Day Trader's Alert: EMN, OSIS, OCNW

Shares of Eastman Chemical Company (NYSE: EMN) surged as much as 4% after President and CEO Jim Rogers announced that third-quarter 2010 earnings per share are expected to be between $2.20 and $2.30, above previous expectations. This continued strong performance is due to selling prices remaining solid reflecting high industry capacity utilization rates, and a seasonal decline in sales volume being less than expected. Included in the expected third-quarter results is approximately $0.20 per share from the partial settlement of an insurance claim related to the previously announced outage at the company's Longview, Texas, manufacturing facility. In addition, Rogers announced that full-year earnings per share are expected to approach $7, also above previous expectations. Rogers also reviewed the company's efforts to achieve its objective to increase earnings per share in 2011 compared with 2010.

Shares of OSI Systems, Inc. (NASDAQ: OSIS) soared as much as 37% after it announced today that its Security division, Rapiscan Systems, has been awarded an Indefinite Delivery, Indefinite Quantity (IDIQ) contract by the U.S. Transportation Security Administration (TSA) for the Rapiscan 620DV AT (Advanced Technology) checkpoint X-ray baggage inspection system. The contract is valued at up to $325 million in potential future orders.

Shares of Occam Networks, Inc. (NASDAQ: OCNW) jumped more than 49% after it agreed to be bought by Calix (NYSE: CALX) in a stock and cash transaction valued at approximately $171 million.

Full Disclosure: None.