Unusual 11 Mid-Day Movers 9/25: TOPS, FRE, FNM, PCOP Higher; AMN, CRAI, PPC, MTN Lower
TOP Ships Inc. (Nasdaq: TOPS) 35.2% HIGHER; said this morning that it entered into an exclusivity agreement with an affiliate of George Economou, the Greek shipowner, providing for the exploration by such affiliate of the possible acquisition of the Company at a potential price of $6.00 per share. The exclusivity agreement expires on October 8, 2008. The exclusivity agreement also provides that the Company has agreed to reimburse such affiliate's out of pocket expenses, up to $1.0 million, in certain circumstances. Shares of TOP Ships closd at $3.81 yesterday.
Freddie Mac (NYSE: FRE) 29.6% HIGHER; as regulators come closer to agreeing on a plan that could fix the financial system in the US, the recently-troubled names such as Freddie, Fannie and AIG (NYSE: AIG) are surging. Shares of Freddie and Fannie have been up everyday since Treasury Secretary Paulson announced on Thursday that he would be pushing some kind of bailout-type plan.
Ameron International Corporation (NYSE: AMN) 29.1% LOWER; reports Q3 EPS of $1.63, versus the analyst estimate of $1.91. Revenues for the quarter were $170.1 million, versus the consensus of $182.21 million.
CRA International, Inc. (NASDAQ: CRAI) 27.1% LOWER; reports Q3 EPS of $0.32, ex-items, which may not compare to the analyst estimate of $0.88. Revenues for the quarter were $111.2 million, versus the consensus of $124.60 million.
Fannie Mae (NYSE: FNM) 27% HIGHER; see Freddie.
Pilgrim's Pride (NYSE: PPC) 25% LOWER; Continues yesterday's 38% slide after the company said it sees a significant Q4 loss and won't be in compliance with debt covenants. The company attributed the anticipated loss to high feed-ingredient costs, continued weak pricing and demand for breast meat, and the significant negative impact of hedged grain positions during the quarter.
Pharmacopeia (NASDAQ: PCOP) 23.1% HIGHER; Ligand Pharmaceuticals (NASDAQ: LGND) entered into a definitive merger agreement to acquire Pharmacopeia in a deal valued up to $70 million
Cherokee International (NASDAQ: CHRK) 22.9% HIGHER; announced today that it has entered into a definitive agreement to be acquired by Lineage Power Holdings for $105 million, or $3.20 per common share.
Apex Silver Mines (AMEX: SIL) 20.7% LOWER; after gaining nearly 200% on Monday and Tuesday, shares have corrected the last two trading sessions.
Transmeta Corporation (NASDAQ: TMTA) 19.5% HIGHER; announced that, with the assistance of its independent financial advisors Piper Jaffray & Co., it has initiated a process to seek a potential sale of the Company. After actively exploring a full range of strategic alternatives over the past few months and after strengthening its balance sheet, Transmeta will now explore a possible sale of the Company as a way to enhance value for all its stockholders. In a separate press release today, the Company announced that it has entered into two agreements with Intel for the licensing of certain Transmeta technologies and intellectual property and for the accelerated payment of its receivables from Intel, which will result in a one-time, non-refundable payment of $91.5 million in the third quarter of 2008.
Vail Resorts, Inc. (NYSE: MTN) 8.5% LOWER; reports a Q4 loss of $0.29, 9 cents lower than the analyst estimate of ($0.20). Revenues for the quarter were $270.5 million, versus the consensus of $253.39 million.
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