Unusual 11 Mid-Day Movers 9/22: SIL, SSN, PDO, AIG Higher; AGM, ANPI, GNW, MI Lower

September 22, 2008 12:52 PM EDT

Apex Silver Mines (AMEX: SIL) 64.8% HIGHER; the price of silver for October delivery has spiked nearly 8% today as commodities across the board are moving significantly higher.

Federal Agricultural Mortgage Corp. (NYSE: AGM) 47% LOWER; in a Form 8-K filed this morning, Farmer Mac disclosed that it owns as part of its portfolio of non-program investments $60 million principal amount of senior debt securities issued by Lehman Brothers, of which $40 million matures in November 2009 and $20 million matures in May 2010.

Samson Oil (AMEX: SSN) 37.5% HIGHER; with crude oil currently up more than $4.50 today, traders are coming back to the speculative oil plays.

Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI) 30.4% LOWER; today announced that it is pursuing various initiatives to reduce operating costs and to further focus its business efforts, pending continued exploration of alternatives to the Company's balance sheet and current capital structure. Options to be explored, among others, include determining whether the Company will be able to consummate its previously announced transaction with Ares Management and New Leaf Venture Partners, or other potential transaction alternatives with Ares and New Leaf. In addition, Angiotech also announced plans to withdraw its outstanding tender offers for its Senior Floating Rate Notes and its Senior Subordinated Notes, pending resolution of these discussions and actions. As a result, Angiotech expects to record a significant reduction in the amount of goodwill and intangible assets held on its balance sheet during Q308.

Pyramid Oil (AMEX: PDO) 29.2% HIGHER; see Samson Oil.

AIG (NYSE: AIG) 24.2% HIGHER; following what was probably its toughest week as a publicly traded company (losing about 68% of its value), shares of AIG are bouncing as this week's trading begins.

Synutra International (Nasdaq: SYUT) 24% HIGHER; Friday after the close, announced that it has recalled U-Smart products that have been found to be contaminated with melamine, as well as all products that were produced at the same facilities in the Hebei and Inner Mongolia regions of China, where the Company believes the contaminated milk supplies originated. The Company said it is currently assessing the value of the recalled products and will provide further update when available.

Genworth Financial (NYSE: GNW) 23.7% LOWER; shares are correcting today after seeing substantial upside the last two days of trading last week: the stock bounced on Thursday after hitting a new 52-week low of $3.51 mid-day. Genworth closed last week at $15.25, marking a more than 300% return in less than two days of trading.

Secure Computing (Nasdaq: SCUR) 23.2% HIGHER; McAfee, Inc. (NYSE: MFE) announced the execution of a definitive merger agreement to acquire Secure Computing for $5.75 per common share in cash, without interest, representing an equity value for Secure Computing's common stock of approximately $413 million in the aggregate.

Marshall & Ilsley (NYSE: MI) 22% LOWER; after ending last week on a very strong note, many regional banks are giving back gains during today's trading session.

Sovereign Bancorp, Inc. (NYSE: SOV) 20% LOWER; reported that it has taken a major step to reduce risk in its investment portfolio by selling its entire portfolio of CDO's. The CDO portfolio has experienced significant volatility over the past year as a result of conditions in the credit markets. Sovereign decided to eliminate the risk of future volatility in its capital levels. The CDOs were carried at fair value on Sovereign’s balance sheet on June 30, 2008 and the unrealized loss for the CDOs of $254 million, net of taxes, was recorded in other comprehensive income within stockholders’ equity and as a result fully reflected in tangible capital levels on that date. As a result of the CDO sale, Sovereign’s tangible capital levels were reduced by an additional $136 million.

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