Unusual 11 Mid-Day Movers 8/26: FRE, ANPI, RBY, COIN Higher; SIRF, COT, DRI, COCO Lower

August 26, 2008 12:06 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Freddie Mac (NYSE: FRE) 24.9% HIGHER; shares of Fannie are being bid up today as there is a growing opposition to the view that the common stock will be worthless. As traders seem to be believing that a bailout is less likely, nervous shorts may be covering their downside bets this morning, creating upside.

SiRF Technology Holdings, Inc. (Nasdaq: SIRF) 19.1% LOWER; Broadcom Corporation (Nasdaq: BRCM) announced that an Administrative Law Judge has recommended that the U.S. International Trade Commission bar from importation into the U.S. infringing chips of SiRF, and all downstream products that incorporate those chips.

Cott Corporation (NYSE: COT) 17.4% LOWER; announced a lower full-year 2008 adjusted operating profit target of between 28% below and 5% above its 2007 adjusted operating profit, which was $36.3 million. The company also withdrew the previously communicated adjusted operating profit target for 2009.

Angiotech Pharmaceuticals (Nasdaq: ANPI) 16.6% HIGHER; with the stock near its 52-week low, Angiotech is rebounding sharply today amid no new news from the company.

Rubicon Minerals Corp (AMEX: RBY) 15.4% HIGHER; today announced that it has intersected additional bonanza grade gold at its F2 Zone, part of the 100%-controlled Phoenix Gold Project, located in the heart of the prolific Red Lake gold district of Ontario.

Converted Organics Inc. (NASDAQ: COIN) 14.8% HIGHER; just after the market opened this morning, COIN announced that it will work with Gro Group as a manufacturing partner in 2009, supplying its organic granular fertilizer to seven of Gro Group Inc.'s major distributors, which collectively service up to 15,000 lawn and garden retailers throughout the United States. Shares spiked on the intraday news.

Fannie Mae (NYSE: FNM) 14.8% HIGHER; seeing upside on new speculation that the GSE's will not need to be bailed out.

Darden Restaurants, Inc. (NYSE: DRI) 14% LOWER; sees Q1 non-GAAP EPS in the range of $0.60-$0.62, versus the consensus of $0.75. Q1 Same store sales at Red Lobster, Olive Garden and LongHorn Steakhouse on a consolidated basis are expected to decline 1.1% versus the prior year. Sees FY09 same store sales growth of 0-1% and sales growth, excluding the 53rd week in the fiscal year, of 10-11%. Sees FY09 EPS decline of 2-3% on a 52-week basis, which compares to previous guidance for growth of 7-8%.

Chico's FAS Inc. (NYSE: CHS) 12.9% HIGHER; reports Q2 EPS of $0.04, versus the consensus of $0.03. Revenues came in at $405.2 million, versus the consensus of $405.3 million.

Corinthian Colleges, Inc. (Nasdaq: COCO) 12.3% LOWER; reports Q4 EPS of $0.11, ex-items, 2 cents better than the analyst estimate of $0.09. Revenues for the quarter were $274 million, versus the consensus of $276.62 million. Sees Q1 growth in the range of 4-6% on sales of $285-290 million and EPS of $0.06-$0.08. The Street estimates are for sales of $283.31 million and EPS of $0.08. For FY09, Corinthian expects growth of 7-9% on sales of $1.21-$1.25 billion, versus the consensus of $1.22 billion and EPS of $0.58-$0.63, versus the Street estimate of $0.55.

Star Scientific (Nasdaq: STSI) 10.4% LOWER; after jumping as much as 76% yesterday on news that a U.S. Appeals court has revived Star's patent suit against Reynolds American (NYSE: RAI), shares appear to be slightly correcting today following so much upside yesterday.

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