Unusual 11 Mid-Day Movers 9/16: WM, MER, DAL, ACLI Higher; PDRT, AIG, TRGT, OI Lower

September 16, 2008 12:02 PM EDT

Particle Drilling Technologies, Inc. (Nasdaq: PDRT) 85% LOWER; announced today, results from its most recent commercial field trial. The Company's Board of Directors also formed a special committee to evaluate and pursue strategic alternatives, including a strategic industry joint venture, technology licensing arrangement, sale of the company and other available alternatives.

American International Group, Inc. (NYSE: AIG) 48.1% LOWER; Fears the company will have to file bankruptcy if it can't raise a $40-$75 billion in capital quickly. S&P and Moodys' downgrades the company's credit ratings.

Targacept (NASDAQ: TRGT) 40% LOWER; AstraZeneca (NYSE: AZN) and Targacept Announce from Phase 2b Study of AZD3480 Did Not Meet Criteria

Washington Mutual (NYSE: WM) 19% HIGHER; higher on fresh reports JPMorgan (NYSE: JPM) is in talks to buy the company.

Owens-Illinois, Inc. (NYSE: OI) 18.5% LOWER; expects Free Cash Flow for 2008 to range between $400 million and last year's $332 million, down from the $500 million anticipated earlier this year.

Sirius XM Radio (Nasdaq: SIRI) 16.9% LOWER; after falling about 26% last week, shares of Sirius XM have already notched another 26% loss so far this week.

Merrill Lynch (NYSE: MER) 16.2% HIGHER; after gapping 24% higher to start yesterday's trading session shares of Merrill sold off, finishing the down just 1 penny higher than its close on Friday. As Goldman upgraded the stock to Neutral this morning, the stock is paring losses during today's trading.

Delta Air Lines (NYSE: DAL) 15% HIGHER; with crude oil down 3% today to under $93, airline stocks are once again having a great day on Wall Street. Delta appears to be leading the group higher.

American Commercial Lines Inc. (Nasdaq: ACLI) 12.9% HIGHER; expects its Q3 EPS to be in the range of $0.32-$0.36. The Wall Street consensus is $0.26. ACL also announced that it has received a preliminary independent appraisal of its fleet in connection with its previously disclosed intention to refinance its current credit facility. The value of ACL's fleet reflected in the preliminary independent appraisal as of August 15, 2008 was in excess of $1 billion.

CIT Group (NYSE: CIT) 12.5% HIGHER; after falling more than 30% yesterday, shares seem to be correcting this morning.

CBRL Group, Inc., (Nasdaq: CBRL) 12.2% HIGHER; reports Q4 EPS of $0.91, 1 cent lower than the analyst estimate of $0.92. Revenues for the quarter were $601.8 million, versus the consensus of $595.96 million. Sees FY09 EPS in the range of $2.80-$3.00, versus the consensus of $2.84.

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