Unusual 11 Mid-Day Movers 05/01: (CEBK) (PLXT) (IPSU) Higher; (OPHC) (SVNT) (PBY) Lower
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Central Bancorp (Nasdaq: CEBK) 69.9% HIGHER; announced a definitive agreement to merge with Independent Bank Corp. (Nasdaq: INDB). Under the terms of the agreement, 60% of outstanding Central Bancorp., Inc. shares will be exchanged for shares of Independent Bank Corp., at an exchange ratio subject to limited adjustment, and 40% of outstanding Central Bancorp., Inc. shares will be purchased for $32.00 per share in cash.
PLX Technology, Inc. (Nasdaq: PLXT) 66.8% HIGHER; announced it will be acquired by Integrated Device Technology (Nasdaq: IDTI) for $7 per share in cash and stock. Reported Q1 EPS of ($0.17), $0.11 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $25.4 million versus the consensus estimate of $26.84 million.
Imperial Sugar Company (Nasdaq: IPSU) 58.0% HIGHER; and Louis Dreyfus Commodities LLC announced a definitive agreement under which a subsidiary of Louis Dreyfus Commodities LLC will acquire Imperial Sugar through a cash tender offer and second step merger at $6.35 per share.
OptimumBank Holdings, Inc. (Nasdaq: OPHC), 33.6% LOWER; reports Q1 net loss of 3c per share versus a loss of $1.41 per share repoted in the same period last year. Optimum noted: "The 2012 first quarter loss increased from the previous quarter's loss of $53,000, primarily due to an $.8 million credit for loan losses recorded in the December 2011 quarter as compared to a $27,000 provision recorded in the March 2012 quarter."
Savient Pharma (Nasdaq: SVNT) 30% LOWER; an 8-K filing disclosed the company was served with a creditor derivative action. The complaint was filed by Tang Capital.
P.F. Chang's China Bistro, Inc. (Nasdaq: PFCB) 29.7% HIGHER; agreed to be acquired by private equity firm Centerbridge Partners, L.P. for $51.50 per share in cash, or $1.1 billion. The deal comes at a 30 percent premium to Monday's closing price.
Pep Boys (NYSE: PBY) 24.1% LOWER; reports preliminary Q1 earnings breakeven to a gain of 4 cents on sales of $524-$526 million. The Street is currently expecting a quarterly gain of 26 cents per share on sales of $558.3 million. On April 26, 2012, Gores requested that Pep Boys delay mailing this proxy statement by 30 days. In response, Pep Boys offered to extend the period of time within which the closing of the Merger is required to occur following Pep Boys’ notice to Parent that all conditions to the Merger have been satisfied from five business days to 15 business days. In turn, Gores rejected this counterproposal and reiterated its request to delay the mailing of the proxy statement by 30 days. In addition, Gores stated its belief that this proxy statement is no longer accurate. Click here to see the full report.
US Ecology, Inc. (Nasdaq: ECOL) 20.9% LOWER; reported Q1 EPS of $0.21, $0.04 better than the analyst estimate of $0.17. Revenue for the quarter came in at $33 million versus the consensus estimate of $36.45 million. Sees FY2012 EPS of $0.92-$1.02, versus prior guidance of $1.07-$1.17 and the consensus of $1.13.
Nuvasive, Inc. (NASDAQ: NUVA) 20.1% HIGHER; reported Q1 EPS of $0.20, $0.02 better than the analyst estimate of $0.18. Revenue for the quarter came in at $151.7 million versus the consensus estimate of $143.64 million. Reaffirmed FY2012 guidance.
Herbalife (NYSE: HLF) 20.1% LOWER; David Einhorn was on the company's conference call. One trader described Einhorn as "grilling" a Herbalife exec about the discount structure offered to vendors.
Avis Budget (NYSE: CAR) 19.3% HIGHER; issued preliminary Q1 sales of $1.6 billion. Sees FY12 sales of $7.3-$7.6 billion and EPS of $2.35-$2.65. Analysts on the Street are looking for FY12 sales of $7.42 billion and EPS of 1.59.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
PLX Technology, Inc. (Nasdaq: PLXT) 66.8% HIGHER; announced it will be acquired by Integrated Device Technology (Nasdaq: IDTI) for $7 per share in cash and stock. Reported Q1 EPS of ($0.17), $0.11 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $25.4 million versus the consensus estimate of $26.84 million.
Imperial Sugar Company (Nasdaq: IPSU) 58.0% HIGHER; and Louis Dreyfus Commodities LLC announced a definitive agreement under which a subsidiary of Louis Dreyfus Commodities LLC will acquire Imperial Sugar through a cash tender offer and second step merger at $6.35 per share.
OptimumBank Holdings, Inc. (Nasdaq: OPHC), 33.6% LOWER; reports Q1 net loss of 3c per share versus a loss of $1.41 per share repoted in the same period last year. Optimum noted: "The 2012 first quarter loss increased from the previous quarter's loss of $53,000, primarily due to an $.8 million credit for loan losses recorded in the December 2011 quarter as compared to a $27,000 provision recorded in the March 2012 quarter."
Savient Pharma (Nasdaq: SVNT) 30% LOWER; an 8-K filing disclosed the company was served with a creditor derivative action. The complaint was filed by Tang Capital.
P.F. Chang's China Bistro, Inc. (Nasdaq: PFCB) 29.7% HIGHER; agreed to be acquired by private equity firm Centerbridge Partners, L.P. for $51.50 per share in cash, or $1.1 billion. The deal comes at a 30 percent premium to Monday's closing price.
Pep Boys (NYSE: PBY) 24.1% LOWER; reports preliminary Q1 earnings breakeven to a gain of 4 cents on sales of $524-$526 million. The Street is currently expecting a quarterly gain of 26 cents per share on sales of $558.3 million. On April 26, 2012, Gores requested that Pep Boys delay mailing this proxy statement by 30 days. In response, Pep Boys offered to extend the period of time within which the closing of the Merger is required to occur following Pep Boys’ notice to Parent that all conditions to the Merger have been satisfied from five business days to 15 business days. In turn, Gores rejected this counterproposal and reiterated its request to delay the mailing of the proxy statement by 30 days. In addition, Gores stated its belief that this proxy statement is no longer accurate. Click here to see the full report.
US Ecology, Inc. (Nasdaq: ECOL) 20.9% LOWER; reported Q1 EPS of $0.21, $0.04 better than the analyst estimate of $0.17. Revenue for the quarter came in at $33 million versus the consensus estimate of $36.45 million. Sees FY2012 EPS of $0.92-$1.02, versus prior guidance of $1.07-$1.17 and the consensus of $1.13.
Nuvasive, Inc. (NASDAQ: NUVA) 20.1% HIGHER; reported Q1 EPS of $0.20, $0.02 better than the analyst estimate of $0.18. Revenue for the quarter came in at $151.7 million versus the consensus estimate of $143.64 million. Reaffirmed FY2012 guidance.
Herbalife (NYSE: HLF) 20.1% LOWER; David Einhorn was on the company's conference call. One trader described Einhorn as "grilling" a Herbalife exec about the discount structure offered to vendors.
Avis Budget (NYSE: CAR) 19.3% HIGHER; issued preliminary Q1 sales of $1.6 billion. Sees FY12 sales of $7.3-$7.6 billion and EPS of $2.35-$2.65. Analysts on the Street are looking for FY12 sales of $7.42 billion and EPS of 1.59.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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