Unusual 11 Mid-Day Movers 09/23: (AMAC) (YOKU) (PNM) Higher; (KGN) (PIP) (CBK) Lower
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American Medical Alert Corp. (Nasdaq: AMAC) 46.9% HIGHER; entered into a definitive agreement to be acquired by Tunstall Healthcare Group Limited, a leading telehealth and telecare provider. Tunstall will acquire all of the outstanding common shares of AMAC for $8.55 per share in cash without interest.
Keegan Resources Inc. (AMEX: KGN) 21.1% LOWER; continuing lower from yesterday after announcing results from its Pre-Feasibility Study for its Esaase Gold Project located near Kumasi, in southwestern Ghana, West Africa. Additionally, gold is getting crushed again today, well below the $1700 per ounce price level.
Youku.com (Nasdaq: YOKU) 17.8% HIGHER; Susquehanna upgrades from Neutral to Positive, it's price target revised from $29 to $21.
PNM Resources (NYSE: PNM) 17.2% HIGHER; Direct Energy, has reached an agreement to acquire Texas-based electricity provider First Choice Power, a subsidiary of PNM Resources, for $270 million in cash plus additional working capital. The transaction is subject to regulatory review and is expected to close during Q411.
PharmAthene, Inc. (AMEX: PIP) 15.3% LOWER; PharmAthene won a ruling against SIGA (Nasdaq: SIGA) yesterday, and surged 21 percent before being halted. Investors are apparently mixed on the news today.
MannKind Corporation (Nasdaq: MNKD) 14.2% HIGHER; today announced that it proposes to offer, subject to market conditions, senior secured discount notes due 2017 expected to yield gross proceeds of approximately $370 million.
American Superconductor Corp (Nasdaq: AMSC) 13.0% HIGHER; reported Q1 loss of $0.61, versus EPS of $0.28 reported last year. Revenue for the quarter came in at $9.1 million, versus $97.2 million reported last year.
Christopher & Banks Corporation (NYSE: CBK) 12.8% LOWER; reported preliminary second-quarter 2011 results. Net sales are expected to be $96.2 million and gross margin is estimated to be in the range of 28.3 to 28.9 percent. Operating loss expected to be in the range of $12.9 million to $13.5 million for the second quarter of fiscal 2012. Net loss per share is expected to be in the range of $0.37 to $0.39, which incorporates an expected tax provision of approximately $0.1 million. Adjusted for a normalized tax rate of approximately 40 percent, and net loss per share would be in the range of $0.22 to $0.24. The Street is currently estimates EPS loss of $0.19 with $380.34 million in revenue.
Range Resources Corporation (NYSE: RRC) 10.6% LOWER; Range volatility is elevated today, just days after the company reported it was not approached by Shell with a takeover bid. After running up as much as 13.8 percent to a high just about $77, shares have receded and are getting back to the $61 to 64 range they were originally trading in before rumor spread. Volume on today's move is about 50 percent better.
EnteroMedics Inc., (Nasdaq: ETRM) 11.8% LOWER; has priced an underwritten public offering of 8,800,000 shares of its common stock and warrants to purchase 1,760,000 shares of its common stock. Each share of common stock sold in this offering will be sold with a warrant to purchase 0.20 of a share of common stock. Each share and corresponding warrant will be sold at an aggregate price to the public of $1.65, for gross proceeds of $14,520,000.
Finish Line (Nasdaq: FINL) 11.0% HIGHER; reported Q2 EPS of $0.39, 1 cent better than the analyst estimate of $0.38. Revenue for the quarter came in at $331.5 million versus the consensus estimate of $321.63 million. Comps up 11 percent.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
Keegan Resources Inc. (AMEX: KGN) 21.1% LOWER; continuing lower from yesterday after announcing results from its Pre-Feasibility Study for its Esaase Gold Project located near Kumasi, in southwestern Ghana, West Africa. Additionally, gold is getting crushed again today, well below the $1700 per ounce price level.
Youku.com (Nasdaq: YOKU) 17.8% HIGHER; Susquehanna upgrades from Neutral to Positive, it's price target revised from $29 to $21.
PNM Resources (NYSE: PNM) 17.2% HIGHER; Direct Energy, has reached an agreement to acquire Texas-based electricity provider First Choice Power, a subsidiary of PNM Resources, for $270 million in cash plus additional working capital. The transaction is subject to regulatory review and is expected to close during Q411.
PharmAthene, Inc. (AMEX: PIP) 15.3% LOWER; PharmAthene won a ruling against SIGA (Nasdaq: SIGA) yesterday, and surged 21 percent before being halted. Investors are apparently mixed on the news today.
MannKind Corporation (Nasdaq: MNKD) 14.2% HIGHER; today announced that it proposes to offer, subject to market conditions, senior secured discount notes due 2017 expected to yield gross proceeds of approximately $370 million.
American Superconductor Corp (Nasdaq: AMSC) 13.0% HIGHER; reported Q1 loss of $0.61, versus EPS of $0.28 reported last year. Revenue for the quarter came in at $9.1 million, versus $97.2 million reported last year.
Christopher & Banks Corporation (NYSE: CBK) 12.8% LOWER; reported preliminary second-quarter 2011 results. Net sales are expected to be $96.2 million and gross margin is estimated to be in the range of 28.3 to 28.9 percent. Operating loss expected to be in the range of $12.9 million to $13.5 million for the second quarter of fiscal 2012. Net loss per share is expected to be in the range of $0.37 to $0.39, which incorporates an expected tax provision of approximately $0.1 million. Adjusted for a normalized tax rate of approximately 40 percent, and net loss per share would be in the range of $0.22 to $0.24. The Street is currently estimates EPS loss of $0.19 with $380.34 million in revenue.
Range Resources Corporation (NYSE: RRC) 10.6% LOWER; Range volatility is elevated today, just days after the company reported it was not approached by Shell with a takeover bid. After running up as much as 13.8 percent to a high just about $77, shares have receded and are getting back to the $61 to 64 range they were originally trading in before rumor spread. Volume on today's move is about 50 percent better.
EnteroMedics Inc., (Nasdaq: ETRM) 11.8% LOWER; has priced an underwritten public offering of 8,800,000 shares of its common stock and warrants to purchase 1,760,000 shares of its common stock. Each share of common stock sold in this offering will be sold with a warrant to purchase 0.20 of a share of common stock. Each share and corresponding warrant will be sold at an aggregate price to the public of $1.65, for gross proceeds of $14,520,000.
Finish Line (Nasdaq: FINL) 11.0% HIGHER; reported Q2 EPS of $0.39, 1 cent better than the analyst estimate of $0.38. Revenue for the quarter came in at $331.5 million versus the consensus estimate of $321.63 million. Comps up 11 percent.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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