Today's Market Movers: HCSG, DDR, JAG, LUFK, BKC, INFI
Wednesday, April 15, 3:22 PM ET

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Shares of Developers Diversified Realty are higher by about 12% in midday trading today, after the company announced it has received shareholder approval on all of the proposals described in the Company's proxy statement pertaining to the share purchase agreement with Mr. Alexander Otto and members of his family.

Scott Wolstein, Developers Diversified's Chairman and Chief Executive Officer, stated, "We are pleased with the confidence that our shareholders have shown in this strategic investment by the Otto Family. We currently expect the first tranche of 15 million shares to be sold to the Otto Family within the next several weeks, which will be concurrent with our closing on more than $120 million of new debt financing. The Company has obtained commitments from lending relationships for new loans well in excess of the $112.5 million required as a condition to closing. All of these transactions are important steps in lowering our leverage and improving our liquidity, and we continue to work diligently on additional initiatives."

Shares of Jaguar Mining are higher by about 7% in midday trading today, after the company provided an update on operations. In Q1 2009, the company experienced a production increase of 53%.

Gold sales rose 76% above the comparable Q1 2008, averaging $928 per ounce. Overall, Q1 2009 gold production was on target with the Company's 2009 Plan. Cash operating costs were slightly higher than planned but were offset by higher than expected selling prices. The Company's actual Q1 2009 cash operating margin of $519 per ounce exceeded the Company's expected cash operating margin of $455 per ounce.

Shares of Lufkin Industries are lower by about 15% in midday trading today, after the company announced financial results for the first quarter of 2009. Excluding the impact of a net of tax, $1.9 million provision related to the class-action lawsuit against the Company that was accrued at the end of the first quarter, earnings from continuing operations for the first quarter of 2009 declined to $11 million, compared with $15.6 million for the first quarter of 2008. Earnings from continuing operations for the first quarter of 2009 decreased to $9.1 million. Revenues increased almost 9% to $153.1 million compared with $141.1 million for the first quarter of 2008.

Shares of Burger King Holdings are lower by about 14% in midday trading today to 19 dollars and 48 cent per share, after the company announced today that it expects its third quarter fiscal 2009 earnings per share to be in the range of $0.33 to $0.35. Earnings per share were negatively impacted by significant traffic declines in the month of March resulting in lower than expected company restaurant margins for the quarter. The negative impact of lower than forecasted company restaurant margins on earnings was more than offset by continued revenue growth, improved general and administrative costs, lower interest expense and a lower than forecasted tax expense.

Shares of Infinity Pharmaceuticals are lower by about 29% in midday trading today to 6 dollars and 11 cents per share, after the company halted RING Trial in Advanced Gastrointestinal Stromal Tumors. The decision was based on the recommendation received Tuesday Night From an independent data monitoring committee. The independent committee's recommendation to halt the trial was based on an early review of safety data from the first 46 patients enrolled in the study, which showed a higher than anticipated mortality rate among patients enrolled in the treatment arm.

For Market News Video, I'm Muriel Donnelly.