Unusual 11 Mid-Day Movers 3/24: BSC, ROIAK, SYNP, ABH Higher; RFMI, MALL, VVTV, CBM Lower

March 24, 2008 1:35 PM EDT

Bear Stearns (NYSE: BSC) 101.8% HIGHER; reports JPMorgan was in talks this weekend to raise its offer for Bear Stearns, citing people familiar with the matter. The paper said JPMorgan may be willing to pay $10 per share for Bear, up from the initial $2 offer that shocked Wall Street last weekend.

Radio One, Inc. (NASDAQ: ROIAK) 69.4% HIGHER; today announced that it has entered into an agreement to sell KRBV – FM, its radio station in Los Angeles, California, to Bonneville International. The transaction price is approximately $137.5 million. The transaction is expected to close during the second quarter of 2008. Radio One also announced today that its Board of Directors has authorized a stock repurchase program for up to $150 million of Radio One's Class A and Class D common stock through December 31, 2009.

Synplicity Inc. (Nasdaq: SYNP) 46.8% HIGHER; after the close Friday, Synopsys, Inc. (Nasdaq: SNPS) announced it signed a definitive agreement to acquire Synplicity for $8 per share.

RF Monolithics (Nasdaq: RFMI) 37.5% LOWER; after the close Friday, reported Q2 EPS of $0.03, ex-items, 2 cents worse than the analyst estimate of $0.05. Revenues for the quarter were $14.3 million, versus the consensus of $14.8 million.

AbitibiBowater (NYSE: ABH) 34.5% HIGHER; announced today that it has entered into a definitive agreement with Fairfax Financial Holdings Limited (TSX and NYSE: FFH) for an investment by Fairfax and its designated subsidiaries in AbitibiBowater of US$350 million in the form of unregistered convertible debentures. This transaction, which is part of the Company's previously announced US$1.4 billion refinancing plan, is expected to address upcoming debt maturities and general liquidity needs of its Abitibi-Consolidated Inc. subsidiary.

Subscribe to EasyStockAlerts and get real-time e-mail alerts when news hits your stocks!

Digimarc Corporation (Nasdaq: DMRC) 31.2% HIGHER; L-1 Identity Solutions, Inc. (NYSE: ID) entered into a definitive agreement to acquire the ID Systems business of Digimarc Corporation in a stock and cash transaction valued at approximately $250 million.

PC Mall (Nasdaq: MALL) 25.7% LOWER; appears to be correcting today after surging about $5 from $9 to $14 in the last 20 minutes of trading on Friday. Friday's spike could be attributed to a short squeeze; at the beginning of March, PC Mall had unusually high short interest -- about 33% of its float was shorted.

The First Marblehead Corp. (NYSE: FMD) 23.3% HIGHER; with shares down about 50% year to date before today, and about 22% of its float shorted as of the beginning of March, today's rise could be due to a short squeeze created by short sellers taking profits on their bets.

ValueVision Media (Nasdaq: VVTV) 19.4% LOWER; appears to be moving very similarly to PC Mall. Shares saw a very late day rally on Friday and seem to be feeling a correction during today's trading session. ValueVision had about 22% of its float shorted at the beginning of this month.

Golden Star Resources (Amex: GSS) 12.8% LOWER; is sinking today despite no recent news.

Cambrex Corp. (NYSE: CBM) 12.7% LOWER; over the weekend, a Cambrex customer announced that it will be recalling one of the Company's products. Cambrex's press release said, "While this event may materially affect Cambrex's 2008 performance, until the customer has resolved the issue, it is unknown what the impact will be. The Company will monitor the situation and update its 2008 guidance, if necessary, when it has enough information to do so."

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• JPMorgan
• Bear Stearns

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?