Unusual 11 Mid-Day Movers 7/1: HYGS, COIN, CIT, VSE Higher; DTG, EMKR, VLNC, AOI Lower

July 1, 2008 1:15 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) 38% LOWER; today announced that it does not expect to achieve the previously issued guidance for FY08 non-GAAP EPS of $1.00-$1.50 and Corporate EBITDA of $97-$115 million.

Hydrogenics Corp. (Nasdaq: HYGS) 25.9% HIGHER; continues to breakout today. Since Monday of last week, shares of Hydrogenics are up more than 110%.

EMCORE Corporation (Nasdaq: EMKR) 20% LOWER; yesterday announced that it has agreed to sell 2 million shares of Series D Preferred Stock of WorldWater & Solar Technologies Corporation (OTC: WWAT), together with 200,000 Warrants, to The Quercus Trust, a major shareholder of both EMCORE and WorldWater, at a price equal to $6.54 per share of the Series D Preferred Stock.

Converted Organics (Nasdaq: COIN) 18% HIGHER; after heading into the red just after the market opened this morning, shares spiked after the company was highlighted on CNBC.

Valence Technology, Inc. (NASDAQ: VLNC) 17.6% LOWER; today announced that the company has been added to the broad-market Russell 3000(R) Index, as well as the Russell 2000(R) Index, and the Russell 2500(R) Index. Valence also remains listed on the Russell Microcap(R) Index. Shares may be correcting again today after the stock rose more than 30% on Thursday and Friday of last week.

Alliance One International, Inc. (NYSE: AOI) 16.8% LOWER; reports FY08 EPS of $0.19, compared to ($0.25) last year. Revenues came in at $2.01 billion, compared to $1.98 billion in '07.

CIT Group Inc. (NYSE: CIT) 14.7% HIGHER; agreed to sell its Home Lending business, consisting of $9.3 billion in assets and related servicing operations, to Lone Star Funds for $1.5 billion in cash and the assumption of $4.4 billion of outstanding debt and other related liabilities. In a separate transaction, CIT agreed to sell its approximately $470 million manufactured housing portfolio to Vanderbilt Mortgage and Finance, Inc. for approximately $300 million. Net cash proceeds from the two transactions are expected to be approximately $1.8 billion. In the second quarter of 2008, CIT expects to record an estimated pretax loss for the Home Lending segment of approximately $2.5 billion ($2.0 billion after tax).

SuperGen Inc. (Nasdaq: SUPG) 14.6% LOWER; yesterday announced that data from a trial on Dacogen(R) did not demonstrate a statistically significant advantage compared to best supportive care, the primary endpoint of the study.

VeraSun Energy (NYSE: VSE) 12% HIGHER; today announced that its Chairman, Gordon Ommen, has resigned from the company. VeraSun's Board has named Duane Gilliam to assume the role of Chairman.

Balchem Corp. (NASDAQ: BCPC) 10.7% HIGHER; will replace IDEXX Laboratories (Nasdaq: IDXX) in the S&P SmallCap 600.

VF Corporation (NYSE: VFC) 3.4% HIGHER; sees Q2 EPS exceeding its prior guidance of about $0.80 by 10-12% due to stronger earnings from operations and a net favorable benefit from the resolution of various tax matters.

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Standard & Poor's
• Lone Star Funds

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?