Unusual 11 Mid-Day Movers 9/19: ETEL, PMI, GNW, WB Higher; WAL, NCT, FXP, SKF Lower

September 19, 2008 12:45 PM EDT

eTelecare Global Solutions (NASDAQ: ETEL) 65.7% HIGHER; today announced that it has entered into a definitive agreement by which affiliates of Ayala Corporation and Providence Equity Partners will commence a tender offer in the Philippines and the US to acquire all of the company's ADSs for US$9 per share.

PMI Group (NYSE: PMI) 46.7% HIGHER; PMI was 1 of the 799 companies which the SEC is no longer allowing to be shorted.

Genworth Financial (NYSE: GNW) 32% HIGHER; Genworth was also on the SEC's no short-sale list.

Wachovia (NYSE: WB) 31.6% HIGHER; financials are absolutely skyrocketing today following the governments announcement that it is working on massive plan to fix the current financial crisis.

Washington Mutual (NYSE: WM) 30.4% HIGHER; with shares of WaMu down more than 50% over the last 2 weeks, shares have bounced the last two days, taking back almost all the losses since the beginning of September.

SLM Corp. (NYSE: SLM) 29.3% HIGHER; also in the SEC list.

Western Alliance Bancorp (NYSE: WAL) 25.4% LOWER; fundamentals are out the window in today's market. Today's move appears to be a slight correction after the stock jumped from $16 to nearly $28 in the last hour of trading.

Newcastle Investment Corp. (NYSE: NCT) 23.9% LOWER; similar story as Western Alliance: the stock spiked yesterday just before the close.

UltraShort FTSE/Xinhua China 25 ProShares (AMEX: FXP) 22.9% LOWER; with the FTSE rising the most in history today (nearly 9% at the close), this ETF, which bets on the downside of the index, as well as a top fund in China, is getting killed today.

UltraShort Financials ProShares (AMEX: SKF) 20.3% LOWER; yesterday, after the initial announcement that Treasury Secretary Paulson could be eyeing an "RTC-type" mechanism to help out the current financial crisis, this ETF started dropping from $150, closing the day under $120. The ETF gapped under the $100 level to open today's trading session. Amex halted the ETF earlier because counterparties could not be located.

IHS Inc. (NYSE: IHS) 12.8% LOWER; signed a definitive agreement to acquire Global Insight, Inc. for $200 million. The transaction will be completed with approximately 60% cash and 40% IHS common stock.

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• Wachovia
• Providence Equity Partners

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