At about noon ET today, two of the three major equity indexes remain solidly positive, with the DJIA up nearly 20 points at about 12,924 and the S&P 500 up less than 1 point to 1,358. The Nasdaq is down about 13 points at around 2,940. After opening higher this morning, the leading economic indicators came in lower than expected, and that’s kept interest in tech stocks low. The dollar has lost strength against the euro and the British pound, but gained strength versus the Japanese yen. The dollar index is flat at 79.376, slightly stronger than where it started the day.
Among the major movers at around noon today are Achillion Pharmaceuticals Inc. (NASDAQ: ACHN), Freightcar America Inc. (NASDAQ: RAIL), Demand Media Inc. (NYSE: DMD), Kona Grill Inc. (NASDAQ: KONA), and Gilead Sciences Inc. (NASDAQ: GILD).
Achillion is up more than 23% at $10.79. Volume is more than 3x the daily average of about 1.5 million shares traded. The pharmaceutical maker is getting a boost from the bad news at Gilead.
Freightcar America is up nearly 22% at $25.94. Volume is nearly 12x the daily average of 75,000 shares traded. The rail car maker shattered EPS and revenue estimates this morning.
Demand Media is up about 19% at $7.07. Volume is nearly 4x the daily average of around 327,000 shares traded. The Internet media company reported better-than-expected earnings last night.
Kona Grill is down nearly -11% at $5.52. Volume is nearly 5x the daily average of around 71,000 shares traded. The restaurant operator announced that its COO is leaving the company to become COO at P.F. Chang’s China Bistro Inc. (NASDAQ: PFCB).
Gilead Sciences is down more than -15% at $46.51. Volume is nearly 5x the daily average of 10.6 million shares traded. The drug maker reported a setback on its hepatitis C trials. More coverage here.
Paul Ausick
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