Morning Movers (SHLD, PARL, MHR, CSC, END)

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