Unusual 11 Mid-Day Movers 1/5: FIG, MNI, NSTR, CTDC Higher; CNMD, DGII, CKEC, SNV Lower

January 5, 2009 1:01 PM EST

Fortress Investment Group (NYSE: FIG) 79.5% HIGHER; shares are ripping today on very, very heavy volume despite no news. The stock has seen unusual volume for the last week or two, and continues today, already trading more than 5 million shares by 12:30 ET, which is about 5 times its average daily volume of 1.31 million shares.

McClatchy Company (NYSE: MNI) 45% HIGHER; continuing higher today but not hearing any news that would justify today's rally on strong volume. Shares of McClatchy rose more than 36% on Friday. With about 22.5% of its float shorted during December, today's move could be the result of short sellers covering their downside bets.

Northstar Neuroscience, Inc., (Nasdaq: NSTR) 37.5% HIGHER; announced that its Board of Directors has determined, in its best business judgment after consideration of potential strategic alternatives, that it is in the best interests of the Company and its shareholders to liquidate the Company's assets and to dissolve the Company.

China Technology Development Group Corp. (NASDAQ: CTDC) 30.3% HIGHER; continuing higher today following news Friday that the company will build a 30MW on-grid solar power station in China's Qaidam Basin. The project is expected to be the largest on-grid solar power station in China.

CONMED Corporation (Nasdaq: CNMD) 28.9% LOWER; said Q4 sales will be approximately 9% lower than previously anticipated due to unfavorable foreign currency exchange fluctuations and lower than anticipated sales volumes for capital equipment. CONMED said fourth quarter 2008 sales are expected to approximate $176 - $178 million, versus the consensus of $195.6 million. CONMED said full year 2008 sales are expected to approximate $739 - $741 million, versus the consensus of $758.5 million.

Multi-Fineline Electronix, Inc. (Nasdaq: MFLX) 28.2% HIGHER; updated guidance for the first quarter ended December 31, 2008, which includes expected net sales of approximately $215 million and a gross margin percentage in the 14 to 16 percent range. The Wall Street consensus for sales is $194.3 million. Multi-Fineline said its current business outlook indicates that strong customer demand for its products is continuing into the fiscal second quarter. In addition, MFLEX also announced that its board of directors has approved a share repurchase program for up to 2,250,000 shares in the aggregate of the Company's common stock. This amount represents approximately 9% of the Company's common stock outstanding.

Navistar (NYSE: NAV) 24% HIGHER; initially traded lower on weak FY09 guidance, but has surged since its conference call started. Execs indicated better-than-expected '09 and '10 truck demand.

Digi International® Inc. (NASDAQ: DGII) 20.8% LOWER; lowers its Q1 sales guidance from about $47.5 million to $41-$41.6 million, versus the consensus of $48.45 million. The decrease in revenue is a result of lower than anticipated revenue across all regions and product lines attributable to rapidly deteriorating demand conditions during the last half of the first fiscal quarter of 2009. Digi sees Q1 EPS of $0.02-$0.04, versus the Street estimate of $0.12. For FY09, Digi lowered its sales guidance from $200-$220 million to $170-$200 million, versus the consensus of $207.96 million. EPS for the year move from $0.47-$0.65 to $0.19-$0.47. The Street is currently expecting FY09 EPS of $0.56. Digi expects to continue repurchasing its stock under its previously announced stock repurchase program.

Carmike Cinemas (Nasdaq: CKEC) 14.7% LOWER; since December 29, when Mark Cuban disclosed that he now has a 9.4% stake in the company, the stock has surged as much as 80% to around $3.65. Today's downside move is likely a slight correction due to so much upside recently.

Synovus (NYSE: SNV) 12.4% LOWER; Morgan Keegan downgraded the stock from Outperform to Market Perform this morning.

Tyson Foods, Inc. (NYSE: TSN) 11.7% LOWER; announced today Dick Bond, its President and CEO, has announced that he will be leaving the company, effective immediately. Leland Tollett, former chairman and CEO of the company, has agreed to return to the company as President and CEO on an interim basis until a permanent successor has been chosen.

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