Unusual 11 Mid-Day Movers 7/14: HITK, NOVN, NSU, IMMU Higher; SBGI, CPF, HNT, COBZ Lower
Hi Tech Pharmacal Co. Inc. (Nasdaq: HITK) 35.5% HIGHER; reports Q4 EPS of $0.45, versus the consensus of $0.20 (one analyst) and $0.02 last year. Revenues rose 83% to $38.3 million versus the consensus of $29.2 million.
Sinclair Broadcast Group (Nasdaq: SBGI) 31.5% LOWER; continuing lower today following a 21% slide yesterday. Late Friday, Sinclair said in an SEC filing that it may be forced to voluntarily file for Chapter 11 Bankruptcy.
Noven Pharmaceuticals, Inc. (NASDAQ: NOVN) 22.1% HIGHER; and Hisamitsu Pharmaceutical Co., Inc. have entered into a definitive merger agreement pursuant to which Hisamitsu has proposed to acquire Noven for total cash consideration of approximately $428 million, or $16.50 per share, in an all-cash tender offer for 100% of the outstanding shares of Noven. Here is the full report.
Central Pacific Financial Corp. (NYSE: CPF) 21.8% LOWER; announced that it has commenced a public offering of its common stock to raise gross proceeds of up to $100.0 million in an underwritten public offering through Sandler O'Neill + Partners, L.P.
Nevsun Resources Ltd. (Amex: NSU) 18.4% HIGHER; last night announced that its Bisha Project in Eritrea has received all required credit approvals from the project finance lenders for debt facilities totaling $235 million.
Immunomedics (Nasdaq: IMMU) 16.6% HIGHER; getting a boosted today from new coverage over at Brean Murray with a Buy rating. The firm said the stock is "significantly undervalued" and set an $8 price target on shares of Immunomedics. Click here to see some more color on the new coverage.
USEC Inc. (NYSE: USU) 15.6% HIGHER; is seeing significant upside action on extremely heavy volume today. We are not hearing any news today, but as the stock pushed -- and held -- over the $5 level yesterday, technicians may be viewing the move as a breakout to the upside.
Health Net, Inc. (NYSE: HNT) 22.2% LOWER; getting crushed today following news after the close that the managed care company lost the Department of Defense TRICARE contract awards covering 9.4 million military personnel and dependents.
Excel Maritime Carriers (NYSE: EXM) 14% HIGHER; the entire dry bulk shipping sector is spiking today as the Baltic Dry Index has jumped by 122 points, or about 4%.
CoBiz Financial Inc. (Nasdaq: COBZ) 13.4% LOWER; reports Q2 loss of $0.72, versus the analyst estimate of ($0.45). Revenue for the quarter was $32.84 million, versus the consensus of $34.24 million. Separately, CoBiz also announced that it has commenced an offering of approximately $45 million of its common stock in an underwritten public offering through Keefe, Bruyette & Woods. The Company intends to grant the underwriter an option to purchase up to an additional 15% of common stock sold in the offering to cover over-allotments, if any.
Take-Two Interactive Software, Inc. (NASDAQ: TTWO) 10.2% LOWER; Lowers its Q3 loss estimate from $0.55-$0.65 to a loss of $0.65-$0.75, which compares to the Street estimate looking for a loss of $0.54. Sales for the quarter move from $145-$165 million to $120-$130 million, versus the $162.23 million analysts are looking for. For Q4, Take-Two sees a gain of $0.30-$0.40, versus the consensus of $1.15. Sales for the quarter are expected to be in the range of $350-$400 million, versus the Street estimate of $471.14 million. Taking a look at FY09, the company's non-GAAP estimate moves from breakeven to a gain of $0.20 to a loss of $0.80-$0.95, which compares to the analyst consensus of a $0.07 gain. Sales move from $1.05-$1.15 billion to $960 million-$1 billion. The Street is currently expecting FY09 sales of $1.12 billion.
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