Unusual 11 Mid-Day Movers 4/27: IGC, ASFN, GRAN, MSPD, PCBC Higher; PSBC, STSA, CSNT, MBHI, NTY Lower
India Globalization Capital, Inc. (AMEX: IGC) 68.2% HIGHER; announced today they have signed a 5 year contract with a leading Chinese steel manufacturer, to begin supplying iron ore. The contract is valued at approximately $160 million. Under the agreement, IGC will deliver 63.5 percent ferrous content iron ore, initially 40,000 Metric Tons per ship load, building up to 80,000 MT per shipload up to an aggregate of 1,600,000 MT over the life of the contract. The iron ore will be supplied from mines in India and shipped out of the Visakhapatnam port, off the eastern coast of India and out of Karwar on the west coast.
Atlantic Southern Financial (Nasdaq: ASFN) 45.1% HIGHER; regional banks continuing higher today. The stock is over $5 today.
Bank of Granite (Nasdaq: GRAN) 38.9% HIGHER; a regional banker continuing higher today.
Pacific State Bank (Nasdaq: PSBC) 28.6% LOWER; investors in this stock are likely taking profits today as shares ran-up by more than 175% since Monday of last week. Volume is heavy today. Shares do, however, appear to be holding the $1 level.
Sterling Financial Corporation (NASDAQ: STSA) 28.5% LOWER; announced a recapitalization and recovery plan which includes an equity investment by Boston-based private equity firm Thomas H. Lee Partners, L.P. and an exchange transaction with the U.S. Treasury. Sterling also announced results for the first quarter ended March 31, 2010. THL and Sterling have entered into a binding letter agreement under which THL would invest approximately $134.7 million in Sterling. Click here for the full report.
Crescent Banking (Nasdaq: CSNT) 23.7% LOWER; trading similarly to Pacific State. The stock rocketed up by 250% since Thursday of last week.
Midwest Banc Holdings (Nasdaq: MBHI) 22.6% LOWER; traders taking profits in a regional bank that has more than doubled since Tuesday of last week.
NBTY, Inc. (NYSE: NTY) 20% LOWER; shares are getting slammed today after reporting EPS of $0.73, which was below the consensus of $0.93 and warning of lower gross profits due to increased competition.
Mindspeed (Nasdaq: MSPD) 18.9% HIGHER; reports Q2 EPS of $0.15, 4 cents better than the analyst estimate of $0.11. Revenue for the quarter was $40.3 million, which compares to the estimate of $39.66 million. Mindspeed expects fiscal third quarter of 2010 revenues to grow between 5-9%, or to approximately $42.3 million to $43.9 million, from the fiscal second quarter of 2010, excluding potential patent sales, if any. (Consensus is $40.79M) The company expects fiscal third quarter of 2010 non-GAAP gross margin to be approximately 64%, excluding potential patent sales, if any. The company also expects non-GAAP operating expenses to be approximately $21.5 million in the fiscal third quarter of 2010.
Pacific Capital (Nasdaq: PCBC) 16.1% HIGHER; yet another regional bank continuing higher today. The stock's 30% sell-off yesterday marked the first day the stock closed in the red in 10 trading sessions. Shares have moved back over the $4 level today.
Cirrus Logic (Nasdaq: CRUS) 16% HIGHER; reports Q4 EPS of $0.16, ex-items, 1 cent better than the analyst estimate of $0.15. Revenue for the quarter was $62.6 million, which compares to the estimate of $60.50 million. Sees Q1 sales of $78-$84 million, versus the consensus of $60.97 million.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
Atlantic Southern Financial (Nasdaq: ASFN) 45.1% HIGHER; regional banks continuing higher today. The stock is over $5 today.
Bank of Granite (Nasdaq: GRAN) 38.9% HIGHER; a regional banker continuing higher today.
Pacific State Bank (Nasdaq: PSBC) 28.6% LOWER; investors in this stock are likely taking profits today as shares ran-up by more than 175% since Monday of last week. Volume is heavy today. Shares do, however, appear to be holding the $1 level.
Sterling Financial Corporation (NASDAQ: STSA) 28.5% LOWER; announced a recapitalization and recovery plan which includes an equity investment by Boston-based private equity firm Thomas H. Lee Partners, L.P. and an exchange transaction with the U.S. Treasury. Sterling also announced results for the first quarter ended March 31, 2010. THL and Sterling have entered into a binding letter agreement under which THL would invest approximately $134.7 million in Sterling. Click here for the full report.
Crescent Banking (Nasdaq: CSNT) 23.7% LOWER; trading similarly to Pacific State. The stock rocketed up by 250% since Thursday of last week.
Midwest Banc Holdings (Nasdaq: MBHI) 22.6% LOWER; traders taking profits in a regional bank that has more than doubled since Tuesday of last week.
NBTY, Inc. (NYSE: NTY) 20% LOWER; shares are getting slammed today after reporting EPS of $0.73, which was below the consensus of $0.93 and warning of lower gross profits due to increased competition.
Mindspeed (Nasdaq: MSPD) 18.9% HIGHER; reports Q2 EPS of $0.15, 4 cents better than the analyst estimate of $0.11. Revenue for the quarter was $40.3 million, which compares to the estimate of $39.66 million. Mindspeed expects fiscal third quarter of 2010 revenues to grow between 5-9%, or to approximately $42.3 million to $43.9 million, from the fiscal second quarter of 2010, excluding potential patent sales, if any. (Consensus is $40.79M) The company expects fiscal third quarter of 2010 non-GAAP gross margin to be approximately 64%, excluding potential patent sales, if any. The company also expects non-GAAP operating expenses to be approximately $21.5 million in the fiscal third quarter of 2010.
Pacific Capital (Nasdaq: PCBC) 16.1% HIGHER; yet another regional bank continuing higher today. The stock's 30% sell-off yesterday marked the first day the stock closed in the red in 10 trading sessions. Shares have moved back over the $4 level today.
Cirrus Logic (Nasdaq: CRUS) 16% HIGHER; reports Q4 EPS of $0.16, ex-items, 1 cent better than the analyst estimate of $0.15. Revenue for the quarter was $62.6 million, which compares to the estimate of $60.50 million. Sees Q1 sales of $78-$84 million, versus the consensus of $60.97 million.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
You May Also Be Interested In
- Streetinsider.com's Hot Lunchtime Reads 05/25: (HAS) (ADP) (EMC) (PAY)
- Trading Radar for 05/25: Mentor Graphics (MENT), Tsakos Energy (TNP) Report
- Streetinsider.com's Hot Lunchtime Reads 05/24: (FB) (STP) (TIF) (OVTI) (AAPL)
Create E-mail Alert Related Categories
Special ReportsRelated Entities
Thomas H. Lee Partners, Unusual 11 Mid-Day MoversSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
