Unusual 11 Mid-Day Movers 1/18: PFGC, SWKS, XLNX, AMD Higher; S, UA, ZGEN, MBI Lower

January 18, 2008 12:57 PM EST
Performance Food Group Company (NASDAQ: PFGC) 30% HIGHER; signed a definitive merger agreement to be acquired by an affiliate of The Blackstone Group (NYSE: BX) and Wellspring Capital Management in a transaction valued at approximately $1.3 billion. Under the terms of the merger agreement, Performance Food Group shareholders will receive $34.50 in cash for each outstanding share of Company common stock they hold representing a premium a 42.6% over yesterday's closing share price of $24.19.

Sprint Nextel Corp. (NYSE: S) 26% LOWER; reported a Q4 net gain of 500,000 subscribers through wholesale channels, growth of 256,000 Boost Unlimited users and net additions of 20,000 subscribers within affiliate channels. These gains were offset by net losses of 683,000 post-paid subscribers and 202,000 traditional pre-paid users.

Under Armour (NYSE: UA) 19.7% LOWER; Wachovia downgrades from Outperform to Market Perform, citing near-term constraints on first half EPS as a result of the Company's cross-training footwear marketing and advertising promotion.

Skyworks (Nasdaq: SWKS) 16.3% HIGHER; reported Q1 EPS of $0.07, which may not compare to the analyst estimate of $0.16. Revenues for the quarter were $210.5 million, versus the consensus of $208.13 million. Sees Q2 EPS of $0.15, versus the consensus of $0.13 and revenues of $200 million, versus $194 million.

ZymoGenetics (Nasdaq: ZGEN) 15.3% LOWER; Oppenheimer downgrades from Perform to Underperform.

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MBIA Inc. (NYSE: MBI) 14.8% LOWER; downgraded by Deutsche Bank, Citigroup and Banc of America to Hold, Hold, and Neutral, respecitvely.

PC Mall (Nasdaq: MALL) 14% HIGHER; has gone up about 30% in the last 3 days of trading, but today's surge marks the biggest uptick of the week. No news has been released this week which could explain the upward movement. Such situations sometimes point to short covering action. With about 21% of the float shorted so far in 2008, this possibility becomes more realistic.

MoneyGram (NYSE: MGI) 12.6% LOWER; Piper Jaffray downgrades from Buy to Neutral, citing concerns that write-downs in its ABS portfolio could potentially be even greater

Xilinx, Inc. (Nasdaq: XLNX) 9.7% HIGHER; reported Q3 EPS of $0.35, 3 cents better than the analysts estimates of $0.32. Revenues for the quarter were $474.8 million, versus the consensus of $463.60 million. Sees Q4 revenues up 3% to down 1%, sequentially.

CNinsure (Nasdaq: CSIG) 9.2% HIGHER; is moving on a lack of news, but may be feeling upside pressure from a Morgan Stanley upgrade on Chinese stocks.

Advanced Micro Devices (NYSE: AMD) 9% HIGHER; reported a Q4 loss of $3.06, which may not compare to the analyst estimate of ($0.36). Revenues for the quarter were $1.77 billion, versus the consensus of $1.79 billion. The EPS number includes a $2.89 charge. Also may be moving higher as Intel (Nasdaq: INTC), AMD's top competitor, has been moving down this week. Shares of Intel are down 13% over the week, while AMD is up 10%.

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Piper Jaffray, Deutsche Bank, Citi, Morgan Stanley, Wachovia, Wellspring Capital Management