Benzinga's Microcap Movers for Tuesday May 8, 2012

Below are highlights from Benzinga's daily coverage of microcap securities making big moves:

Shares of Solar Energy Initiatives (

), the Ponte Vedra Beach, FL diversified provider of solar solutions with two principal wholly owned subsidiaries, rose 84.21% Tuesday on slightly more than the average daily volume. Solar Energy Initiatives announced Tuesday that the company has signed a definitive agreement to purchase certain assets of a company focused in the digital internet marketing space. The asset purchase is scheduled to close no later than July 15, 2012. Solar Energy Initiatives closed at $0.07 on Tuesday.

Shares of SuperMedia

, the Dallas, TX yellow pages directory publisher, rose 22% Tuesday on 17 times the average daily volume. SuperMedia announced Tuesday its financial results for the first quarter 2012. During the first quarter, SuperMedia's continued focus on operating efficiencies resulted in improved operating income and margins, despite a decline in revenue. Operating revenue was $363 million and represents a decline of 17.1 percent from the same quarter last year. Operating income was $106 million and represents an increase of 2.9 percent from the same quarter last year. Operating income margin was 29.2 percent and represents an increase of 570 basis points over the same quarter last year. Net Income was $62 million, which included a $28 million gain on early extinguishment of debt, and represents an increase of 107 percent from the same quarter last year. SuperMedia closed at $2.30 on Tuesday.

Shares of Savient Pharmaceuticals

, the East Brunswick, NJ biopharmaceutical company, rose 16.67% Tuesday on 3 times the average daily volume. Savient Pharmaceuticals announced Tuesday that the Company has entered into definitive agreements with certain holders of its currently outstanding 4.75% convertible senior notes due 2018. Pursuant to the terms of the definitive agreements, upon the closing of the transactions contemplated therein, which is expected to occur on May 9, 2012, subject to certain customary closing conditions, the Company will raise approximately $44 million in net proceeds and extend the maturity date of approximately 50% of the Existing Notes by approximately 15 months. "This transaction allows the Company to extend the maturity of approximately 50% of Savient's existing debt, is cash neutral for the next three years to our interest payment obligations and provides an infusion of approximately $44 million in immediate net cash proceeds," said David Y. Norton, the Company's interim chief executive officer. "With this transaction, Savient believes that its cash and cash equivalents provide sufficient liquidity for at least the next two years." As previously disclosed, Tang Capital Partners has filed a creditor derivative action in the Court of Chancery of the State of Delaware seeking, among other things, a temporary restraining order against the Company's consummation of the transactions described above. A hearing on Tang Capital Partners' motion for a temporary restraining order was held yesterday, May 7, 2012, and the Court denied Tang Capital Partners' motion for a temporary restraining order. Savient Pharmaceuticals closed at $1.82 on Tuesday.