Unusual 11 Mid-Day Movers 4/15: RHIE, ME, CRDC, ENCO, CTBK Higher; SNTS, CHCI, TITN, SMOD Lower
RHI Entertainment (Nasdaq: RHIE) 49.6% HIGHER; technicians have taken note of the stock following yesterday's 122% surge. The stock has jumped over the $0.60 level this morning on extremely heavy volume.
Mariner Energy (NYSE: ME) 40.7% HIGHER; Apache Corporation (NYSE: APA) announced an agreement to acquire Mariner for a combination of cash and stock worth $26.22 per Mariner Energy share. Click here to see the full report.
Santarus, Inc. (NASDAQ: SNTS) 32.1% LOWER; today announced that the U.S. District Court for the District of Delaware has ruled that five patents covering Santarus’ ZEGERID (omeprazole/sodium bicarbonate) prescription products are invalid due to obviousness. These patents were the subject of lawsuits brought by Santarus against Par Pharmaceutical, Inc. (NYSE: PRX). The case was heard in a five-day bench trial that concluded on July 17, 2009. Santarus plans to appeal the Court’s ruling to the U.S. Court of Appeals for the Federal Circuit Court. Click here to see the full report.
Cardica, Inc. (NASDAQ: CRDC) 31.6% HIGHER; today announced the publication of a study demonstrating that the use of its anastomosis (stapling) devices provides a safe and effective means to connect arterial grafts during beating-heart coronary artery bypass graft procedures. The study, which was published in the March/April issue of the official journal of the International Society of Minimally-Invasive Cardiothoracic Surgery, Innovations, evaluated the safety and efficacy of Cardica's C-Port xA Distal and Flex-A® Anastomosis Systems (C-Port xA and Flex-A) during beating-heart coronary artery bypass graft procedures. Results showed that Cardica's anastomosis systems connected arterial grafts consistently and effectively during bypass procedures performed on a beating heart without the use of a heart-lung machine, and that these grafts remained open in short and mid-term follow-up. Click here to see the full report.
Encorium (Nasdaq: ENCO) 30% HIGHER; shares are continuing higher today following a 33% jump yesterday. The stock pushed through the $4 level yesterday and has pushed through the $5 level today. Volume remains extremely heavy. Not hearing any news.
City Bank Lynwood (Nasdaq: CTBK) 26.7% HIGHER; shares have not closed in the red this week. The stock rose 3% on Monday, 10% on Tuesday and added nearly 21% yesterday. The stock is approaching the $2 level today.
CompuCredit Holdings Corporation (NASDAQ: CCRT) 18.7% HIGHER; today announced that it has commenced a cash tender offer for (i) its outstanding 3.625% Convertible Senior Notes due 2025, up to the aggregate principal amount of Notes equal to a total purchase price of $100.0 million, at a purchase price to be determined by the "Modified Dutch Auction" procedure described below, and (ii) shares of its outstanding common stock, no par value per share, in a number of shares equal to the number of such shares allowable for purchase from the Tender Cap remaining (if any) after deducting from the Tender Cap the total purchase price of the Notes actually purchased pursuant to Tender Offer, at a purchase price of $7.00 per share. The Company expects to fund the purchase of the Securities tendered in the Tender Offer with available cash on hand. Under the "Modified Dutch Auction" procedure, CompuCredit is offering to purchase the Notes at a purchase price in the aggregate not to exceed the Tender Cap at a price (in multiples of $0.50 per $1,000 principal amount) not greater than $600 nor less than $550 per $1,000 principal amount of such Notes.
Comstock Homebuilding (Nasdaq: CHCI) 16.1% LOWER; correcting today following a 7.5% gain on Monday, an 11.5% gain on Tuesday and a nearly 63% surge yesterday. The stock has moved below the $2 level today.
Titan Machinery (NASDAQ: TITN) 10.8% LOWER; reports Q4 EPS of $0.19, versus the analyst estimate of $0.26. Revenue for the quarter was $252.3 million, which compares to the estimate of $207.15 million. Sees FY11 revs of $920 - $980 million and an EPS of $0.92 - $1.02. Consensus sees an EPS of $1.02 and revs of $829.9 million.
Smart Modular Technologies (Nasdaq: SMOD) 9.8% LOWER; not hearing any news today. The stock fell under the technical $8 level earlier. Volume is very heavy today.
GSC Investment Corp. (NYSE: GNV) 9.1% LOWER; today announced that Saratoga Investment Advisors, LLC and CLO Partners LLC have agreed to purchase a minority stake in the Company as part of a $55 million recapitalization plan to enable the Company to grow its business of lending to middle-market companies. The Company has been in default under its credit facility since last July. The recapitalization plan includes Saratoga and CLO Partners purchasing approximately 9.8 million shares of common stock of GSC Investment Corp. for $1.52 per share pursuant to a definitive stock purchase agreement for a minority investment, pro forma for the issuance of the new shares, of approximately 37% of the Company's equity.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
Mariner Energy (NYSE: ME) 40.7% HIGHER; Apache Corporation (NYSE: APA) announced an agreement to acquire Mariner for a combination of cash and stock worth $26.22 per Mariner Energy share. Click here to see the full report.
Santarus, Inc. (NASDAQ: SNTS) 32.1% LOWER; today announced that the U.S. District Court for the District of Delaware has ruled that five patents covering Santarus’ ZEGERID (omeprazole/sodium bicarbonate) prescription products are invalid due to obviousness. These patents were the subject of lawsuits brought by Santarus against Par Pharmaceutical, Inc. (NYSE: PRX). The case was heard in a five-day bench trial that concluded on July 17, 2009. Santarus plans to appeal the Court’s ruling to the U.S. Court of Appeals for the Federal Circuit Court. Click here to see the full report.
Cardica, Inc. (NASDAQ: CRDC) 31.6% HIGHER; today announced the publication of a study demonstrating that the use of its anastomosis (stapling) devices provides a safe and effective means to connect arterial grafts during beating-heart coronary artery bypass graft procedures. The study, which was published in the March/April issue of the official journal of the International Society of Minimally-Invasive Cardiothoracic Surgery, Innovations, evaluated the safety and efficacy of Cardica's C-Port xA Distal and Flex-A® Anastomosis Systems (C-Port xA and Flex-A) during beating-heart coronary artery bypass graft procedures. Results showed that Cardica's anastomosis systems connected arterial grafts consistently and effectively during bypass procedures performed on a beating heart without the use of a heart-lung machine, and that these grafts remained open in short and mid-term follow-up. Click here to see the full report.
Encorium (Nasdaq: ENCO) 30% HIGHER; shares are continuing higher today following a 33% jump yesterday. The stock pushed through the $4 level yesterday and has pushed through the $5 level today. Volume remains extremely heavy. Not hearing any news.
City Bank Lynwood (Nasdaq: CTBK) 26.7% HIGHER; shares have not closed in the red this week. The stock rose 3% on Monday, 10% on Tuesday and added nearly 21% yesterday. The stock is approaching the $2 level today.
CompuCredit Holdings Corporation (NASDAQ: CCRT) 18.7% HIGHER; today announced that it has commenced a cash tender offer for (i) its outstanding 3.625% Convertible Senior Notes due 2025, up to the aggregate principal amount of Notes equal to a total purchase price of $100.0 million, at a purchase price to be determined by the "Modified Dutch Auction" procedure described below, and (ii) shares of its outstanding common stock, no par value per share, in a number of shares equal to the number of such shares allowable for purchase from the Tender Cap remaining (if any) after deducting from the Tender Cap the total purchase price of the Notes actually purchased pursuant to Tender Offer, at a purchase price of $7.00 per share. The Company expects to fund the purchase of the Securities tendered in the Tender Offer with available cash on hand. Under the "Modified Dutch Auction" procedure, CompuCredit is offering to purchase the Notes at a purchase price in the aggregate not to exceed the Tender Cap at a price (in multiples of $0.50 per $1,000 principal amount) not greater than $600 nor less than $550 per $1,000 principal amount of such Notes.
Comstock Homebuilding (Nasdaq: CHCI) 16.1% LOWER; correcting today following a 7.5% gain on Monday, an 11.5% gain on Tuesday and a nearly 63% surge yesterday. The stock has moved below the $2 level today.
Titan Machinery (NASDAQ: TITN) 10.8% LOWER; reports Q4 EPS of $0.19, versus the analyst estimate of $0.26. Revenue for the quarter was $252.3 million, which compares to the estimate of $207.15 million. Sees FY11 revs of $920 - $980 million and an EPS of $0.92 - $1.02. Consensus sees an EPS of $1.02 and revs of $829.9 million.
Smart Modular Technologies (Nasdaq: SMOD) 9.8% LOWER; not hearing any news today. The stock fell under the technical $8 level earlier. Volume is very heavy today.
GSC Investment Corp. (NYSE: GNV) 9.1% LOWER; today announced that Saratoga Investment Advisors, LLC and CLO Partners LLC have agreed to purchase a minority stake in the Company as part of a $55 million recapitalization plan to enable the Company to grow its business of lending to middle-market companies. The Company has been in default under its credit facility since last July. The recapitalization plan includes Saratoga and CLO Partners purchasing approximately 9.8 million shares of common stock of GSC Investment Corp. for $1.52 per share pursuant to a definitive stock purchase agreement for a minority investment, pro forma for the issuance of the new shares, of approximately 37% of the Company's equity.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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