Unusual 11 Mid-Day Movers 08/17/2007
RARE Hospitality International (NASDAQ: RARE) 35.3% HIGHER: Darden Restaurants, Inc. (NYSE: DRI) will make a tender offer to purchase RARE\'s outstanding common stock for $38.15 per share in cash, or approximately $1.4 billion in total purchase price. RARE closed at $27.14 per share today.
Deerfield Triarc Capital Corp. (NYSE: DFR) 30% HIGHER; Announced that the Special Committee of its Board of Directors has informed Triarc Companies, Inc. (NYSE: TRY) that DFR has not yet been able to complete on acceptable terms the financing necessary for DFR to consummate the previously announced acquisition of Deerfield & Company LLC, due to the current instability in the credit markets. (Today's Fed cut in the Discount Rate may be a positive for the company)
Home Solutions of America, Inc. (NASDAQ: HSOA) 26% LOWER; Updated shareholders regarding the settlement status of its $21.65 million note and credit agreement. There is no Event of Default as a result of the Company entering into the Note agreement with Brian Marshall, a director and the Executive Vice President of the Company, and the Company is able to borrow under its credit facility. Under the Agreement, Home Solutions receives the first $9 million of net proceeds collected from receivables that were assumed by the Florida Insurance Guarantee Association ("FIGA), an entity created by the Florida legislature to handle claims of insolvent property and casualty companies. Under the previous agreement, Mr. Marshall and the Company were to share equally in the first $14 million of net proceeds collected from FIGA.
Wild Oats (NASDAQ: OATS) 18% HIGHER; Whole Foods (NASDAQ: WFMI) gets judge's clearance to buy Wild Oats.
WNS (Holdings) Ltd. (NYSE: WNS) 17% LOWER; Was verbally advised by First Magnus Financial Corporation, one of its customers in the mortgage business, that they expect to stop substantially all work WNS does for them. First Magnus was expected to account for approximately 5% of WNS's revenue less repair payments for the period between 1 July 2007 and 31 March 2008. Sees FY revenues between $286-291 million vs. consensus of $303.54 million.
Accuray Incorporated (NASDAQ: ARAY) 15.3% LOWER; Reports Q4 non-GAAP EPS of $0.05, 2 cents better than estimates. Revenues were $44.0 million vs. $44.1 million consensus.
Elizabeth Arden (NASDAQ: RDEN) 13% HIGHER; Reports Q4 EPS of $0.33, 15 cents better than estimates.(0.18) Revenues were $242.7 million vs. $220.69 million consensus. For fiscal 2008, the Company expects net sales to increase by 5% to 7% and diluted earnings per share to be in the range of $1.65 to $1.75. The earnings guidance is based on a full fiscal year anticipated effective tax rate of approximately 25%. (Consensus is $1.57)
American Railcar Industries (NASDAQ: ARII) 12% LOWER; Longbow Research downgrades American Railcar Industries from Neutral to Sell.
Thornburg Mortgage Inc. (NYSE: TMA) 10% HIGHER; Stock getting a boost after the Fed cuts Discount Rate.
KKR Financial Corp. (NYSE: KFN) 9.1% HIGHER; Stock getting a boost after the Fed cuts Discount Rate.
Sotheby's (NYSE: BID) 6% LOWER; Stock dropping with no specific news releases.
Deerfield Triarc Capital Corp. (NYSE: DFR) 30% HIGHER; Announced that the Special Committee of its Board of Directors has informed Triarc Companies, Inc. (NYSE: TRY) that DFR has not yet been able to complete on acceptable terms the financing necessary for DFR to consummate the previously announced acquisition of Deerfield & Company LLC, due to the current instability in the credit markets. (Today's Fed cut in the Discount Rate may be a positive for the company)
Home Solutions of America, Inc. (NASDAQ: HSOA) 26% LOWER; Updated shareholders regarding the settlement status of its $21.65 million note and credit agreement. There is no Event of Default as a result of the Company entering into the Note agreement with Brian Marshall, a director and the Executive Vice President of the Company, and the Company is able to borrow under its credit facility. Under the Agreement, Home Solutions receives the first $9 million of net proceeds collected from receivables that were assumed by the Florida Insurance Guarantee Association ("FIGA), an entity created by the Florida legislature to handle claims of insolvent property and casualty companies. Under the previous agreement, Mr. Marshall and the Company were to share equally in the first $14 million of net proceeds collected from FIGA.
Wild Oats (NASDAQ: OATS) 18% HIGHER; Whole Foods (NASDAQ: WFMI) gets judge's clearance to buy Wild Oats.
WNS (Holdings) Ltd. (NYSE: WNS) 17% LOWER; Was verbally advised by First Magnus Financial Corporation, one of its customers in the mortgage business, that they expect to stop substantially all work WNS does for them. First Magnus was expected to account for approximately 5% of WNS's revenue less repair payments for the period between 1 July 2007 and 31 March 2008. Sees FY revenues between $286-291 million vs. consensus of $303.54 million.
Accuray Incorporated (NASDAQ: ARAY) 15.3% LOWER; Reports Q4 non-GAAP EPS of $0.05, 2 cents better than estimates. Revenues were $44.0 million vs. $44.1 million consensus.
Elizabeth Arden (NASDAQ: RDEN) 13% HIGHER; Reports Q4 EPS of $0.33, 15 cents better than estimates.(0.18) Revenues were $242.7 million vs. $220.69 million consensus. For fiscal 2008, the Company expects net sales to increase by 5% to 7% and diluted earnings per share to be in the range of $1.65 to $1.75. The earnings guidance is based on a full fiscal year anticipated effective tax rate of approximately 25%. (Consensus is $1.57)
American Railcar Industries (NASDAQ: ARII) 12% LOWER; Longbow Research downgrades American Railcar Industries from Neutral to Sell.
Thornburg Mortgage Inc. (NYSE: TMA) 10% HIGHER; Stock getting a boost after the Fed cuts Discount Rate.
KKR Financial Corp. (NYSE: KFN) 9.1% HIGHER; Stock getting a boost after the Fed cuts Discount Rate.
Sotheby's (NYSE: BID) 6% LOWER; Stock dropping with no specific news releases.
