Huron Partly Redeems Itself (HURN)

Posted in pre-market 
August 18th, 2009

Huron Consulting Group Inc. (NASDAQ: HURN) is surging after the company gave an update.  It reported $165.8 million in revenue, just above estimates of $165 million. Its GAAP EPS was $0.47 and non-GAAP was $0.84 EPS vs estimates of $0.45 EPS.  Huron also noted it filed restated financials for years 2006, 2007, 2008, and quarterly reports for 2009 with NO IMPACT on its cash, funds from operations, nor its adjusted EBIT figures.  Huron also managed to reaffirm FY2009 revenue guidance of $650 to $680 million.  Shares are soaring by 27% at $17.46 after closing at $13.69 yesterday, and at 8:45 AM EST we have already seen 650,000 shares trade hands.  That average volume of 1.5 million shares may be hit by the opening bell time of 9:30 AM EST.

For a past history on troubled companies with accounting issues, these often do pop for traders.  But the pops tend to be pops rather than ultimate reversals this soon in the game.  Huron shares were destroyed after its accounting issues came up and after it fired management.

-JON OGG

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