Unusual 11 Mid-Day Movers 5/19: FONR, THC, SKS, KLIC Higher; CDY, HEB, APP, SCR Lower

May 19, 2009 1:04 PM EDT

Fonar Corp. (Nasdaq: FONR) 175.5% HIGHER; is seeing a huge surge this morning after reporitng third quarter results. The company reported net income of $730,000 as compared to the same period one year earlier when it had a loss of $2.7 million. Revenues increased 39.5% to $11.3 million as compared to $8.1 million for the quarter ending March 31, 2008.

Tenet Healthcare Corp. (NYSE: THC) 27.1% HIGHER; Goldman Sachs upgrades the stock from Neutral to Buy and raises its price target from $1 to $5. With shares of THC closing at $2.25 yesterday, the Goldman price target represents upside of more than 100%.

Cardero Resource Corp. (Amex: CDY) 26.9% LOWER; reports that that Zibo Hongda Mining Co., Ltd., a subsidiary of Nanjinzhao Group Co. Ltd. to which Nanjinzhao assigned its right to purchase Pampa de Pongo pursuant to the October 24, 2008 sale agreement (as amended), has declined to pay the USD 10 million deposit required by May 17, 2009 unless certain changes are made to the agreement, primarily to reduce the final sale price.

Saks Incorporated (NYSE: SKS) 26.5% HIGHER; reports Q1 loss of $0.04, ex-items, versus the analyst estimate of ($0.26) compared to a gain of $0.12 in the same quarter last year. Revenue for the quarter was $621.3 million, versus the consensus of $619.99 million. Same store sales fell 27.6% during the quarter. Same store sales for FY09 are expected to fall in the low double digit range, comprised of a decline in the mid-teen percentage range for Q2 and a decline of mid-to-high single digits in 2H09.

Hemispherx Biopharma (NYSE: HEB) 25.9% LOWER; agreed to sell up to $16 million in common stock and warrants in a registered offering to two institutional investors. The investors will purchase for $16 million cash, 11,906,976 common shares of its stock at $1.34375 per share. Shares of Hemispherx Biopharma closed at $1.93 yesterday.

Kulicke & Soffa Industries Inc. (Nasdaq: KLIC) 22.2% HIGHER; raises its Q3 sales guidance from $32-$37 million to $40-$45 million, which compares to the Street estimate of $34.85 million.

Gildan Activewear (NYSE: GIL) 19.5% HIGHER; UBS upgrades from Neutral to Buy.

Lifeway Foods, Inc., (Nasdaq: LWAY) 18.4% HIGHER; reports Q1 EPS of $0.09, 6 cents better than the analyst estimate of $0.03. Revenue for the quarter was $13.74 million, versus the consensus of $13.74 million.

American Apparel (AMEX: APP) 17.9% LOWER; reports Q1 loss of $0.13, versus the analyst estimate of ($0.05) and compared to a gain of $0.02 in the same quarter last year. Revenue for the quarter was $114.3 million, versus the consensus of $117.50 million. Same store sales fell 7% during the quarter. Sees FY09 sales of $550-$575 million, which compares to the Street estimate of $576.75 million, with income from operations of $40-$50 million. American Apparel is evaluating its classification of its revolving credit facility as a long-term obligation, and certain other balance sheet and cash flow presentation matters, which may result in a restatement of previously issued financial statements. Also downgraded to Hold at Lazard.

Simcere Pharmaceutical Group (NYSE: SCR) 16.8% LOWER; reports Q1 EPS of $0.06, 11 cents lower than the analyst estimate of $0.17. Revenue for the quarter was $64.8 million, versus the consensus of $69.87 million.

Marshall & Ilsley Corporation (NYSE: MI) 7.8% LOWER; has commenced a discretionary equity issuance plan pursuant to which it will offer shares of its common stock having aggregate sales proceeds of up to $350 million. Click here for the full report.

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