Morning Movers 06/08: (FTWR) (VRUS) (LAYN) Higher; (QNST) (COGO) (CIEN) (OMEX) Lower
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FiberTower (Nasdaq: FTWR) 28.6% HIGHER; traders are buying the dip today following five straight sessions of downside. The stock is down 41 percent over this span, however had been up 97 percent in the prior three trading session. About an hour and a half into today's session, nearly 4 million FiberTower shares were traded, which compares to the stock's average full-day volume of just 1.2 million shares.
QuinStreet (Nasdaq: QNST) 20.7% LOWER; said it sees FY11 sales growth at the top of the previously-provided 15-20% range. Sees sales flat year-over-year in Q4 and Q1. Sees FY12 sales of $455-$475 million, which compares to the Street estimate of $480 million. The stock was also downgraded at Stifel Nicolaus and BofA this morning.
Pharmasset (Nasdaq: VRUS) 17% HIGHER; are up trading higher following news of an expanded ELECTRON trial for its HCV treatment.
Cogo Group (Nasdaq: COGO) 15.3% LOWER; breaking below a support level at $6 today following a downgraded to Neutral at Ticonderoga.
Layne Christensen Co (Nasdaq: LAYN) 14% HIGHER; reported Q1 EPS of $0.51, ex-items, $0.23 better than the analyst estimate of $0.28. Revenue for the quarter came in at $267.37 million versus the consensus estimate of $242.88 million.
Ciena Corporation (NASDAQ: CIEN) 13.6% LOWER; reported Q2 adjusted loss of $0.24, $0.14 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $417.9 million versus the consensus estimate of $428.1 million. Sees Q3 2011 revenue of $435-$455 million, versus the consensus of $456.42 million.
China-Biotics (Nasdaq: CHBT) 13.3% HIGHER; the stock is bouncing above the $5 level today after falling nearly 43 percent since the beginning of June.
Odyssey Marine (Nasdaq: OMEX) 10.9% LOWER; announced it will offer 4 million shares of common stock.
Bob Evans Farms (NASDAQ: BOBE) 10.1% HIGHER; reported Q4 EPS of $0.60, $0.06 worse than the analyst estimate of $0.66. Revenue for the quarter came in at $418.7 million versus the consensus estimate of $423.67 million. Same-store sales rose 1.2 percent. Sees FY2012 EPS of $2.36-$2.44, versus the consensus of $2.39. The stock was upgraded at Miller Tabak earlier.
China Information Technology (Nasdaq: CNIT) 9.7% HIGHER; Chinese tech stocks seem to be getting a bit of a bounce today following sharp downside over the last week or so. Susquehanna put out a research note defending these companies this morning.
PMI Group (NYSE: PMI) 8.8% LOWER; continuing lower following a 10.5 percent decline yesterday amid rumors banks and mortgage companies have accepted they will pay as much as $20 billion to resolve foreclosure claims, compared to an original estimate of just $5 billion.
Molycorp (NYSE: MCP) 8.1% LOWER; announces secondary offering of 10 million shares.
To get this movers report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
QuinStreet (Nasdaq: QNST) 20.7% LOWER; said it sees FY11 sales growth at the top of the previously-provided 15-20% range. Sees sales flat year-over-year in Q4 and Q1. Sees FY12 sales of $455-$475 million, which compares to the Street estimate of $480 million. The stock was also downgraded at Stifel Nicolaus and BofA this morning.
Pharmasset (Nasdaq: VRUS) 17% HIGHER; are up trading higher following news of an expanded ELECTRON trial for its HCV treatment.
Cogo Group (Nasdaq: COGO) 15.3% LOWER; breaking below a support level at $6 today following a downgraded to Neutral at Ticonderoga.
Layne Christensen Co (Nasdaq: LAYN) 14% HIGHER; reported Q1 EPS of $0.51, ex-items, $0.23 better than the analyst estimate of $0.28. Revenue for the quarter came in at $267.37 million versus the consensus estimate of $242.88 million.
Ciena Corporation (NASDAQ: CIEN) 13.6% LOWER; reported Q2 adjusted loss of $0.24, $0.14 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $417.9 million versus the consensus estimate of $428.1 million. Sees Q3 2011 revenue of $435-$455 million, versus the consensus of $456.42 million.
China-Biotics (Nasdaq: CHBT) 13.3% HIGHER; the stock is bouncing above the $5 level today after falling nearly 43 percent since the beginning of June.
Odyssey Marine (Nasdaq: OMEX) 10.9% LOWER; announced it will offer 4 million shares of common stock.
Bob Evans Farms (NASDAQ: BOBE) 10.1% HIGHER; reported Q4 EPS of $0.60, $0.06 worse than the analyst estimate of $0.66. Revenue for the quarter came in at $418.7 million versus the consensus estimate of $423.67 million. Same-store sales rose 1.2 percent. Sees FY2012 EPS of $2.36-$2.44, versus the consensus of $2.39. The stock was upgraded at Miller Tabak earlier.
China Information Technology (Nasdaq: CNIT) 9.7% HIGHER; Chinese tech stocks seem to be getting a bit of a bounce today following sharp downside over the last week or so. Susquehanna put out a research note defending these companies this morning.
PMI Group (NYSE: PMI) 8.8% LOWER; continuing lower following a 10.5 percent decline yesterday amid rumors banks and mortgage companies have accepted they will pay as much as $20 billion to resolve foreclosure claims, compared to an original estimate of just $5 billion.
Molycorp (NYSE: MCP) 8.1% LOWER; announces secondary offering of 10 million shares.
To get this movers report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
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