Unusual 11 Mid-Day Movers 5/18: KONA, IDMI, GRO, REDF Higher; SPIR, EDZ, COIN, FAZ Lower

May 18, 2009 12:53 PM EDT

Kona Grill Inc. (Nasdaq: KONA) 69.1% HIGHER; In an amended 13D filing on Kona, 9.8% holder Mill Road Capital disclosed a non-binding offer to acquire all of the Company’s shares for cash in a transaction valuing Kona's total enterprise value at $27.9 million or $4.60 per share.

IDM Pharma, Inc. (Nasdaq: IDMI) 53.5% HIGHER; Takeda Pharmaceutical Company Limited agreed to acquire IDM Pharma for US$2.64 per share in cash. Shares of IDMI closed at $1.70 per share on Friday, representing a deal premium of 55%. Click here for the full report.

Agria Corporation (NYSE: GRO) 48.7% HIGHER; issued a statement to the NYSE on unusual activity, saying "no material events." Shares of GRO are up 39% today on heavy volume. "In view of the unusual market activity in the Company's stock, the New York Stock Exchange has contacted the Company and requested that the Company issue a public statement indicating whether there are any corporate developments which may explain the unusual activity. The Company stated that it knows of no material events that would cause unusual market activity."

Rediff.com India (Nasdaq: REDF) 42.6% HIGHER; India-based stocks are sky rocketing today as Prime Minister Manmohan Singh's Congress Party won nationwide elections. After spiking more than 17% earlier, trading on India's Sensex was halted for the first time ever.

Sify Technologies (Nasdaq: SIFY) 31.8% HIGHER; see Rediff.com.

OncoGenex Pharma (Nasdaq: OGXI) 29.6% HIGHER; continuing higher this week following the release of two abstracts presented during presentations at the upcoming American Society of Clinical Oncology Annual Meeting. The stock rose more than 7.6% on Friday. The meeting will began May 29.

Spire Corporation (Nasdaq: SPIR) 19.7% LOWER; after the close Friday, reported Q1 loss of $0.18, versus the analyst estimate of $0.02 and compared to a $0.06 loss in the same quarter last year. Revenue for the quarter was $12.3 million, versus the consensus of $23.60 million.

Emerging Markets Bear 3x (NYSE: EDZ) 13.7% LOWER; with the Indian markets massive surge last night, this India-focused short ETF is moving sharply lower today.

Converted Organics Inc. (NASDAQ: COIN) 12.8% LOWER; late Friday, announced that sales of its organic fertilizer products and tip fees totaled $492,000 for Q109.

Financial Bear 3x (NYSE: FAZ) 11.4% LOWER; with Goldman Sachs' Conviction Buy call on Bank of America (NYSE: BAC) today, financials are leading today's market rally.

Bidz.com (Nasdaq: BIDZ) 10.8% LOWER; The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Bidz.com publicly traded securities during the period between August 13, 2007 through November 26, 2007.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

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