Shortly after noon ET today, all three major US stock indexes have posted solid gains, with the DJIA up about 54 points at around12,892, the Nasdaq up about 27 points at 2,963, and the S&P 500 up more than 10 points to around 1,363. This morning’s news from Europe on the Greekl debt swap got markets off on the right foot, and the report on US new unemployment claims was more or less in-line with expectations. The dollar opened weaker today, and has continued to dribble down with the dollar index down -0.67% at 79.181. The weaker dollar and the upbeat news on Greece are pushing up crude prices, with Brent up more than 1.3% and WTI up around 0.7%.
Among the major movers at around noon today are Verso Paper Corp. (NYSE: VRS), Stanley Furniture Co. Inc. (NASDAQ: STLY), Mueller Water Products (NYSE: MWA), Dendreon Corp. (NASDAQ: DNDN), and Clovis Oncology Inc. (NASDAQ: CLVS).
Verso Paper is up nearly 79% at $2.18. Volume is already more than 6x the daily average of about 86,000 shares traded. The paper maker will issue new debt of $345 in senior secured notes and has issued a tender offer for $315 million in 11.5% senior unsecured notes outstanding.
Stanley Furniture is up about 22% at $4.36. Volume is already more than 4x the daily average of about 38,000 shares traded. The wood furniture maker has announced that it expects to receive a payment of about $40 million as a result of an anti-dumping ruling against Chinese furniture makers.
Mueller Water Products is up about 18% at $3.36. Volume is already nearly 3x the daily average of around 1.15 million shares traded. The maker of water transmission, distribution, and measurement products is selling its pipe and foundry business for about $100 million in cash and other considerations.
Dendreon is down about -10% at $9.74. Volume is already about double the daily average of around 10 million shares traded. The drug maker’s prostate cancer treatment Provenge is being challenged following results of good test results for competing drug from Johnson & Johnson (NYSE: JNJ).
Clovis Oncology is down about -11% at $20.47. Volume totals about a third of the daily average of around 82,000 shares traded. The maker of anti-cancer drugs reported poor quarterly earnings after markets closed yesterday.
Paul Ausick
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