Microvision, Inc. (NASDAQ: MVIS) plunged 22% to $3.22 huge volume of 4.52 million shares after MVIS announced the pricing of an underwritten public offering of 6.7 million shares of its common stock at a price to the public of $3.00 per share.
New Gold Inc. (USA) (AMEX: NGD) plummeted 19% to $3.52 on 4.48 million shares after it announced that it is cooperating with Mexican government authorities and pursuing all legal appeals after the company was notified that it must suspend mining operations at its Cerro San Pedro Mine, known regionally as Minera San Xavier (MSX).
China Medical Technologies, Inc. (ADR) (NASDAQ: CMED) declined 16.11% to $12.71 on 1.86 million shares after it reported Q2 EPS of $0.10, and revenue for the quarter of $24.3 million. Sees Q310 revs of $24.9 - $26.4 million, versus $24.61 million consensus.
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) plunged 12.18% to $5.93 on 4.78 million shares. So far this year, EGLE is down over 13%.
Excel Maritime Carriers Ltd (NYSE: EXM) declined 10.50% to $7.52 on 2.64 million shares. In the past five trading sessions, the stock is up over 15%.
Dick's Sporting Goods, Inc. (NYSE: DKS) is trading at $22.29, decreased by $2.53 or 10.09% after its fiscal third-quarter income more than tripled, smashing forecasts, as the company said it benefited from consumers buying cold-weather gear earlier this year than last.
Micron Technology, Inc. (NYSE: MU) fell 6.82% to $6.97 on 13.12 million shares. So far this year, MU is up over 160%.
The indices managed to come back again Wednesday afternoon to close just beneath the flatline and positive on the OEX. But it was a generally narrowly mixed picture at the close.
The day started out with a gap down and a very sharp slide that severely tested support at 1790 NDX and 1102 SPX. They then had a sharp rebound back, but rolled over and retested the lows, made nominal new lows on the NDX but failed to confirm on the SPX. When that occurred they had a nice snapback in the last 2-3 hours that brought the indices back up to their rally highs but beneath the session highs.
Net on the day the Dow was down just 11.11 at 10,426 and change, the S&P 500 down 52 cents at 1109.80, and the Nasdaq 100 down 10.47 at 1801.7.
Advance-declines were negative by about 260 issues on New York and by nearly 600 issues on Nasdaq. Up/down volume was just barely to the plus side on New York on total volume of just over 1 billion. Nasdaq traded just over 1.95 billion and had an 11 to 8 negative volume ratio.
TheTechTrader.com board was very mixed. The star of the day today was China Green Agriculture (CGA), which exploded for 3.51 to 16.63 on 3.88 million shares.
Other point-plus gainers of note, Genco (GNK) in the very strong shipping sector advanced 1.04 to 28.25, and Excel Maritime (EXM) 1.05 to 8.40.
SmartHeat (HEAT) at 13.80 was up 1.31, and the Direxion Financial Bull 3x Shares (FAS) at 80.54 up 1.58. Those were the only point-plus gainers.
Among the fractional gainers, Canadian Solar (CSIQ) added 51 cents to 20.62, Netlist (NLST) snapped back a solid 73 cents to 4.83 on 12 1/2 million, and Westport Innovations (WPRT) jumped 47 cents to 12.55.
On the downside, Nanometrics (NANO) got hammered on profit-taking, down 1.89 to 11.19, and RINO International (RINO) 1.05 to 28.14. Those were the only point-plus losers on our board.
Among the fractional losers, Human Genome Sciences (HGSI) gave back 92 cents to 27.84, Kongzhong Corp. (KONG) 57 cents to 14.42, Sonic Solutions (SNIC) 53 cents to 8.95, and Sinovac (SVA) 54 cents to 7.70.
Stepping back and reviewing the hourly chart patterns, the indices were down early, came back up to retrace part of that decline, and then a retest of the lows, which was successful, resulted in the last late afternoon rally that brought them back near the flat line.
The patterns of the last three days are orderly, constructive, and likely bullish, and may result in more upside. But key levels we’ll be watching are resistance at 1813-14 on the NDX and support at 1790-92.
On the S&P 500, resistance is at 1112-14 and support at the 1102 zone. We’ll see which way they resolve over the next couple sessions, which should be interesting especially with options expiration on Friday.
Rising dry bulk shipping rates lifted shares of Eagle Bulk Shipping Inc. (Nasdaq: EGLE) 66 cents to close at $6.75 and Excel Maritime Carriers Ltd. (NYSE: EXM) $1.05 to close at $8.40....
A sharp drop in home construction weighed down the markets to a modestly lower close with the Dow slipping 11 points to 10,426. Nasdaq lost 10 points to 2193.
Excel Maritime Carriers (EXM) leads the list of top gainers so far today and is now at $8.10, up $0.75 (10.2%) on volume of 5,928,948 shares traded. Over the last 5...(Click the story link or go to http://www.marketintelligencecenter.com for the full story)
Excel Maritime Carriers Ltd’s (EXM) third-quarter earnings of 81 cents per share were substantially ahead of the Zacks Consensus Estimate of 3 cents. Last year, the company reported earnings of $2.81.
Revenue from operations amounted to $174.4 million as compared to $231.6 million last year. Decline in revenues was brought about by an amortization charge of [...]
Excel Maritime Carriers Ltd’s (EXM) third-quarter earnings of 81 cents per share were substantially ahead of the Zacks Consensus Estimate of 3 cents. Last year, the company reported earnings of $2.81.
Revenue from operations amounted to $174.4 million as compared to $231.6 million last year. Decline in revenues was brought about by an amortization charge of $76.4 million relating to the acquisition of Quintana as well as a decline in voyage revenues.
Operating expenses increased 1.6% year-over-year to $90.9 million, mainly due to an increase in general administrative expenses.
Adjusted earnings before interest taxes depreciation and amortization (EBITDA) for the quarter came to $59.1 million, compared to $110.1 million for the year ago quarter.
An average of 47 vessels were operated during the quarter, earning a blended average time charter equivalent rate of $21,912 per day, down 35% year-over-year.
Excel Maritime Carriers Ltd is a shipping company specializing in the worldwide seaborne transportation of dry bulk cargo. The company has a number of competitive strengths, including an experienced management team, strong customer relationships, cost-efficient operations and a strategy that emphasizes fixed charter coverage. However, the company faces adverse changes in demand and supply for vessel capacity, extreme volatility for spot market and short-term time charter rates, customer and revenue concentrations, integration risks from the merger with Quintana, and exchange rate fluctuations. For now, we maintain a Neutral recommendation on the shares. Read the full analyst report on "EXM" Zacks Investment Research
The markets managed to eek out another gain today, although they had a rough road. Despite the early big gap-up and strong surge that took them to new 2009 highs, taking out the October highs on both indices, they reversed sharply lower, bounced and then came down and made lower lows, but only slightly, and couldn’t follow-through to the downside in mid-afternoon when they hit their session lows. Then an afternoon 3-wave rally brought them back towards intraday resistance but closed them right there.[More...]
First, pardon all the trading today - some days just require it. I'm already exhausted and its only 2 PM.
Second, we've been saying the indexes are not reflecting the carnage seen "underneath" - my watch lists are full of names in the $500M to $5B market cap space which is my sweet spot, and it looks like September 2008 . Here is a sampling of what is really happening when you move away from McDonalds, IBM, Walmart, and Microsoft.[More...]
Tony Daltorio, Investment U Research
Funny how bulls and bears can look at exactly the same data, yet come to completely different opinions.
Take the Baltic Dry Index, which measures charter rates for ships carrying bulk commodities, for example.
Bulls use a high reading as proof that worldwide demand is picking up, whereas bears [...]
