Unusual 11 Mid-Day Movers 4/8: NTRI, LAYN, AGEN, PSTI, FCSX Higher; GRO, FMD, WM Lower

April 8, 2008 1:16 PM EDT

Agria Corporation (NYSE: GRO) 36.3% LOWER; COO Resigns. Also said independent auditors have been unable to begin their audit of the Company's financial statements for 2007. Given the substantial delay in the commencement of the audit process, there is a risk that the Company may not be able to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2007 by June 30, 2008. The Company is retracting its prior guidance for the fourth quarter of 2007 and first quarter and full year of 2008 as provided in a press release on February 25, 2008.

First Marblehead Corporation (NYSE: FMD) 35% LOWER; Education Resources Institute (TERI), a non-profit guarantor of private student loans, filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Massachusetts. The First Marblehead Corporation has been in a strategic alliance with TERI since 2001.

NutriSystem, Inc. (NASDAQ: NTRI) 28.7% HIGHER; announced that Joseph Redling, President and Chief Operating Officer, will succeed Michael J. Hagan as Chief Executive Officer, effective May 1, 2008, and has been elected to the Board of Directors effective immediately. Mike Hagan, who has led the Company as Chairman and Chief Executive Officer since 2002, will become non-executive Chairman effective May 1, 2008, and will remain an employee of the Company. NutriSystem also said it sees Q1 revenues of $216 million (consensus is $203.5 million) and operating profit of between $21 million and $24 million. NutriSystem purchased 3.3 million shares, or almost 10% of outstanding shares, for $45 million through the quarter end.

Layne Christensen Co. (Nasdaq: LAYN) 21.4% HIGHER; reports Q4 EPS of $0.50, above the consensus of $0.38. Revenues came in at $223.6 million, versus the consensus of $215.3 million.

Antigenics Inc. (NASDAQ: AGEN) 19.8% HIGHER; announced that the Russian Ministry of Public Health has issued a registration certificate for the use of Oncophage in the treatment of kidney cancer patients at intermediate risk for disease recurrence.

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Trinity Biotech plc (Nasdaq: TRIB) 18% LOWER; obtained commitments from a select group of institutional investors in the USA to purchase approximately 1.8 million American Depositary Shares at a price of $3.92 per ADS in a registered public offering. This represents a discount of 15% to the closing price on NASDAQ on April 7, 2008.

Pluristem Therapeutics Inc. (NASDAQ: PSTI) 12.9% HIGHER; continues to see upside momentum after yesterday's results from Fraunhofer Institute's additional pre-clinical study utilizing the Company's proprietary PLacental eXpanded cells in treating ischemic stroke showed statistical significance utilizing functional as well as anatomical endpoints. Notably, shares of Pluristem gapped higher from yesterday's close, but have traded relatively flat intraday.

FCStone Group (Nasdaq: FCSX) 12% HIGHER; is spiking today despite no company specific news today.

Repligen Corporation (Nasdaq: RGEN) 11.2% HIGHER; today announced that it has reached a settlement with Bristol-Myers Squibb Company (NYSE: BMY) in its lawsuit alleging infringement of U.S. Patent No. 6,685,941 ("the '941 patent"), based on Bristol-Myers Squibb's sale of Orencia® for the treatment of rheumatoid arthritis. The settlement provides for Bristol-Myers Squibb to make an initial payment of $5 million and to pay royalties on the U.S. net sales of Orencia for any clinical indication at a rate of 1.8% for the first $500 million of annual sales, 2.0% for the next $500 million of annual sales and 4% of U.S. annual sales in excess of $1 billion for each year from January 1, 2008 until December 31, 2013.

Quantum Fuel Systems Technologies Worldwide (Nasdaq: QTWW) 11.1% LOWER; in a Form 8-K issued last night, the Company issued FY08 revenue guidance in the range of $75-$80 million, versus the Street consensus is $71.94 million. As Quantum reported FY07 revenues of $146.68 million, this year's sales would be a considerable drop from last year.

Washington Mutual, Inc. (NYSE: WM) 9.6% LOWER; today announced that it has entered into definitive agreements to raise an aggregate $7 billion through direct sale of equity securities to an investment vehicle managed by TPG Capital, and to other investors, including many of WaMu’s top institutional shareholders. Also, WaMu's Board cut its quarterly dividend from $0.15 to $0.01 per common share. This move is expected to preserve approximately $490 million of capital annually. Finally, WaMu sees a Q1 net loss of $1.1 billion, or $1.40 per diluted share.

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