There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include Sears Holdings Corp. (NASDAQ: SHLD), Parlux Fragrances Inc. (NASDAQ: PARL), Magnum Hunter Resources Corp. (NYSE: MHR), Computer Sciences Corp. (NYSE: CSC), and Endeavor International Corp. (NYSE: END).
After the first hour of trading this morning, Sears is down about -20% at $36.66, after posting a new 52-week low earlier of $36.36. Volume is already about 3x the daily average. The department store has announced that it will miss its previous earnings forecast by at least 50% and that it will close another 100-120 stores. See more coverage here.
Parlux is up nearly 80% at $6.23 after posting a new 52-week high of $6.60 earlier. Volume is already 20x the daily average. The perfume maker is being acquired by Perfumania Holdings Inc. (NASDAQ: PERF) for about $170 million. Estimated per share price is $7.91-$8.55.
Magnum Hunter is up nearly 16% at $5.41. Volume is already equal to about 70% of the daily average. The oil & gas producer has raised its production estimate from 10,000 barrels/day of oil equivalent to 12,500 barrels/day.
Computer Sciences is down more than -7% at $24.53. Volume is heavy, about one-third of the daily average so far. The technology and IT services company has said it may have to take a $1.5 billion writedown on a UK contract. More coverage here.
Endeavor is up more than 9% at $7.01. Volume is already about a third of the daily average. The oil & gas company has announced that a subsidiary will purchase producing assets from ConocoPhillips Corp. (NYSE: COP) for about $330 million. The assets include current production of about 10,000 barrels/day of oil equivalent and proved and probable reserves of 33 million barrels.
Paul Ausick
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