Unusual 11 Mid-Day Movers 10/9: PPC, HUN, NCC, MOS Higher; XL, OMRI, HMN, EYE Lower
XL Capital Ltd. (NYSE: XL) 41.2% LOWER; continues to plunge on worries in the insurance sector. The stock is down 70% over the past 5 days.
Omrix Biopharmaceuticals, Inc. (NASDAQ: OMRI) 37.5% LOWER; announced that the Fibrin Pad U.S. Phase II clinical trial in mild to moderate bleeding was suspended yesterday afternoon to investigate an incident of post-operative bleeding. The Company will provide an update once additional information is available.
Horace Mann Educators (NYSE: HMN) 36.5% LOWER; yesterday's announcement that the government would give AIG an extra $38 billion loan sent a shiver through the entire insurance sector as traders are considering if more capital raises will be needed throughout the sector.
Advanced Medical Optics, Inc. (NYSE: EYE) 28.6% LOWER; lowered 2008 revenue guidance to a range of $1.17 billion to $1.20 billion and EPS to a range of $0.70 to $0.80. Prior guidance was $1.22 billion to $1.24 billion and EPS of $1.00 to $1.15. The consensus is $1.23 billion and $1.03.
Pilgrim's Pride (NYSE: PPC) 28.4% HIGHER; shares are bouncing for the third day in-a-row today after falling from over $12 in mid-September. The stock has already traded about 1 million more times than its average daily volume.
Huntsman Corp. (NYSE: HUN) 26.5% HIGHER; Hexion Specialty Chemicals said it is proceeding expeditiously to seek to close its merger with Huntsman. Hexion said, to assist it in closing the merger, affiliates of Apollo Management, L.P. have agreed to make a capital contribution of $540 million to Hexion.
AIG (NYSE: AIG) 16% LOWER; the government announced yesterday that it will provide AIG with an extra $38 billion in liquidity.
National City (NYSE: NCC) 12.6% HIGHER; although financials such as Wachovia (NYSE: WB), Wells Fargo (NYSE: WFC) and Merrill Lynch (NYSE: MER) are trading substantially lower today, the majority of the sector is seeing upside as the short ban was lifted last night.
Mosaic (NYSE: MOS) 11.5% HIGHER; ag names are leading the commodities complex higher today, rebounding after the sector took a sharp dive lower following Mosaic's disappointing Q1 earnings. Following the quarterly results, shares of Mosaic fell from under $70 to under $34 in just 4 days of trading.
Quest Software Inc. (Nasdaq: QSFT) 11% HIGHER; to buyback up to $400 million in stock in tender offer.
Vale (NYSE: RIO) 9% HIGHER; Brazilian stocks are bouncing today, as well as commodities such as iron, aluminum and copper.
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