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Unusual 11 Mid-Day Movers 06/07: (INVE) (EGLE) (TA) Higher; (MOH) (TITN) (MW) Lower

June 7, 2012 1:35 PM EDT
Molina Healthcare Inc. (NYSE: MOH) 29.1% LOWER; are under heavy pressure early Thursday after withdrawing financial guidance as premium revenue associated with the STAR+PLUS contracts in its Texas expansion is not adequate to cover the medical costs associated with serving members under existing conditions. Click here to see the full report.

Identive Group, Inc. (Nasdaq: INVE) 18.6% HIGHER; today provided details on a series of recently-disclosed cost reduction measures to bolster the Company's cash position and support its long-term growth strategy. These measures are expected to result in savings of $4 million to $5 million in the remainder of 2012 and include an 11% reduction in the Company's global workforce, acceleration of the elimination of duplicate expenses at newly acquired companies, reductions in other general and administrative expenses, the consolidation of facilities, as well as temporary reductions of nearly $0.5 million in executive and management salaries and Board fees. The Company expects to incur charges of $0.7 million to $0.9 million in 2012 in connection with the cost reduction program.

Titan Machinery (NASDAQ: TITN) 18.1% LOWER; reported Q1 EPS of $0.36, $0.02 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $421.7 million versus the consensus estimate of $391.18 million. Titan Machinery reaffirmed FY2012 guidance.

Mens Wearhouse, Inc. (NYSE: MW) 17.9% LOWER; reported Q1 EPS of $0.52, $0.03 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $536.7 million versus the consensus estimate of $593.9 million. Sees Q2 2012 EPS of $1.12-$1.13, versus the consensus of $1.22. Mens Wearhouse, Inc. sees FY2012 EPS of $2.70-$2.78, versus the consensus of $2.80.

Navistar International (NYSE: NAV) 13.4% LOWER; reported Q1 EPS of ($1.99), $2.70 worse than the analyst estimate of $0.71. Revenue for the quarter came in at $3.3 billion versus the consensus estimate of $3.66 billion. Sees FY2012 EPS of $0.00-$2.00, versus the consensus of $3.73.

Eagle Bulk Shipping (Nasdaq: EGLE) 17.1% HIGHER; after gapping higher this morning, technicians bought the stock, pushing it above resistance at $3.

TravelCenters of America LLC (AMEX: TA) 13.8% HIGHER; today announced that it has entered a memorandum of understanding with Shell Oil Products US and its affiliates to construct and operate a network of natural gas fueling lanes at TA locations along the U.S. Interstate Highway System. Click here to see the full release.

PharmAthene (AMEX: PIP) 13.5% HIGHER; shares retook resistance levels at $1.50 and $1.60 today, and are now approaching the $1.70 level. Volume is heavy today.

Centene (NYSE: CNC) 12.3% LOWER; numerous healthcare providers are getting hit on the Molina warning.

Zogenix Inc. (Nasdaq: ZGNX), 11.4% HIGHER; Zogenix and Mallinckrodt LLC, the pharmaceuticals business of Covidien (NYSE: COV), entered an exclusive co-promotion agreement for SUMAVEL DosePro (sumatriptan injection) Needle-free Delivery System in the United States. Under terms of the agreement, Mallinckrodt's sales team will begin selling SUMAVEL DosePro to its customer base of prescribers.

McDermott International Inc. (NYSE: MDR) 10.7% HIGHER; higher as several directors/executives made open market purchases for about 277,000 outstanding shares, as disclosed late Wednesday. CEO Stephen Johnson bought 102,368 on June 6th for $9.6379 per share, nearly a $1 million gross purchase.

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