Top Movers for Wednesday Morning
Wednesday morning is bringing many unusual movers after the start of earnings season.
Alcoa Inc. (NYSE: AA) is trading up about 2% after the company beat on revenues but only met on earnings last night. This actually kicks off earnings season on somewhat of a positive fashion. Note that shares were trading higher last night. Maybe any news is good news.
Apollo Group Inc. (NASDAQ: APOL) is down about 9% around $19.05, but shares were trading down 11% this morning around $18.75 earlier. The for-profit college outfit reported that its earnings fell by 11%. The company also continued to show declining enrollments and that is the real story here.
Clearwater Corp. (NASDAQ: CLWR) is trading higher after it received an unsolicited bid from Dish Network Corp. (NASDAQ: DISH). The new offer or a rival offer that is at $3.30 per share, which is ahead of Sprint Nextel Corp.'s (NYSE: S) offer. Shares are up almost 7% at $3.12 this morning.
CrossTex Energy L.P. (NASDAQ: XTEX) is trading down over 5% on news that it will offer 7.5 million units. Proceeds will be used for the expansion of one of its natural gas liquid pipelines.
NuVasive Inc. (NASDAQ: NUVA) is trading up 13% around $18.00 this morning. The news is that the preliminary 2012 earnings are ahead of plan, but the company is also raising its 2013 outlook.
Seagate Technology PLC (NASDAQ: STX) is trading higher this morning after it somehow managed to raise its guidance. The disk-drive and storage maker also said that it is maintaining market share, but its shares are only about 2.5% at $32.20 on the news. The news is dragging shares of rival Western Digital Corp. (NASDAQ: WDC) higher by about 1.4% to $42.55 so far this morning.
Summit Hotel Properties Inc. (NYSE: INN) is trading higher this morning after announcing a 15 million share secondary offering at $9.00 per share. This is a 1.5% discount to yesterday's close and these funds are to help towards an acquisition. The market is receiving it well as the stock is up 0.6% at $9.20 so far. Shares had fallen from $9.50 to $9.14 on the news and the market cap before the effects of the new shares was listed as $421 million.
Filed under: 24/7 Wall St. Wire Tagged: AA, APOL, CLWR, DISH, INN, NUVA, S, STX, WDX, XREX