Unusual 11 Mid-Day Movers 3/17: QLTI, CRME, BLOG Higher; BSC, MF, TPX, NCC, FRPT Lower
Bear Stearns (NYSE: BSC) 87% LOWER; Sold for $2 per share in a fire sale to JPMorgan (NYSE: JPM) after a severe liquidity crisis.
MF Global (NYSE: MF) 72.9% LOWER; under heavy pressure today on rumors clients are pulling their money due to concerns about the company's financial stability. The entire financial sector is absolutely tumbling today as the Bear Stearns' liquidity crisis is spilling over even more within the entire sector. CNBC's David Faber reported on the stock action and said the Company has not answered phone calls inquiring about the heavy volume and movement.
QLT Inc. (Nasdaq: QLTI) 47.4% HIGHER; announced intra-day that the U.S. FDA has completed its review of QLT USA, Inc.'s labeling supplement (sNDA) for Aczone(TM) and has removed the glucose-6-phosphate dehydrogenase (G6PD) screening and blood monitoring requirements.
Cardiome Pharma (Nasdaq: CRME) 39.7% HIGHER; announced positive interim clinical results from its 90-day Phase 2b study of vernakalant (oral). The interim analysis demonstrated statistically significant efficacy for the patient group receiving 500mg b.i.d. of vernakalant (oral) as compared to placebo.
Tempur-Pedic International Inc. (NYSE: TPX) 37% LOWER; announced that its Q1 sales to date in the U.S. have been significantly below the Company's plan as a result of economic factors affecting consumer spending. Tempur-Pedic is now expecting total net sales for Q1 to decrease by a high single digit percentage compared to the prior year. The Company currently expects domestic net sales for the first quarter will result in a percentage decrease in the high teens and international net sales for the first quarter will result in a high single digit percentage increase compared to the prior year.
I-trax, Inc. (AMEX: DMX) 34.6% HIGHER; Walgreen (NYSE: WAG) and Putter Acquisition Sub, and a wholly owned subsidiary of the Company, entered into an Agreement and Plan of Merger with I-trax, Inc., a Delaware corporation, pursuant to which Acquisition Sub will commence cash tender offers to acquire all of the outstanding shares of common stock and preferred stock of I-trax at a price per share equal to $5.40.
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National City (NYSE: NCC) 33.2% LOWER; is sinking today amid concerns that the Company's chances to be bought are narrowing as market conditions continue to deteriorate. Last week, the WSJ reported that JPMorgan, along with KeyCorp (NYSE: KEY) were at the top of the list as potential suitors.
Force Protection (Nasdaq: FRPT) 30.7% LOWER; today announced that it would need to delay the filing of its Form 10-K once again. The Company had previously announced that it would be unable to file its annual report on or before March 17, but indicated that this date would not be "practicable" either.
Captaris, Inc. (Nasdaq: CAPA) 20.3% HIGHER; Vector Capital has made a proposal to the Captaris' Board of Directors to acquire all the outstanding common stock of Captaris for $4.75 per share. This proposal represents an approximate 36.1% premium above the closing price of Captaris stock of $3.49 on March 14, 2008.
BladeLogic (NASDAQ: BLOG) 16% HIGHER; BMC Software (NYSE: BMC) signed a definitive agreement to purchase BladeLogic for $28.00 per outstanding share of BladeLogic common stock in cash or approximately $800 million, net of cash acquired.
First Cash Financial Services, Inc. (Nasdaq: FCFS) 12.7% HIGHER; today announced that its Board of Directors has authorized the repurchase of up to 3,000,000 additional shares to its current buyback program. The Board had initially authorized the repurchase of up to 1,000,000 shares in November 2007.
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