Unusual 11 Mid-Day Movers 9/15: NAPS, KEM, MER, MNKD Higher; LEH, ACLS, AIG, WB Lower
Lehman Brothers (NYSE: LEH) 95.4% LOWER; Files bankruptcy after unsuccessful sale efforts this weekend.
Napster Inc. (Nasdaq: NAPS) 86.8% HIGHER; Best Buy (NYSE: BBY) to acquire Napster for $2.65 per share.
Axcelis Technologies (Nasdaq: ACLS) 66.3% LOWER; in a Form 8-K, SHI announced that it will not make an offer to acquire Axcelis.
AIG (NYSE: AIG) 56.6% LOWER; the stock is absolutely plummeting today as the company scrambles to sell assets in an effort to raise more capital.
KEMET Corporation (NYSE: KEM) 26.6% HIGHER; today announced that it has sold its Wet Tantalum assets to a wholly-owned subsidiary of Vishay Intertechnology, Inc. (NYSE: VSH) for $35.2 million and other consideration in the form of a three-year term loan of $15 million.
Wachovia (NYSE: WB) 23.2% LOWER; financials are sinking amid the Lehman news.
Merrill Lynch (NYSE: MER) 24.8% HIGHER; Banc of America buy Merrill Lynch in $50 billion stock-for-stock deal.
Take-Two Interactive (Nasdaq: TTWO) 24.7% LOWER; yesterday, Electronic Arts (Nasdaq: ERTS) announced that it has terminated its bid for Take-Two.
MannKind Corp. (Nasdaq: MNKD) 15.8% HIGHER; announced today that it will present at the UBS Global Life Sciences Conference on Tuesday, September 23, 2008 at 10:00 AM ET at the Grand Hyatt in New York.
UAL Corp. (Nasdaq: UAUA) 9.7% HIGHER; crude oil has broken through the $100 level today and is currently down nearly $4 to $97.22. Additionally, analysts at UBS upgraded several airline stocks to Buy today, saying lower fuel prices are significant and could lead to better-than-expected earnings: UAL, Continental (NYSE: CAL), Delta Air Lines (NYSE: DAL), Northwest (NYSE: NWA) and US Airways (NYSE: LCC). Morgan Stanley also upgraded UAL this morning.
AMR Corp. (NYSE: AMR) 8.6% HIGHER; in addition to an upgrade over at Morgan Stanley, AMR is feeling a substantial jump on the back of drastically sliding crude prices. Also, with about 14.5% of its float shorted at the beginning of September, AMR's move today could be getting intensified by short sellers covering their downside bets.
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