Unusual 11 Mid-Day Movers 4/6: SUMT, SAY, MGM, LGCY Higher; JAVA, GLAD, ALTI, NIHD Lower

April 6, 2009 12:46 PM EDT

SumTotal Systems Inc. (Nasdaq: SUMT) 48.3% HIGHER; In a 13D filing on SumTotal, Vista Equity Partners disclosed a $3.25 per share offer for the company.

Satyam Computer Services Ltd. (NYSE: SAY) 43.9% HIGHER; surging on news out of India's Daily News and Analysis that American billionaire Wilbur Ross and Larsen & Toubro Ltd. may make a joint bid for a controlling stake in the company. The report suggested WL Ross & Co and L&T signed a preliminary agreement last week and they may offer 20 billion rupees for at least 51% of Saytam.

MGM MIRAGE (NYSE: MGM) 37% HIGHER; hearing reports that the company could be considering the sale of some properties and also chatter of further investments in its CityCenter project. Since April 1, which was only 4 trading days ago, the stock has skyrocketed more than 160%.

Legacy Reserves LP (Nasdaq: LGCY) 29.1% HIGHER; received a proposal from Apollo Management VII, LP to acquire all of the outstanding units of Legacy Reserves LP at a cash purchase price of $14.00 per unit, subject to adjustment for any distributions paid to the partnership's limited partners. Click here for the full report.

First Marblehead Corp. (NYSE: FMD) 25.9% HIGHER; spiking on heavier-than-normal volume today. Earlier, the company announced that it sold its ownership interest in NC Residuals Owners Trust which it said will reduce further tax obligations and generate a cash refund for taxes previously paid.

Sun Micro (Nasdaq: JAVA) 24.7% LOWER; according to reports from the Wall Street Journal, merger talks between IBM (NYSE: IBM) and JAVA were close to unraveling after Sun's board rejected a formal acquisition offer by IBM. On Sunday, IBM withdrew its offer to buy Sun, according to a person familiar with the matter. Another person said the situation was "fluid" and advisers were still in touch by telephone.

Gladstone Captial (Nasdaq: GLAD) 20.7% LOWER; downgraded from Hold to Sell at Stifel Nicolaus this morning. The firm expects Gladstone to cut its current dividend of $0.14 by 30-40% given worries related to ongoing negotiations related to the maturity of Gladstone's credit facility with Deutsche Bank. A reduced level of credit under the facility would hamper GLAD's "ability to borrow in order to make new investments and pay the portion of the dividend that exceeds quarterly earnings."

Altair Nanotechnologies (Nasdaq: ALTI) 19.6% LOWER; shares appear to be correcting today following a more than 120% run-up since the end of March when the stock was trading around $0.66. Since March 23, shares of Altair have only traded lower on one day.

NII Holdings, Inc. (Nasdaq: NIHD) 19.5% LOWER; today announced its net subscriber results for the quarter ended March 31, 2009. For the quarter the Company added 266,000 net subscribers to its network. Net subscriber additions for the quarter were below Company expectations due to weakening economic conditions during the quarter, particularly in Mexico, which resulted in higher customer churn rates and lower gross subscriber additions than were previously anticipated. As a result of these numbers, NII lowers its FY09 net subscriber additions from 1.275-1.35 million to 1.1-1.2 million.

Ford (NYSE: F) 15.4% HIGHER; announced the successful completion of debt restructuring initiatives that will reduce Ford's Automotive debt by $9.9 billion from $25.8 billion at December 31, 2008, and lower Ford's annual cash interest expense by more than $500 million based on current interest rates. Click here for the full report.

Rio Tinto (NYSE: RTP) 13.3% LOWER; SocGen downgrades the mining giant from Buy to Hold. The commodities complex is moving sharply lower this morning, likely correcting following last week's jump on news that China's manufacturing output expanded in March.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

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