The three major US equities indexes opened slightly higher this morning as investors react to the results of the bank stress tests reported late yesterday. Fed Chairman Ben Bernanke is giving a speech this morning, but it’s on videotape and contains no surprises (more coverage here). The dollar is stronger today, up 0.23% this morning at 80.375. The DJIA is up about 41 points at around 13,219, the Nasdaq Composite is up about 9 points at around 3,049, and the S&P 500 is up about 2 points at around 1,398.
There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include Helios & Matheson Information Technology Inc. (NASDAQ: HMNY), Endocyte Inc. (NASDAQ: ECYT), SciClone Pharmaceuticals Inc. (NASDAQ: SCLN), Pacific Sunwear of California Inc. (NASDAQ: PSUN), and eOn Communications Inc. (NASDAQ: EONC).
Helios & Matheson is up more than 129% at $6.53 after posting a new 52-week high of $7.00 earlier today. Volume is already more than 20x the daily average of about 7,000 shares traded. The business software company posted a surprise profit for fiscal 2011.
Endocyte is up nearly 38% at $5.13. Volume is already more than 4x the daily average of about 614,000 shares traded. The drug maker posted better-than-expected quarterly and annual results last night.
SciClone is up about 29% at $6.75 after posting a new 52-week high of $6/97 earlier. Volume is already more than 10x the daily average of around 192,000 shares traded. The biopharmaceutical company beat estimates and provided a strong outlook for 2012.
Pacific Sunwear is down more than -14% at $2.15. Volume is already about double the daily average of around 500,000 shares traded. The apparel maker posted a larger than expected loss last night.
eOn Communications is down nearly -18% at $1.39. Volume is already higher than the daily average of around 65,000 shares traded. The telecom company posted poor earnings last night.
Paul Ausick
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