Morning Movers (TUDO, PCBC, TZYM, CDTI, ZOLL)

The three major US equities indexes opened slightly higher this morning as investors absorb the aftermath of the Greek debt swap. The deal went off smoothly last week, but did trigger a credit event (more coverage here) and yields on new Greek bonds have shot up this morning (more coverage here). In Asia, China reported a surprising $31.5 billion trade deficit in February. The dollar is slightly weaker today, down -0.06% this morning at 79.990. The DJIA is up about 30 points at around 12,952, the Nasdaq Composite is up about 3 points at around 2,991, and the S&P 500 is flat at around 1,371.

There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include Tudou Holdings Ltd. (NASDAQ: TUDO), Pacific Capital Bancorp (NASDAQ: PCBC), Tranzyme Inc. (NASDAQ: TZYM), Clean Diesel Technologies Inc. (NASDAQ: CDTI), and Zoll Medical Corp. (NASDAQ: ZOLL).

Tudou is up nearly 159% at $39.83 after posting a new 52-week high of $42.81. Volume is already nearly 30x the daily average of about 67,000 shares traded. The Chinese online video company is merging with competitor Youku Inc. (NYSE: YOKU). More coverage here.

Pacific Capital is up 57% at $45.04 after posting a new 52-week high of $45.45 earlier this morning. Volume is already more than 15x the daily average of about 20,000 shares traded. The bank holding company is being acquired by Union Bank for $1.5 billion ($46/share).

Tranzyme is down nearly -62% at $1.95 after posting a new 52-week low of $1.38 earlier. Volume is already 150x the daily average of around 30,000 shares traded. The company’s bowel drug failed a phase III drug trial.

Clean Diesel Technologies is up more than 53% at $4.78. Volume is already more than 10x the daily average of around 137,000 shares traded. The biofuel maker reported a net profit for the fourth quarter, where a net loss was expected.

Zoll is up nearly 24% at $92.79 after posting a new 52-week high of $93.00 earlier. Volume is already about 10x the daily average of around 255,000 shares traded. The medical device maker is being acquired by Japan’s Asahi Kasei Corp. for $93/share, or about $2.2 billion.

Paul Ausick