Unusual 11 Mid-Day Movers 4/29: ATSI, IRBT, ADEP, GTI, RAS Higher; PCBC, EUBK, HAR, CASB Lower
ATS Medical, Inc. (NASDAQ: ATSI) 53.7% HIGHER; Medtronic, Inc. (NYSE: MDT) and ATS Medical announced that the companies have signed a definitive agreement under which Medtronic will acquire ATS Medical by paying $4.00 per share in cash for each share of ATS Medical stock. The total value of the transaction is expected to be approximately $370 million, which includes the purchase of ATS Medical stock and assumption of net debt.
Pacific Capital Bancorp (Nasdaq: PCBC) 44.8% LOWER; announced today that it has entered into a definitive agreement with SB Acquisition Company LLC, a wholly-owned subsidiary of Ford Financial Fund, L.P., for Ford to invest approximately $500 million in the Company as part of the Company’s overall recapitalization plan. As part of the definitive agreement, the parties have agreed that the Company will commence a rights offering following the closing of the Ford investment to provide shareholders of record as of the close of business on the day prior to the Closing Date the non-transferable right to purchase common stock directly from the Company at a price of $0.20 per share, which is the same per share price contemplated by the Ford investment.
EuroBancshares (Nasdaq: EUBK) 38.5% LOWER; the stock continues to vacillate around the $1 level today. After jumping more than 110% on Monday, shares sold-off 19% on Tuesday but gained 15% yesterday. Volume remains very heavy. Traders could be using this security as a way to play the debt concerns in Europe.
iRobot (Nasdaq: IRBT) 31.7% HIGHER; reports Q1 EPS of $0.24, 20 cents better than the analyst estimate of $0.04. Revenue for the quarter was $95 million, which compares to the estimate of $83.76 million. Sees Q210 EPS of $0.06 - 0.08, versus ($0.04) consensus. Also sees Q210 sales of $90 - $95 million, versus $76 million consensus. Sees FY10 EPS of $0.35 - $0.40, versus $0.23 consensus. Also sees FY10 sales of $375 - $385 million, versus $350 million consensus.
Adept Technology Inc. (Nasdaq: ADEP) 30.4% HIGHER; reports Q1 EPS of $0., cents better than the analyst estimate of ($0.07). Revenue for the quarter was $ million, which compares to the estimate of $9.4 million.
GrafTech (NYSE: GTI) 28.4% HIGHER; reports Q1 EPS of $0.25, ex-items, 5 cents better than the analyst estimate of $0.20. Revenue for the quarter was $215.7 million, which compares to the estimate of $210.16 million.
RAIT Financial Trust (NYSE: RAS) 27.6% HIGHER; reports Q1 EPS of $0.42, versus ($2.19) reported for the same period a year ago. Revenue for the quarter was $45.11 million, compared to $61.87 million in Q109.
Palm Inc. (Nasdaq: PALM) 25.2% HIGHER; Hewlett-Packard Co. (NYSE: HPQ) announced Wednesday that it has agreed to acquire Palm for approximately $1.2 billion. The deal will see HP pay $5.70 per share for each share of Palm common stock, a 23 percent premium over the closing price of the shares on Wednesday. The stock was upgraded at Kaufman and Morgan Joseph and downgraded at MKM Partners.
Harman (NYSE: HAR) 19.4% LOWER; reports Q3 adj-EPS of $0.31, 2 cents better than the analyst estimate of $0.29. Revenue for the quarter was $848 million, which compares to the estimate of $830.21 million. Sees FY13 EPS of $3-$4.
Cascade Financial (Nasdaq: CASB) 19.3% LOWER; continuing its see-saw move today. The stock jumped 30% on last Friday and Monday's trading sessions, fell 24% on Tuesday and gained another 14% yesterday. Volume remains very heavy.
Dearborn Bancorp (Nasdaq: DEAR) 18.2% LOWER; shares have tumbled below the $4 technical level today.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
Pacific Capital Bancorp (Nasdaq: PCBC) 44.8% LOWER; announced today that it has entered into a definitive agreement with SB Acquisition Company LLC, a wholly-owned subsidiary of Ford Financial Fund, L.P., for Ford to invest approximately $500 million in the Company as part of the Company’s overall recapitalization plan. As part of the definitive agreement, the parties have agreed that the Company will commence a rights offering following the closing of the Ford investment to provide shareholders of record as of the close of business on the day prior to the Closing Date the non-transferable right to purchase common stock directly from the Company at a price of $0.20 per share, which is the same per share price contemplated by the Ford investment.
EuroBancshares (Nasdaq: EUBK) 38.5% LOWER; the stock continues to vacillate around the $1 level today. After jumping more than 110% on Monday, shares sold-off 19% on Tuesday but gained 15% yesterday. Volume remains very heavy. Traders could be using this security as a way to play the debt concerns in Europe.
iRobot (Nasdaq: IRBT) 31.7% HIGHER; reports Q1 EPS of $0.24, 20 cents better than the analyst estimate of $0.04. Revenue for the quarter was $95 million, which compares to the estimate of $83.76 million. Sees Q210 EPS of $0.06 - 0.08, versus ($0.04) consensus. Also sees Q210 sales of $90 - $95 million, versus $76 million consensus. Sees FY10 EPS of $0.35 - $0.40, versus $0.23 consensus. Also sees FY10 sales of $375 - $385 million, versus $350 million consensus.
Adept Technology Inc. (Nasdaq: ADEP) 30.4% HIGHER; reports Q1 EPS of $0., cents better than the analyst estimate of ($0.07). Revenue for the quarter was $ million, which compares to the estimate of $9.4 million.
GrafTech (NYSE: GTI) 28.4% HIGHER; reports Q1 EPS of $0.25, ex-items, 5 cents better than the analyst estimate of $0.20. Revenue for the quarter was $215.7 million, which compares to the estimate of $210.16 million.
RAIT Financial Trust (NYSE: RAS) 27.6% HIGHER; reports Q1 EPS of $0.42, versus ($2.19) reported for the same period a year ago. Revenue for the quarter was $45.11 million, compared to $61.87 million in Q109.
Palm Inc. (Nasdaq: PALM) 25.2% HIGHER; Hewlett-Packard Co. (NYSE: HPQ) announced Wednesday that it has agreed to acquire Palm for approximately $1.2 billion. The deal will see HP pay $5.70 per share for each share of Palm common stock, a 23 percent premium over the closing price of the shares on Wednesday. The stock was upgraded at Kaufman and Morgan Joseph and downgraded at MKM Partners.
Harman (NYSE: HAR) 19.4% LOWER; reports Q3 adj-EPS of $0.31, 2 cents better than the analyst estimate of $0.29. Revenue for the quarter was $848 million, which compares to the estimate of $830.21 million. Sees FY13 EPS of $3-$4.
Cascade Financial (Nasdaq: CASB) 19.3% LOWER; continuing its see-saw move today. The stock jumped 30% on last Friday and Monday's trading sessions, fell 24% on Tuesday and gained another 14% yesterday. Volume remains very heavy.
Dearborn Bancorp (Nasdaq: DEAR) 18.2% LOWER; shares have tumbled below the $4 technical level today.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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