Price/Volume Surge: Bankrate (RATE)

Posted in General 
October 31st, 2008

Bankrate Inc. (NASDAQ: RATE) is surging this morning.  The company managed to defy its skeptics who expected further fallout from the online financial data pressure.  The company posted earnings at $0.43 vs. $0.34 estimates.  The company also said that it expects to be at the mid-to-upper range of its revenue guidance and slightly exceed the top-end of its Adjusted EBITDA guidance,  We have also seen at least three upgrades today:

  • Jefferies raised to Buy from Hold
  • Collins Stewart raised to Buy from Hold
  • Needham raised to Buy from Hold

Bankrate shares are up 23% at $33.00 in early trading. As of 9:52 AM EST we have also already crossed above its daily average volume.  We have seen over 420,000 shares trade hands and the average volume is 320,000 shares.

Options Available:  YES

Jon C. Ogg
October 31, 2008

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