There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include Illumina Inc. (NASDAQ: ILMN), LM Ericsson Telephone Co. (NASDAQ: ERIC), Corning Inc. (NYSE: GLW), Piper Jaffray Cos. (NYSE: PJC), and Indiana Community Bancorp. (NASDAQ: INCB).
After the first half-hour of trading, Illumina is up nearly 39% at $52.35. Volume is about 6x the daily average of about 2.8 million shares traded.The genetic testing instrument maker is the target of a $5.7 billion hostile takeover offer from Roche Holdings AG.
LM Ericsson is down more than -15% at $8.68 after posting a new 52-week low of $8.67 earlier. Volume is already greater than the daily average of 4.3 million shares traded. The telecommunications company reported a huge profit drop on much weaker sales.
Corning is down nearly -10% at $13.19. Volume is already about 75% of the average daily volume of 20.5 million shares traded. The specialty glass and ceramics maker reported so-so earnings this morning, but forecast weaker prices for the year ahead.
Piper Jaffray is down more than -10% at $22.22. Volume is about 50% of the daily average of about 200,000 shares traded. The investment broker missed both earnings and revenue estimates in the fourth quarter.
Indiana Community Bancorp is up nearly 45% at $21.03, a new 52-week high. Volume is already more than 40x the daily average of just 1,700 shares traded. The bank holding company has agreed to be acquired by Old National Bancorp (NYSE: ONB) in an all-stock transaction.
Paul Ausick
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