Volume Spike Investor

Three of the biggest losers today are from companies which gave dismal earnings are AmeriCredit (NYSE: ACF), Ceradyne Inc. (NASDAQ: CRDN), and Paraxel International Corp. (NASDAQ: PRXL).  Below is the brief synopsis for each:

AmeriCredit (NYSE: ACF) is taking it on the chin today.  The company sees wider credit losses and warned that it may not have enough liquidity to repurchase receivables by May, 2009 as required under a debt covenant as part of a $2.25 billion credit facility.  The company posted a net loss of $1.7 million, down from a profit of $61.8 million for the same quarter last year.  High risk auto loans don’t look like the place to hide from a recession.

Ceradyne Inc. (NASDAQ: CRDN) posted a drop in its profits and also lowered guidance.  The problem here is that charges led to a 41% profit drop.  Shares are down 30% at $17.03 on double the average volume after only two hours of trading.  Its prior 52-week trading range was $24.52 to $70.48.

Paraxel International Corp. (NASDAQ: PRXL) is down over 30% at $9.34, well under its 52-week lows and under the trading range of $13.58 to $36.16.  This is actually a 3-year low.  The company missed revenues, its earnings fell, and it has cut its 2009 forecast.  Considering that this is a clinical research company for drug and biotech companies, you would think they were somewhat immune.  Not so….