Unusual 11 Mid-Day Movers 6/23: BTRX, EMIS, URRE, GSI Higher; BKUNA, MDTL, CC, PIR Lower

June 23, 2008 1:33 PM EDT

Barrier Therapeutics, Inc. (Nasdaq: BTRX) 129.6% HIGHER; Stiefel Laboratories signed a definitive merger agreement, pursuant to which Stiefel Laboratories will acquire Barrier Therapeutics, through a two-step transaction, a tender offer followed by a merger of Barrier Therapeutics into a wholly-owned subsidiary of Stiefel Laboratories, at a price of $4.15 in cash, per share of Barrier Therapeutics' common stock.

Emisphere Technologies, Inc. (Nasdaq: EMIS) 22.6% HIGHER; Emisphere and Novo Nordisk A/S (NYSE: NVO) entered into an exclusive Development and License Agreement to develop and commercialize oral formulations of Novo Nordisk's proprietary GLP-1 receptor agonists, which have the potential of treating Type 2 diabetes, using Emisphere's eligen technology. The agreement includes at least $87 million in product development and sales milestone payments to Emisphere, of which $10 million will be the minimum first year payment, as well as royalties on sales. The agreement also provides Novo Nordisk with the option to develop oral formulations of Novo Nordisk compounds other than GLP-1 receptor agonists using Emisphere's proprietary carrier technology.

BankUnited Financial (Nasdaq: BKUNA) 21.4% LOWER; after announcing a $400 million equity offering on June 18, shares of the savings bank have been down everyday since the news. Since Tuesday's closing price, BankUnited's stock price has fallen about 60%.

Medis Technologies (Nasdaq: MDTL) 19.6% LOWER; continues to see downside this week after announcing a $29 million (6.8 million shares) equity offering on Friday morning.

Uranium Resources (Nasdaq: URRE) 19.8% HIGHER; shares continue to see upside momentum after spiking mid-day on Friday. Shares of Uranium Resources have been absolutely beaten down this year: the stock is down more than 70% year-to-date.

General Steel Holdings (NYSE: GSI) 19.4% HIGHER; continues to move higher on heavy volume today. After gapping about $0.80 higher to open Friday's trading session, shares of General Steel closed the day up 16%.

Circuit City (NYSE: CC) 18.5% LOWER; shares are sinking ahead of the companies Annual Meeting of Shareholders, expected to begin at noon tomorrow, June 24.

Corn Products International, Inc. (NYSE: CPO) 18.4% HIGHER; Bunge Limited (NYSE: BG) and Corn Products entered into a definitive agreement in which Bunge will acquire Corn Products in an all-stock transaction. The aggregate transaction value is approximately $4.8 billion, including assumption of approximately $414 million of Corn Products' net debt.

Pier 1 Imports (NYSE: PIR) 17.7% LOWER; after reporting soft Q1 earnings on Thursday morning, Pier 1 continues to fall this week. The stock is down almost 35% since reporting the Q1 loss.

Goodrich Petroleum Corporation (NYSE: GDP) 15.3% HIGHER; today announced the acquisition of additional Haynesville Shale acreage in Caddo Parish, Louisiana, among other operational updates. The company also revising upward its Q2 production forecast to an 8-11% sequential growth rate over the Q108. Thus, the Company currently expects net daily production volumes for Q2 to average between 62,500 and 64,000 Mcfe per day. Also, Goodrich's Board has approved an increase in the preliminary capital expenditure budget for 2008 to $350 million, up from $275 million, as a result of anticipated increased drilling activity, primarily driven by its Haynesville Shale program.

US Airways (NYSE: LCC) 11.8% LOWER; the entire airline sector is having a tough day on Wall Street. US Airways announced this morning that it has agreed a new codeshare relationship with Star Alliance member carrier Air China Limited. The agreement puts the US code on Air China service to Beijing from Los Angeles, San Francisco and New York City’s John F. Kennedy International Airport.

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