Unusual 11 Mid-Day Movers 10/22: (SVU) (PGRX) (LLEN) Higher; (OSG) (MSN) (ZN) Lower
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Overseas Shipholding Group Inc. (NYSE: OSG) 61.7% LOWER; said the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. In connection with these matters and other matters, including negotiations with its bank creditors, the Company is evaluating its strategic options, including the potential voluntary filing of a petition for relief to reorganize under Chapter 11 of the Bankruptcy Code.
SUPERVALU Inc. (NYSE: SVU) 27.9% HIGHER; up on positive report out of JPMorgan today.
Emerson Radio Corp. (NYSE: MSN) 22.5% LOWER; has been informed by its customer Wal-Mart (NYSE: WMT), which accounted for approximately 48 percent of the Company’s net revenues during the year ended March 31, 2012 (“Fiscal 2012”), that, commencing with the Spring of 2013, it will discontinue purchasing from Emerson two microwave oven products currently sold by the Company to Wal-Mart. During Fiscal 2012, these two microwave oven products comprised, in the aggregate, approximately $48.4 million, or 31%, of the Company’s net product sales.
Prospect Global Resources, Inc. (Nasdaq: PGRX) 19.8% HIGHER; Prospect Global and Sichuan Chemical Industry Holding (Group) Co., Ltd. today jointly announced a more than $2-billion agreement, over a 10-year period, under which Sichuan will purchase at least 500,000 metric tons of potash annually.
L & L Energy, Inc. (Nasdaq: LLEN) 20.0% HIGHER; expects to finalize the acquisition of two new mines, the LuoZhou Mine ("LuoZhou") and LaShu Mine ("LaShu"), in the next 30 days.
Cascade Corporation (NYSE: CASC) 17.8% HIGHER; announced that they have entered into a definitive agreement under which Toyota Industries Corp will acquire 100 percent of the shares of Cascade for $65 per share in cash in a transaction valued at $759 million pursuant to a tender offer.
Gulf Resources, Inc. (Nasdaq: GURE) 15.3% HIGHER; continuing higher from last Tuesday following results of its annual shareholder meeting. The stock is on a seven-session streak and up 50 percent since the close on October 16th.
Zion Oil & Gas, Inc. (Nasdaq: ZN) 14.8% LOWER; said CEO Richard J. Rinberg resigned on October 18th. Zion also announced that it has reduced the exercise price to $1.75 of both series of its outstanding publicly traded warrants quoted under the symbols "ZNWAW" and "ZNWAZ" until 5:00 p.m. eastern time on December 31, 2012, their scheduled expiration date
LDK Solar Co., Ltd. (NYSE: LDK) 14.6% HIGHER; has entered into a share purchase agreement dated October 19, 2012 with Heng Rui Xin Energy Co., Ltd., a PRC company invested by privately owned and state-owned funds in which HRX has agreed to purchase newly issued ordinary shares, accounting for approximately 19.9 percent of the total issued and outstanding capital of LDK Solar prior to such issuance, at a purchase price of $0.86 per ordinary share
Avid (Nasdaq: AVID) 13.7% LOWER; expects revenues to be $125 to $127 million and the GAAP net loss to be $17 to $19 million for the third-quarter ended September 30, 2012. This compares to revenue of $164.7 million and a GAAP net loss of $7.6 million for the three-month period ended September 30, 2011. The Street sees revs of $145.2 million.
Ellie Mae, Inc. (NYSE: ELLI) 11.7% LOWER; slipping as it continues below the $25.50 support level on Monday. Shares are up markedly from trading around $5 in the same period last year.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
SUPERVALU Inc. (NYSE: SVU) 27.9% HIGHER; up on positive report out of JPMorgan today.
Emerson Radio Corp. (NYSE: MSN) 22.5% LOWER; has been informed by its customer Wal-Mart (NYSE: WMT), which accounted for approximately 48 percent of the Company’s net revenues during the year ended March 31, 2012 (“Fiscal 2012”), that, commencing with the Spring of 2013, it will discontinue purchasing from Emerson two microwave oven products currently sold by the Company to Wal-Mart. During Fiscal 2012, these two microwave oven products comprised, in the aggregate, approximately $48.4 million, or 31%, of the Company’s net product sales.
Prospect Global Resources, Inc. (Nasdaq: PGRX) 19.8% HIGHER; Prospect Global and Sichuan Chemical Industry Holding (Group) Co., Ltd. today jointly announced a more than $2-billion agreement, over a 10-year period, under which Sichuan will purchase at least 500,000 metric tons of potash annually.
L & L Energy, Inc. (Nasdaq: LLEN) 20.0% HIGHER; expects to finalize the acquisition of two new mines, the LuoZhou Mine ("LuoZhou") and LaShu Mine ("LaShu"), in the next 30 days.
Cascade Corporation (NYSE: CASC) 17.8% HIGHER; announced that they have entered into a definitive agreement under which Toyota Industries Corp will acquire 100 percent of the shares of Cascade for $65 per share in cash in a transaction valued at $759 million pursuant to a tender offer.
Gulf Resources, Inc. (Nasdaq: GURE) 15.3% HIGHER; continuing higher from last Tuesday following results of its annual shareholder meeting. The stock is on a seven-session streak and up 50 percent since the close on October 16th.
Zion Oil & Gas, Inc. (Nasdaq: ZN) 14.8% LOWER; said CEO Richard J. Rinberg resigned on October 18th. Zion also announced that it has reduced the exercise price to $1.75 of both series of its outstanding publicly traded warrants quoted under the symbols "ZNWAW" and "ZNWAZ" until 5:00 p.m. eastern time on December 31, 2012, their scheduled expiration date
LDK Solar Co., Ltd. (NYSE: LDK) 14.6% HIGHER; has entered into a share purchase agreement dated October 19, 2012 with Heng Rui Xin Energy Co., Ltd., a PRC company invested by privately owned and state-owned funds in which HRX has agreed to purchase newly issued ordinary shares, accounting for approximately 19.9 percent of the total issued and outstanding capital of LDK Solar prior to such issuance, at a purchase price of $0.86 per ordinary share
Avid (Nasdaq: AVID) 13.7% LOWER; expects revenues to be $125 to $127 million and the GAAP net loss to be $17 to $19 million for the third-quarter ended September 30, 2012. This compares to revenue of $164.7 million and a GAAP net loss of $7.6 million for the three-month period ended September 30, 2011. The Street sees revs of $145.2 million.
Ellie Mae, Inc. (NYSE: ELLI) 11.7% LOWER; slipping as it continues below the $25.50 support level on Monday. Shares are up markedly from trading around $5 in the same period last year.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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