Unusual 11 Mid-Day Movers 9/18: MEG, FPP, VSE, MBHI Higher; GNW, CPST, STT, SRDX Lower
Media General, Inc. (NYSE: MEG) 39.2% HIGHER; yesterday reported August sales of $65.7 million, compared to $68.8 million in the same month last year.
Genworth Financial (NYSE: GNW) 37.5% LOWER; after hitting a new 52-week low yesterday, shares are continuing to slide in today's trading session. The stock is also seeing very heavy volume: Genworth shares have already traded 9 million times, much higher than its average daily volume of 6.3 million.
Capstone Turbine Corporation (NASDAQ: CPST) 26.3% LOWER; announced a registered offering of 21,485,660 shares of common stock and warrants to purchase an additional 6,445,698 shares of common stock. Pursuant to the offering, Capstone Turbine will issue units at $14.90 per unit consisting of ten shares of common stock and warrants to purchase three shares of common stock.
Fieldpoint Petroleum (AMEX: FPP) 26.6% HIGHER; with crude bouncing off its recent lows set just under $91, the speculative oil stocks are coming back into play.
State Street (NYSE: STT) 26% LOWER; is under heavy pressure today on fears the freezing up of the short-term credit market will have a negative impact on the company's ability to roll over commercial paper and its exposure to money market funds.
SurModics, Inc. (Nasdaq: SRDX) 25.8% LOWER; announced that Merck & Co. (NYSE: MRK) has notified the company that it will discontinue the License and Research Collaboration Agreement the companies signed in June 2007. Merck's decision triggers an additional $9 million payment to SurModics from Merck.
VeraSun Energy (NYSE: VSE) 25% HIGHER; after dropping more than 70% yesterday, shares of VeraSun appear to be bouncing today after so much selling yesterday.
Midwest Bank Holdings (Nasdaq: MBHI) 22.1% HIGHER; shares are correcting today after the stock fell more than 33% during yesterday's trading session.
General Growth Properties Inc. (NYSE: GGP) 19.7% LOWER; announced yesterday night that it has secured more mortgage funding. Wachovia said this is a mixed blessing as they suspect weak debt service coverage may be the trigger.
Washington Mutual (NYSE: WM) 15.4% HIGHER; reports Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) have now expressed interest in Washington Mutual. Goldman Sachs was been hired as WaMu's advisor.
China Unicom (NYSE: CHU) 11.5% HIGHER; shares are bouncing today on news that shareholders of the company and China Netcom (NYSE: CN) have approved the proposed merger of the two telecom companies.
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