At about noon, the three major equity indexes have all turned positive after an up-and-down morning. The DJIA is up about 11 points at about 12,896, the Nasdaq is ;up about 7 points at around 2,923, and the S&P 500 is up less than 1 point to 1,351. The markets are still waiting to hear some solid, good news on the Greek debt swap deal. The dollar is weaker against the euro and the British pound, and up against the Japanese yen, and the dollar index is down -0.283% at 78.515, slightly below where it started the day.
Among the major movers at around noon today are Imperial Sugar Co. (NASDAQ: IPSU), Diamond Foods Inc. (NASDAQ: DMND), Trina Solar Ltd. (NYSE: TSL), Array BioPharma Inc. (NASDAQ: ARRY), and A123 Systems Inc. (NASDAQ: AONE).
Imperial Sugar is up nearly 49% at $5.00. Volume is about already about 8x the daily average of about 430,000 shares traded. The sugar refiner and marketer said it is nearing a sale of one of its divisions.
Diamond Foods is down more than -36% at $23.31 after posting a new 52-week low of $21.44 earlier this morning. Volume is nearly 10x the daily average of 2.6 million shares traded. The snack food maker will re-state accounting and that jeopardizes the deal to purchase the Pringles brand from Proctor & Gamble (NYSE: PG). See our coverage here.
Trina Solar is up about 23% at $11.34. Volume is about 3x the daily average of around 3.3 million shares traded. The solar panel maker is getting a big boost from a report that China will add about 3,000 megawatts of solar PV generation this year, although some analysts think the total will be double that. Other Chinese solar panel makers are also getting a nice bump from the news.
Array BioPharma is down more than -16% at $2.66. About 5 million shares have traded by mid-day, compared with a daily average of around 360,000. The pharmaceutical maker has priced a secondary offering of 20 million shares at $2.60.
A123 shares are down more than -13% at $2.14. More than 4.7 million shares have already traded this morning, compared with a 3-month daily average of about about 2.7 million shares. The battery maker was downgraded to ‘sell’ at Wunderlich on the failure of one of its customers, Fisker Automotive, to secure additional federal funding.
Paul Ausick
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