Unusual 11 Mid-Day Movers 4/3: USU, MF, PCX, BMTI Higher; TGIC, XRIT, BLKB, SQNM Lower
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USEC Inc. (NYSE: USU) 34% HIGHER; is surging on no news, so today's move could be caused be a squeeze on shorts.
MF Global (NYSE: MF) 24.3% HIGHER; appears to be spiking despite no recent news.
Patriot Coal Corporation (NYSE: PCX) 21.5% HIGHER; today announced that it has signed an agreement to acquire Magnum Coal Company in a stock transaction, valued at approximately $709 million (based on Patriot's closing price today, April 2).
Triad Guaranty (Nasdaq: TGIC) 20.7% LOWER; had its credit ratings cut today by all three major credit agencies (Moody's, Fitch and S&P). Here is StreetInsider's report on Triad.
BioMimetic Therapeutics (NASDAQ: BMTI) 19.2% HIGHER; Deutsche Bank made positive comments on the stock, saying they conducted a due diligence call with Dr. Jeffrey Wieman, the Lead Investigator for the Regranex pivotal study and involved with the product since its preclinical days, to discuss recent concerns over potential Regranex cancer deaths. Based on all his work with Regranex, Dr. Weiman does not believe there is a causal relationship between Regranex (or PDGF) and carcinogenesis/cancer deaths. Also, he is actually a cancer expert and CEO of St. Luke's Cancer Institute (Univ. of Missouri) and understands the nuances of cancer mechanism/science. Deutsche reiterated its Buy rating and $22 price target on the stock.
ATS Medical, Inc. (Nasdaq: ATSI) 17.9% HIGHER; currently expects revenue for the first quarter 2008 to be between $14.6 and $14.8 million, above the Wall Street consensus of $13.73 million. The company cited higher revenue across all our business segments. CEO Michael Dale said, "ATS CryoMaze surgical ablation revenue was especially strong, up approximately 160% over the prior year's first quarter. We were also pleased with the continued increase in revenue from mechanical heart valves internationally, up approximately 32% from last year."
Syntax-Brillian (Nasdaq: BRLC) 16% HIGHER; today announced that it has formed a strategic contract manufacturing partnership with Compal Electronics.
X-Rite (Nasdaq: XRIT) 15.6% LOWER; today announced that its Q1 revs would be down about 3% from last year due to a challenging macro environment.
Blackbaud Inc. (Nasdaq: BLKB) 14.4% LOWER; Jefferies downgrades to Underperform
Sequenom, Inc. (NASDAQ: SQNM) 13.9% LOWER; said Q1 revenues will exceed revenues for the first quarter of 2007; however, while sales of MassARRAY systems in Europe and the rest of the world were in line with expectations, sales in the United States were soft. As such, the Company has revised its 2008 revenue guidance range to $50 to $53 million, from the previous guidance range of $53 to $56 million. The consensus is $55.3 million.
HNI Corporation (NYSE: HNI) 9.4% LOWER; expects Q1 revenue and operating profit in its office furniture segment to experience a significant decline over previously communicated expectations.
MF Global (NYSE: MF) 24.3% HIGHER; appears to be spiking despite no recent news.
Patriot Coal Corporation (NYSE: PCX) 21.5% HIGHER; today announced that it has signed an agreement to acquire Magnum Coal Company in a stock transaction, valued at approximately $709 million (based on Patriot's closing price today, April 2).
Triad Guaranty (Nasdaq: TGIC) 20.7% LOWER; had its credit ratings cut today by all three major credit agencies (Moody's, Fitch and S&P). Here is StreetInsider's report on Triad.
BioMimetic Therapeutics (NASDAQ: BMTI) 19.2% HIGHER; Deutsche Bank made positive comments on the stock, saying they conducted a due diligence call with Dr. Jeffrey Wieman, the Lead Investigator for the Regranex pivotal study and involved with the product since its preclinical days, to discuss recent concerns over potential Regranex cancer deaths. Based on all his work with Regranex, Dr. Weiman does not believe there is a causal relationship between Regranex (or PDGF) and carcinogenesis/cancer deaths. Also, he is actually a cancer expert and CEO of St. Luke's Cancer Institute (Univ. of Missouri) and understands the nuances of cancer mechanism/science. Deutsche reiterated its Buy rating and $22 price target on the stock.
ATS Medical, Inc. (Nasdaq: ATSI) 17.9% HIGHER; currently expects revenue for the first quarter 2008 to be between $14.6 and $14.8 million, above the Wall Street consensus of $13.73 million. The company cited higher revenue across all our business segments. CEO Michael Dale said, "ATS CryoMaze surgical ablation revenue was especially strong, up approximately 160% over the prior year's first quarter. We were also pleased with the continued increase in revenue from mechanical heart valves internationally, up approximately 32% from last year."
Syntax-Brillian (Nasdaq: BRLC) 16% HIGHER; today announced that it has formed a strategic contract manufacturing partnership with Compal Electronics.
X-Rite (Nasdaq: XRIT) 15.6% LOWER; today announced that its Q1 revs would be down about 3% from last year due to a challenging macro environment.
Blackbaud Inc. (Nasdaq: BLKB) 14.4% LOWER; Jefferies downgrades to Underperform
Sequenom, Inc. (NASDAQ: SQNM) 13.9% LOWER; said Q1 revenues will exceed revenues for the first quarter of 2007; however, while sales of MassARRAY systems in Europe and the rest of the world were in line with expectations, sales in the United States were soft. As such, the Company has revised its 2008 revenue guidance range to $50 to $53 million, from the previous guidance range of $53 to $56 million. The consensus is $55.3 million.
HNI Corporation (NYSE: HNI) 9.4% LOWER; expects Q1 revenue and operating profit in its office furniture segment to experience a significant decline over previously communicated expectations.
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