM). Avanex shareholders will receive 5.426 shares of Bookham common stock for every share of Avanex common stock and will own approximately 46.75% of the combined company. Based on the closing price of Bookham on January 26, 2009 the total consideration to Avanex shareholders would be equivalent to $35.4 million or $2.17 per share.
Allied Capital Corporation (NYSE: ALD) 45.5% LOWER; announced that it has re-opened discussions with the lenders under its revolving credit facility and the holders of its outstanding private notes. The firm said that it may not be able to maintain a 200% asset coverage ratio that is required under the credit facility. If this is true, Allied would not be able to pay its $0.65 quarterly dividend. Click here for the full report.
Colonial Bank (NYSE: CNB) 44.9% LOWER; reports Q4 adj-loss of $1.45, versus the analyst estimate of ($0.33).
Royal Bank of Scotland (NYSE: RBS) 40.1% HIGHER; seeing upside for similar reasons as Lloyd's.
MGIC Investment Corp. (NYSE: MTG) 39.8% HIGHER; financial stocks are skyrocketing today on reports that the Obama administration could be close to unveiling its plan related to the proposed "bad bank" program.
Quest Energy Partners L.P. (Nasdaq: QELP) 38.6% LOWER; announced that the Board of Directors of QELP's general partner has decided to suspend distributions on the Partnership's common units. Click here for the full report.
Century Aluminum Company (NASDAQ: CENX) 35.7% LOWER; intends to offer $100 million of new shares of its common stock under an effective shelf registration statement on file with the Securities and Exchange Commission. The Company also intends to grant to the underwriters of the proposed offering a thirty day option to purchase up to an additional 15% of such newly issued shares of its common stock to cover over-allotments, if any. The company intends the net proceeds received from the offering will be used for general corporate purposes.
VistaPrint (Nasdaq: VPRT) 35.3% HIGHER; reports Q2 EPS of $0.53, ex-items, versus the analyst estimate of $0.39. Revenue for the quarter was $138.9 million, versus the consensus of $127.91 million. Sees Q3 sales of $121-$130 million, with non-GAAP EPS of $0.34-$0.39. The Street is currently expecting Q3 sales of $122.53 million and EPS of $0.35. For FY09, VistaPrint sees sales of $495-$515 million, versus the consensus of $491.03 million, and EPS of $1.52-$1.61, versus the Street estimate of $1.41.
State Street Corporation (NYSE: STT) 31.9% HIGHER; announced today that assets under administration serviced by its private equity fund team grew by 60% in 2008. The stock is also seeing upside given the sharp jump in the broader financial sector.
Financial Bear 3x (NYSE: FAZ) 26.7% LOWER; this short fund is sinking today as financials are leading the entire market higher today. Around the sector: Bank of America (NYSE: BAC) up 14.6%, Goldman Sachs (NYSE: GS) up 10%, Wells Fargo (NYSE: WFC) up 26.5%, Citigroup (NYSE: C) up 17%, JPMorgan (NYSE: JPM) up 10%, US Bancorp (NYSE: USB) up 7%.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
Avanex Corporation (NASDAQ: AVNX) 46.2% HIGHER; announced an agreement to merge with Bookham, Inc. (NASDAQ: BKHM). Avanex shareholders will receive 5.426 shares of Bookham common stock for every share of Avanex common stock and will own approximately 46.75% of the combined company. Based on the closing price of Bookham on January 26, 2009 the total consideration to Avanex shareholders would be equivalent to $35.4 million or $2.17 per share.
Allied Capital Corporation (NYSE: ALD) 45.5% LOWER; announced that it has re-opened discussions with the lenders under its revolving credit facility and the holders of its outstanding private notes. The firm said that it may not be able to maintain a 200% asset coverage ratio that is required under the credit facility. If this is true, Allied would not be able to pay its $0.65 quarterly dividend. Click here for the full report.
Colonial Bank (NYSE: CNB) 44.9% LOWER; reports Q4 adj-loss of $1.45, versus the analyst estimate of ($0.33).
Royal Bank of Scotland (NYSE: RBS) 40.1% HIGHER; seeing upside for similar reasons as Lloyd's.
MGIC Investment Corp. (NYSE: MTG) 39.8% HIGHER; financial stocks are skyrocketing today on reports that the Obama administration could be close to unveiling its plan related to the proposed "bad bank" program.
Quest Energy Partners L.P. (Nasdaq: QELP) 38.6% LOWER; announced that the Board of Directors of QELP's general partner has decided to suspend distributions on the Partnership's common units. Click here for the full report.
Century Aluminum Company (NASDAQ: CENX) 35.7% LOWER; intends to offer $100 million of new shares of its common stock under an effective shelf registration statement on file with the Securities and Exchange Commission. The Company also intends to grant to the underwriters of the proposed offering a thirty day option to purchase up to an additional 15% of such newly issued shares of its common stock to cover over-allotments, if any. The company intends the net proceeds received from the offering will be used for general corporate purposes.
VistaPrint (Nasdaq: VPRT) 35.3% HIGHER; reports Q2 EPS of $0.53, ex-items, versus the analyst estimate of $0.39. Revenue for the quarter was $138.9 million, versus the consensus of $127.91 million. Sees Q3 sales of $121-$130 million, with non-GAAP EPS of $0.34-$0.39. The Street is currently expecting Q3 sales of $122.53 million and EPS of $0.35. For FY09, VistaPrint sees sales of $495-$515 million, versus the consensus of $491.03 million, and EPS of $1.52-$1.61, versus the Street estimate of $1.41.
State Street Corporation (NYSE: STT) 31.9% HIGHER; announced today that assets under administration serviced by its private equity fund team grew by 60% in 2008. The stock is also seeing upside given the sharp jump in the broader financial sector.
Financial Bear 3x (NYSE: FAZ) 26.7% LOWER; this short fund is sinking today as financials are leading the entire market higher today. Around the sector: Bank of America (NYSE: BAC) up 14.6%, Goldman Sachs (NYSE: GS) up 10%, Wells Fargo (NYSE: WFC) up 26.5%, Citigroup (NYSE: C) up 17%, JPMorgan (NYSE: JPM) up 10%, US Bancorp (NYSE: USB) up 7%.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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