Unusual 11 Mid-Day Movers 5/30: LGND, QNTA, MRVL, PVA Higher; MDCI, JCG, SIGM, DLIA Lower

May 30, 2008 1:07 PM EDT

Ligand Pharmaceutical (Nasdaq: LGND) 53.6% HIGHER; shares have spiked intraday as a member of the U.S. Advisory Panel has suggested that one of Ligand's new drugs for a rare bleeding disorder could be approved with safety warnings.

Quanta Capital Holdings Ltd. (NASDAQ: QNTA) 38.8% HIGHER; entered into a definitive amalgamation agreement with Catalina Holdings (Bermuda) Ltd. and Catalina Alpha Ltd. Pursuant to the amalgamation agreement, Catalina will acquire Quanta in a transaction valued at approximately $197 million. At the closing of the proposed amalgamation, holders of the common shares of Quanta will receive $2.80 per share in cash. Quanta Capital closed at $1.88 yesterday.

Marvell (Nasdaq: MRVL) 23.2% HIGHER; reports Q1 EPS of $0.11, ($0.24 non-GAAP) versus the analyst estimate of $0.13. Revenues for the quarter were $804 million, versus the consensus of $783.56 million. JP Morgan and Oppenheimer upgraded the stock to Overweight and Outperform, respectively.

Medical Action Industries Inc. (Nasdaq: MDCI) 20.4% LOWER; reports Q1 EPS of $0.18, 3 cents lower than the analyst estimate of $0.21. Revenues for the quarter were $72.09 million, versus the consensus of $76.64 million.

J. Crew (NYSE: JCG) 18.4% LOWER; reports Q1 EPS of $0.48, 1 cents better than the analyst estimate of $0.47. Revenues for the quarter were $340.6 million, versus the consensus of $334.64 million. Sees Q2 EPS of $0.31-0.33, versus the consensus of $0.40. Sees FY EPS $1.70-$1.75, versus prior guidance of $1.85-$1.87 and the consensus of $1.86.

Sigma Designs (Nasdaq: SIGM) 18% LOWER; reports Q1 EPS of $0.40, 2 cents worse than the analyst estimate of $0.42. Revenues for the quarter were $56.9 million, versus the consensus of $60.12 million.

Penn Virginia Corporation (NYSE: PVA) 16.2% HIGHER; today announced successful results from horizontal drilling at its Lower Bossier (Haynesville) Shale test well.

Delia*s (Nasdaq: DLIA) 16% LOWER; reports a Q1 loss of $0.13. 5 cents worse than the analyst estimate of ($0.08). Revenues for the quarter were $63.5 million, versus the consensus of $64.13 million.

Wind River (Nasdaq: WIND) 14.7% HIGHER; reports Q1 EPS of $0.09, 7 cents better than the analyst estimate of $0.02. Revenues for the quarter were $87.9 million, versus the consensus of $80.94 million. Sees FY revs of $365-$375 million, versus the consensus of $368.6 million. FY EPS are expected to be $0.48-$0.50, versus $0.44.

Sourcefire Inc. (Nasdaq: FIRE) 14.6% HIGHER; Barracuda Networks offered to acquire all of the outstanding shares of common stock for $7.50 per share in cash. Since, Sourcefire has rejected Barracuda's initial offer, saying the offer substantially undervalues the company.

QAD Inc. (Nasdaq: QADI) 6.6% LOWER; reports a Q1 loss of $0.02, 5 cents worse than the analyst estimate of $0.03. Revenues for the quarter were $66.8 million, versus the consensus of $63.90 million. Sees Q2 revs of $67-$70 million, versus the consensus of $69.05 million. Earnings are expected to be a slight loss to breakeven, versus the Street estimate of $0.10. FY09 revs are expected to be in the range of $280-$290 million, versus $280 million. EPS are expected to be $0.18-$0.26, versus $0.43.

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