Unusual 11 Mid-Day Movers 7/17: CIT, FPBN, BCRX, CHINA Higher; WAVX, WL, ANGO, MI Lower

July 17, 2009 1:10 PM EDT

CIT Group, Inc. (NYSE: CIT) 101% HIGHER; spikes higher mid-day on reports the company the company is in talks with JPMorgan Chase and Goldman Sachs for short-term financing.

1st Pacific Bancorp (Nasdaq: FPBN) 80.9% HIGHER; First Business Bank (OTC: FBBN) and 1st Pacific today announced that they have signed a definitive merger agreement under which 1st Pacific Bank of California, 1st Pacific Bancorp's banking subsidiary, will merge with First Business Bank.

BioCryst Pharmaceuticals (Nasdaq: BCRX) 41% HIGHER; announced positive results from two Phase 3 studies of intravenous peramivir in patients with seasonal influenza. The studies were sponsored by BioCryst's partner Shionogi & Co., Ltd. of Osaka, Japan and conducted during the 2008-2009 influenza season. Shionogi and Green Cross Corporation, the license holder of peramivir in Korea, co-conducted the portion of the studies in Korea. Click here for the full report.

CDC Corp. (Nasdaq: CHINA) 20.1% HIGHER; continuing higher today following news yesterday of its proposed IPO for its software unit, which is expected to price in the range of $11-$13. Adding to upside today, WAVX) 16.4% LOWER; announced that it is selling to investors 3,448,042 shares of its Class A common stock at a price of $0.92 per share, yielding gross proceeds of $3,172,199. Investors in the offering will also receive warrants to purchase an aggregate of 1,724,024 shares of Wave's Class A common stock for $1.155 per share.

Wilmington Trust Corporation (NYSE: WL) 16% LOWER; said Q2 EPS will be lower than market expectations, citing 1. An expected increase in the provision for loan losses from $29.5 million for the 2009 first quarter to approximately $54 million. 2. An expected pre-tax charge of approximately $23 million for other-than-temporary impairments on pooled trust-preferred investment securities. 3. A special assessment by the FDIC of approximately $5 million. (This special assessment, which the FDIC levied industry-wide, is in addition to regular insurance premiums.)

Uranium Resources (Nasdaq: URRE) 14.2% HIGHER; shares have spiked mid-day on the back of news that the company has entered into a definitive agreement to purchase from NZ Uranium, LLC 113,000 acres of mineral rights in the Crownpoint area of New Mexico. Closing of the transaction is subject to receipt of a title report and satisfaction of standard closing conditions. It is expected to occur by mid August. The company has estimated that the properties could hold 35 million pounds of uranium.

AngioDynamics (Nasdaq: ANGO) 13.1% LOWER; reports Q4 EPS of $0.32, ex-items, versus the analyst estimate of $0.15. Revenue for the quarter was $52.8 million, versus the consensus of $53.45 million. Sees FY10 sales of $209-$215 million, versus the consensus of $215.18 million, with GAAP EPS of $0.43-$0.47, including a $0.24 EPS impact from IRE investments. The Street is currently looking for FY10 EPS of $0.59.

Marshall & Ilsley Corporation (NYSE: MI) 11.7% LOWER; reports Q2 loss of $0.50, 19 cents better than the analyst estimate of ($0.69) and compared to a loss of $1.52 in the same quarter last year. Revenue for the quarter was $398.5 million, versus the consensus of $586.03 million.

Regency Centers Corporation (NYSE: REG) 10.8% LOWER; announced today that its co-investment partner, Macquarie CountryWide Trust, has agreed to sell its interest in Macquarie CountryWide-Regency II, LLC, an existing co-investment partnership between MCW and Regency. In conjunction with the sale, Regency has an option to increase its ownership in MCW II from 25 to 40%. Lowers Q2 results before impairment charges from $0.74-$0.79 to $0.60-$0.62. Sees FFO of $0.23-$0.25. Sees FY09 FFO of $2.39-$2.53.

Cytec Industries (NYSE: CYT) 10.5% HIGHER; reports Q2 adj-loss of $0.01, 2 cents worse than the analyst estimate of $0.01 and compared to a gain of $1.20 in the same quarter last year. Revenue for the quarter was $685.3 million, versus the consensus of $660.33 million. Affirms its previously issued FY09 adj-EPS guidance of $0.60-$0.90, versus the consensus of $0.69.

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

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