Unusual 11 Mid-Day Movers 04/11: (TSTY) (GLBC) (AMMD) Higher; (ADES) (CYH) (QUIK) Lower
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Tasty Baking Company (Nasdaq: TSTY) 146.0% HIGHER; Flowers Foods (NYSE: FLO) and Tasty Monday announced a definitive merger agreement whereby Flowers will acquire all of the outstanding shares of Tasty common stock for $4.00 per share in cash for a total purchase price of approximately $165 million, including Tasty's existing indebtedness.
Global Crossing (Nasdaq: GLBC) 57.3% HIGHER; Level 3 Communications announced Monday morning that it will acquire Global Crossing in a tax-free, stock-for-stock transaction. Under the terms and subject to the conditions of the agreement, Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing.
ADA-ES, Inc. (Nasdaq: ADES) 39.6% LOWER; today announced that an arbitration panel in Atlanta, Georgia in the case of Norit Americas, Inc. v. ADA-ES, Inc., et al. has issued an Interim Award holding ADA liable for approximately $37.9 million dollars in damages for breach of a non-solicitation provision of a Market Development Agreement the Company entered into with Norit in 2001 and terminated in 2006, and further holding ADA jointly and severally liable together with several other ADA Defendants for payment of a royalty of 10.5% for 3 years and then 7% for an additional 5 years on the sales of activated carbon from the production facility owned by ADA Carbon Solutions (Red River), LLC in which the Company indirectly holds a minority interest, for misappropriation of certain Norit claimed trade secrets. The stock was also downgraded at Johnson Rice.
American Medical Systems (Nasdaq: AMMD) 31.9% HIGHER; entered into a definitive agreement to be acquired by Endo Pharmaceuticals (Nasdaq: ENDP) for $30 per share, or $2.9 billion in cash.
Community Health (NYSE: CYH) 30.6% LOWER; responding to news of a Tenet Healthcare suit against Community Health which alleges Community Health "systematically overbilled Medicare and likely other payers as well."
Electronics for Imaging (Nasdaq: EFII) 16.7% HIGHER; reports preliminary first-quarter results: sales $139 - $140 million, versus the consensus of $128.18 million, with adjusted EPS of $0.27 - $0.28 (including a 3c per share currency benefit), versus the Street estimate of $0.16. The company had previously guided first-quarter adjusted EPS to $0.14 - $0.16.
QuickLogic (Nasdaq: QUIK) 16.2% LOWER; late Friday announced it will be cutting first-quarter sales guidance from about $6.8 million to about $5.5 million, +/- 10 percent. The company said a large portion of the shortfall was due to sales in company's broadband data card segment and in the secure access data card unit.
Tenet Healthcare (NYSE: THC) 14.1% LOWER; responding to news of a Tenet Healthcare suit against Community Health which alleges Community Health "systematically overbilled Medicare and likely other payers as well."
3-D Systems (Nasdaq: TDSC) 13.7% LOWER; shares have broken below the $50 level this morning following what appears to be a break below the 200-day moving average. Volume is very heavy yet we are not hearing any company news.
Horizon Lines (NYSE: HRZ) 13.4% HIGHER; continuing its extremely volatile run which started about two weeks ago. Shares rallied more than 50% to end last week's trading session.
Level 3 (Nasdaq: LVLT) 10.4% HIGHER; trading sharply higher following news of a bid for Global Crossing.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
Global Crossing (Nasdaq: GLBC) 57.3% HIGHER; Level 3 Communications announced Monday morning that it will acquire Global Crossing in a tax-free, stock-for-stock transaction. Under the terms and subject to the conditions of the agreement, Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing.
ADA-ES, Inc. (Nasdaq: ADES) 39.6% LOWER; today announced that an arbitration panel in Atlanta, Georgia in the case of Norit Americas, Inc. v. ADA-ES, Inc., et al. has issued an Interim Award holding ADA liable for approximately $37.9 million dollars in damages for breach of a non-solicitation provision of a Market Development Agreement the Company entered into with Norit in 2001 and terminated in 2006, and further holding ADA jointly and severally liable together with several other ADA Defendants for payment of a royalty of 10.5% for 3 years and then 7% for an additional 5 years on the sales of activated carbon from the production facility owned by ADA Carbon Solutions (Red River), LLC in which the Company indirectly holds a minority interest, for misappropriation of certain Norit claimed trade secrets. The stock was also downgraded at Johnson Rice.
American Medical Systems (Nasdaq: AMMD) 31.9% HIGHER; entered into a definitive agreement to be acquired by Endo Pharmaceuticals (Nasdaq: ENDP) for $30 per share, or $2.9 billion in cash.
Community Health (NYSE: CYH) 30.6% LOWER; responding to news of a Tenet Healthcare suit against Community Health which alleges Community Health "systematically overbilled Medicare and likely other payers as well."
Electronics for Imaging (Nasdaq: EFII) 16.7% HIGHER; reports preliminary first-quarter results: sales $139 - $140 million, versus the consensus of $128.18 million, with adjusted EPS of $0.27 - $0.28 (including a 3c per share currency benefit), versus the Street estimate of $0.16. The company had previously guided first-quarter adjusted EPS to $0.14 - $0.16.
QuickLogic (Nasdaq: QUIK) 16.2% LOWER; late Friday announced it will be cutting first-quarter sales guidance from about $6.8 million to about $5.5 million, +/- 10 percent. The company said a large portion of the shortfall was due to sales in company's broadband data card segment and in the secure access data card unit.
Tenet Healthcare (NYSE: THC) 14.1% LOWER; responding to news of a Tenet Healthcare suit against Community Health which alleges Community Health "systematically overbilled Medicare and likely other payers as well."
3-D Systems (Nasdaq: TDSC) 13.7% LOWER; shares have broken below the $50 level this morning following what appears to be a break below the 200-day moving average. Volume is very heavy yet we are not hearing any company news.
Horizon Lines (NYSE: HRZ) 13.4% HIGHER; continuing its extremely volatile run which started about two weeks ago. Shares rallied more than 50% to end last week's trading session.
Level 3 (Nasdaq: LVLT) 10.4% HIGHER; trading sharply higher following news of a bid for Global Crossing.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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