Unusual 11 Mid-Day Movers 7/7: RDN, APPX, IGLD, MPG Higher; VRTU, ININ, FBN, OFIX Lower

July 7, 2008 12:18 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Radian Group (NYSE: RDN) 48% HIGHER; this morning announced that Teresa Bryce has been appointed to the position of President of Radian Guaranty, effective immediately.

APP Pharmaceuticals, Inc. (Nasdaq: APPX) 33% HIGHER; and Fresenius SE (XETRA: FRE) entered into a definitive merger agreement pursuant to which Fresenius will acquire APP. Under the terms of the agreement, Fresenius will acquire the outstanding common stock of APP for $23.00 in cash per share plus a contingent value right that could deliver up to an additional $970 million, or $6.00 per share in cash, if the financial results of the Company meet certain targets. APP Pharmaceuticals closed at $17.82 on Friday.

Virtusa Corporation (NASDAQ: VRTU) 28.7% LOWER; expects to report Q1 revenue in the range of $42.0 to $42.5 million and GAAP net earnings per diluted share of approximately $0.00 to $0.03. The Wall Street consensus is $45.5 million and $0.15 (EPS may not compare).

Interactive Intelligence (Nasdaq: ININ) 24.1% LOWER; reports preliminary Q2 EPS in the range of $0.12 and $0.14, compared to the analyst estimate of $0.17. Revenues for the quarter are expected to be $30-31 million, versus the consensus of $31.84 million.

Internet Gold Golden Lines Ltd. (NASDAQ: IGLD) 20% HIGHER; today announced that its Board has authorized the repurchase of up to approximately $21 million of the Company's ordinary shares.

Maguire Properties (NYSE: MPG) 16.7% HIGHER; shares have spiked intraday on news that Daniel Loeb's Third Point LCC, an 8.8% holder, said they are in receipt of a letter indicating that a viable third party recently approached the Company with a proposal to acquire all of the outstanding shares of the Company for approximately $20 per share in cash.

Furniture Brands (NYSE: FBN) 16.7% LOWER; no company specific news was released today that could explain the move.

Smurfit-Stone Container Corp. (Nasdaq: SSCC) 16.3% HIGHER; Credit Suisse upgrades Smurfit-Stone from Neutral to Outperform.

Pier 1 Imports Inc. (NYSE: PIR) 15% HIGHER; there are a few insider purchases being reported that could explain today's upside. Pier 1 director, John Borgoyne, bought 6,000 shares on 07/02 at $3.37. In addition, VP, Jay Jacobs, bought 10,000 shares on 7/2 at $3.39-$3.40.

Orthofix International (NASDAQ: OFIX) 13% LOWER; Wachovia downgrades the company from Outperform to Market Perform with a $28 to $31 valuation range. The firm lowers their 2008/2009 EPS estimates from $2.00/$2.40 to $1.61/$2.15.

Marshall & Ilsley Corporation (NYSE: MI) 8.3% LOWER; intends to increase its allowance for loan and lease losses due to the continuing deterioration in the housing market. M&I expects to take a 2008 second quarter provision of up to $900 million (up to $575 million after-tax, or $2.22 per common share). This provision is expected to be approximately $485 million in excess of expected 2008 second quarter charge- offs of up to $415 million. The Corporation expects to have an allowance to loan ratio of approximately 2% at June 30, 2008. As a result of these actions, M&I expects to report a 2008 second quarter net loss in the range of $1.50 to $1.60 per common share. The Wall Street consensus is a profit of $0.34 per share.

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Related Entities

• Daniel Loeb
• Credit Suisse
• Wachovia
• Third Point LLC

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