Shortly after noon ET today, all three major US stock indexes have risen to intra-day highs, with the DJIA up about 81 points at around12,840, the Nasdaq up about 29 points at 2,938, and the S&P 500 up more than 9 points to around 1,353. This morning’s in-line report from ADP on US employment gains got the day started right, and buyers could be searching for bargains after yesterday’s debacle. The dollar opened weaker today, and has continued to dribble down with the dollar index down -0.21% at 79.702. The weaker dollar is helping push up crude prices, with both Brent and WTI up around 1%.
Among the major movers at around noon today are Transcend Services Inc. (NASDAQ: TRCR), Discovery Laboratories Inc. (NASDAQ: DSCO), The Bon Ton Stores Inc. (NASDAQ: BONT), Pandora Media Inc. (NYSE: P), and Vermillion Inc. (NASDAQ: VRML).
Transcend Services is up nearly 40% at $29.25. Volume is already approaching 20x the daily average of about 65,000 shares traded. The medical transcription service is being acquired by Nuance Communications Inc. (NASDAQ: NUAN) for $300 million in net cash ($29.50/share).
Discovery Laboratories is up nearly 22% at $4.57 after posting a new 52-week high of $5.39 earlier this morning. Volume is already around 25x the daily average of about 656,000 shares traded. The drug maker has received FDA approval for a respiratory drug to treat premature infants.
Bon Ton Stores is up about 32% at $6.94. Volume is already more than 6x the daily average of around 240,000 shares traded. The retailer reported lower-than-expected earnings and revenues, but its forecast is above expectations.
Pandora Media is down more than -23% at $10.97. Volume is already about about 8x the daily average of around 2.1 million shares traded. The Internet radio company posted worse than expected earnings last night. More coverage here.
Vermillion is down about -25% at $2.25. Volume is already more than 11x the daily average of about 290,000 shares traded. The medical device maker’s stock more than doubled yesterday, and today’s action is likely a bit of profit-taking following an analyst’s downgrade. More coverage here.
Paul Ausick
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