Unusual 11 Mid-Day Movers 8/20: ANIK, AIG, FRZ, BONT Higher; CERS, AVII, STSA, QUIX Lower

August 20, 2009 1:37 PM EDT

Anika Therapeutics, Inc. (Nasdaq: ANIK) 44% HIGHER; announced that it has received Health Canada approval for MONOVISC(TM), its single injection viscosupplement approved for the treatment of osteoarthritis of the knee. Anika expects to launch MONOVISC this month through its long-term ORTHOVISC(R) distribution partner in Canada, Rivex Pharma Inc., the specialty drug distribution division of Aurora, Ontario-based Helix BioPharma Corp. MONOVISC has been broadly available in the European Union since the second quarter of 2008.

AIG (NYSE: AIG) 25.4% HIGHER; jumping on reports that the new CEO said that he expects the company to be able to payback the U.S. government. In an interview, CEO Robert Benmosche said, "At the end of the day, we believe we will be able to pay back the government and we hope we will be able to do something for our shareholders as well." Click here to see the full report.

Reddy Ice Holdings, Inc. (NYSE: FRZ) 25.1% HIGHER; continuing higher following yesterday's 34% jump. Late last night, the company announced that certain officers of the company have established pre-arranged personal stock trading plans, or amended their pre-existing, pre-arranged personal stock trading plans, with brokerage firms under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Cerus Corporation (NASDAQ: CERS) 24% LOWER; has entered into definitive agreements with selected investors to sell 6,000,000 units, with each unit consisting of (i) one share of the Company's common stock and (ii) a warrant to purchase 0.4 of a share of the Company's common stock for gross proceeds of approximately $13.2 million in a "registered direct" offering. The Company estimates that net proceeds from the offering will be approximately $12.2 million, after deducting placement agent fees and estimated offering expenses. The investors have agreed to purchase the units at a purchase price of $2.20 per unit.

AVI BioPharma, Inc. (NASDAQ: AVII) 23.6% LOWER; announced that it intends to offer shares of its common stock and warrants to purchase shares of its common stock in a public offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed.

The Bon-Ton Stores, Inc. (NASDAQ: BONT) 21% HIGHER; reports a Q2 loss of $2.04 vs. consensus for $2.24 loss - may not be comparable. Revenues were $609.2 million compared with $673.4 million in the second quarter of fiscal 2008. (As previously disclosed, in the second quarter of fiscal 2008 the Company recorded a pre-tax charge of $17.8 million to write-off the value of goodwill. On an after-tax basis, this equated to $12.0 million, or a charge of $0.72 per share)

Sterling Financial Corporation (NASDAQ: STSA) 20.7% LOWER; today announced that, as part of its ongoing strategy to manage through the current economic cycle, it has deferred regularly scheduled interest payments on its outstanding junior subordinated notes relating to its trust preferred securities. Sterling also announced the deferral of regular quarterly cash dividend payments on its $303 million in preferred stock. Sterling is allowed to defer payments of interest on the junior subordinated notes for up to 20 consecutive quarterly periods without default.

Quixote Corporation (Nasdaq: QUIX) 20.6% LOWER; reports Q4 EPS of $0.07, 7 cents lower than the analyst estimate of $0.14. Revenue for the quarter was $26.79 million, versus the consensus of $30.70 million.

ReneSola Ltd (NYSE: SOL) 19.4% HIGHER; announced it has been granted the exclusive right in a letter of intent with the Taiyangshan Development Zone in Wuzhong city, Ningxia Hui Autonomous Region, to develop a 150 megawatt on-grid solar power project with a budgeted total investment of approximately $706 million. The project, which is subject to a feasibility study and government permits and approvals, has a four-year, four-phase construction period that is expected to begin in 2010. The stock was also added to Goldman Sach's Conviction Buy list.

Freddie Mac (NYSE: FRE) 17.4% HIGHER; as AIG is surging on hopes that it will be able to repay government bailout funds soon, traders may be buying shares of Freddie, and, likewise, Fannie Mae (NYSE: FNM) (up 16%) on similar hopes.

Citi Trends, Inc. (Nasdaq: CTRN) 12.5% LOWER; reports Q2 EPS of $0.00, 5 cents lower than the analyst estimate of $0.05. Revenue for the quarter was $111.6 million, versus the consensus of $124.70 million. Same store sales fell 12.4% during the quarter. Revises its FY09 EPS guidance to $1.28-$1.33. Also downgraded to Neutral at MKM Partners.

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

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Goldman Sachs Conviction Buy List
• Citi
• Dividend
• Unusual 11 Mid-Day Movers

Add Your Comment

Name

Subject

Body

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