Unusual 11 Mid-Day Movers 7/23: PHLY, FED, COBR, RDN Higher; PGLA, PFBC, AEHR, ANAD Lower

July 23, 2008 12:54 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Philadelphia Consolidated Holding Corp. (Nasdaq: PHLY) 63.2% HIGHER; Tokio Marine Holdings, Inc. and Philadelphia Consolidated entered into a definitive agreement under which TMHD will acquire all outstanding shares of Philadelphia Consolidated for $61.50 per share in cash. The total transaction value is approximately U.S. $4.7 billion. The transaction is expected to close in the fourth quarter of 2008.

Progen Pharmaceuticals Limited (Nasdaq: PGLA) 52.1% LOWER; today announced that it had discontinued the PI-88 phase 3 study in liver cancer. Progen confirmed its strategic direction to develop its existing portfolio of compounds and the company will actively seek to acquire additional compounds and opportunities through Merger & Acquisition activity.

FirstFed Financial Corp. (NYSE: FED) 47.4% HIGHER; this morning, the company issued an 8-K with the summary monthly financial data and preliminary quarterly loan portfolio analysis as of and for the period ended June 30, 2008.

Cobra Electronics Corporation (Nasdaq: COBR) 32.7% HIGHER; reports Q2 EPS of $0.26, compared to a loss of $0.07 in the same quarter last year. Revenues for the quarter were $34.3 million, compared to $39.2 million in Q207.

Radian Group (NYSE: RDN) 32.5% HIGHER; insurance companies are seeing upside today amid President Bush's announcement that he will drop his opposition to the housing bill, which will help struggling homeowners get new, cheaper loans and will provide backing to large mortgage players Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE).

Preferred Bank (Nasdaq: PFBC) 29.9% LOWER; reports Q2 adj-EPS of $0.18, versus the analyst estimate of $0.30.

Aehr Test Systems (Nasdaq: AEHR) 29.2% LOWER; reports Q4 EPS of $0.21 (ex-$0.53 per share tax benefit), 5 cents worse than the analyst estimate of $0.26. Revenues for the quarter were $10.9 million, versus the consensus of $11.80 million. (Note - only 1 analyst)

ANADIGICS, Inc. (Nasdaq: ANAD) 29.2% LOWER; reports Q2 EPS of $0.18, 2 cents better than the analyst estimate of $0.16. Revenues for the quarter were $80.5 million, versus the consensus of $78.19 million. Sees Q3 EPS of $0.10-$0.14, versus the consensus of $0.18.

Independent Bank Corporation (Nasdaq: IBCP) 29% HIGHER; reports Q2 EPS of $0.15, 5 cents better than the analyst estimate of $0.10.

CNH Global NV (NYSE: CNH) 28.6% HIGHER; reports Q2 EPS of $1.46, versus the analyst estimate of $1.15. Revenues for the quarter were $5.3 billion, versus the consensus of $4.85 billion. Sees FY08 EPS in the range of $3.40-$3.60, versus the consensus of $3.37.

ADC Telecom. (NASDAQ: ADCT) 20% LOWER; expects sales from continuing operations for fiscal 2008 to be in the range of $1.500-$1.520 billion. Previous annual guidance was $1.520-$1.540 billion. The Wall Street consensus is $1.53 billion.

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