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Volume Spikes From Secondary Offerings (SQNM, DRYS, TOO, QLIK)

247admin — Fri, 03 Dec 2010 15:02:50 +0000

Secondary offerings often create volume spikes in the shares, but we are seeing moves in several key stocks with secondary offerings. The moves are in Sequenom, Inc. (NASDAQ: SQNM), DryShips Inc. (NASDAQ: DRYS), Teekay Offshore Partners LP (NYSE: TOO), and Qlik Technologies Inc. (NASDAQ: QLIK).

Sequenom, Inc. (NASDAQ: SQNM) said the underwriters of its offering that priced on December 2, 2010 have exercised in full their overallotment option to purchase an additional 2,100,000 shares; so the offering will total 16,100,000 shares at $6.00 per share for total gross proceeds of $96.6 million to Sequenom. Shares are down 1.8% at $6.63 on almost 300,000 shares as of 9:50 AM EST; yesterday shares closed down only $0.06 at $6.75 but that was on more than 9.7 million shares.

DryShips Inc. (NASDAQ: DRYS) is soaring on word that its Ocean Rig UDW Inc. subsidiary plans to offer roughly $500 million of stock via a private placement to raise funds for the construction of its deepwater drillships. DryShips at 9:50 AM EST is trading up almost 9% at $5.70 on 11.7 million shares versus an average volume of 14.9 million shares and versus a 52-week range of $3.28 to $6.95.

Teekay Offshore Partners LP (NYSE: TOO) is down 5.7% at $27.43 on more than 1.1 million units after it priced 5.6 million units at $27.84 to buy more ships. Average volume is only 222,000 units a day and the 52-week range is $16.89 to $29.94.

Qlik Technologies Inc. (NASDAQ: QLIK) sold 11.5 million shares in a public secondary offering at $23.00 per share. Shares have recovered and are down now ‘only’ by 1.1% at $23.09 versus a post-IPO trading range this year of $14.00 to $27.70. Volume is through the roof at 2.2 million shares versus only about 350,000 on an average day.

These are not even all of the secondary offerings today.

JON C. OGG

Irish Banks See Volume on Dead Day (AIB, IRE)

247admin — Fri, 26 Nov 2010 15:20:53 +0000

The market is down in the U.S. on a holiday-shortened trading session. Still, there is active trading in the Irish banks today. The Bank of Ireland (NYSE: IRE) was down much worse but shares are now down about 2.6% at $1.54 after a low of $1.46 this morning. Allied Irish Banks plc (NYSE: AIB) is now flat at $1.01 after having traded briefly at $0.95. Early pre-market indications showed both of these banks down closer to 10%. In short, any small losses here may actually be considered a win.

AIB has actually seen over 4.5 million shares trade after just 45 minutes this Friday and an average day’s volume is only about 6.3 million shares. IRE has already gone 150% of normal trading with over 9.6 million shares traded in just 45 minutes since the open versus an average day’s volume of almost 6 million shares.

The difference here is that U.S. markets were closed for Thanksgiving on Thursday. The only giving thanks in local trading in Ireland on Thursday while Americans were eating turkey was that Ireland still had plenty of potatoes.

JON C. OGG

After Hitting 52-Week Low, Tongxin Plummets Pre-market

247admin — Tue, 12 Oct 2010 13:29:08 +0000

Chinese auto parts company Tongxin Internation Limited (NASDAQ: TXIC) hit a new 52-week high yesterday of $3.48 cents. This morning, it appears that this price won’t remain the 52-week low for long. At 8:26AM EDT, TXIC was trading at $3.12, down 58 cents (15.68%) from its close yesterday. At that time, the stock had traded 4,260 shares, with an average daily volume of 110,000 shares. The 52 week range, at least until market open, is $3.48-$12.07.

-Michael B. Sauter

Lululemon Doubles Second Quarter Profit, Stock Rising

247admin — Fri, 10 Sep 2010 12:54:28 +0000

Lululemon Athletica inc. (NASDAQ: LULU) released second quarter earnings yesterday. The Vancouver-based women’s athletic retail company posted a quarterly revenue increase of 56%. Premarket, shares of LULU were up 9.4%, with 31,000 shares traded (average daily volume is 800,000.) The stock, which is currently at $39.53, is trading close to the top of its 52-week range of $21-$46.49.

-Michael B. Sauter

PwC Will Buy Diamond Management & Tech, DPTI Skyrockets

247admin — Tue, 24 Aug 2010 13:12:41 +0000

PricewaterhouseCoopers has finalized plans to purchase technology consultant Diamond Management & Tech in a $378 million deal. As of 8:44AM EDT, shares of DPTI were up 31.03% to 12.50, well above its 52-week range of $5.58-$11.56. The stock has traded 224,914 shares in volume. The stock trades with an average volume of 2.5 million shares.

-Michael B. Sauter

Qiagen Down Pre-Market, Despite Exceeding Forecasts

247admin — Tue, 10 Aug 2010 12:30:58 +0000

Qiagen N.V., a diagnostic technology holding company, posted 2Q earnings yesterday which beat expectations. Despite the positive news, stock of QGEN continues to lose ground pre-market after dropping .7% yesterday. As of 8:19AM EDT, shares were off 3.58% to 18.84 on 106,880 shares volume (average volume 2.32 million.) Qiagen is nearing its 52-week low of $18.06.

According to reuters, net income for Qiagen’s second quarter was $38.5 million. expected net income was $31.8 million.

-Michael B. Sauter

Power-One Moves On Q2/Q3 Announcement

247admin — Fri, 30 Jul 2010 12:43:34 +0000

Power-One, Inc. (NASDAQ: PWER) shot up at 8:35 AM EST from $9.96 to $11.73, an increase of 17.77%. This pre-market movement came following an announcement that the company had a second quarter revenue of $215 million and profits of 17 cents a share, beating the Street consensus of $185.7 million in revenue and profits of 10 cents a share. The company has also projected impressive third quarter earnings. These numbers come during a 52-week range of $1.19 – $10.28.

The company traded 95,505 shares this morning, compared with the daily average 2,769,270.

Power-One, Inc. design and sell power management solutions for renewable energy, communications infrastructure, and other high technology markets.

-Michael B. Sauter

Turn For Symantec In Pre-Market Trading Following Q1 Performance

247admin — Thu, 29 Jul 2010 12:43:09 +0000

Symantec Corporation (NASDAQ: SYMC) has fallen behind earnings after announcing Q1 profits of $0.20 per share compared to a market expectation of $0.35 per share. At 8:35 AM EST Symantec was down 9.75% from $14.67 to $13.24 and has traded 241,310 shares, compared with the daily average of 15,290,500, making it one of the greatest losers with regards to both volume and percentage in today’s pre-market trading. This comes during a 52-week range of $13.58 – $19.16. Shares are currently trading below both the 50-day and 200-day price averages.

This downturn comes amidst rising concern over competitive threats to Symantec’s primary business, which is software security.

-Michael B. Sauter

DJSP Faces Premarket Woes

247admin — Wed, 28 Jul 2010 12:45:43 +0000

DJSP Enterprises, Inc. decreased dramatically this morning in premarket trading with regards to percentage. At 8:35 AM EST the company was down from $4.78 to $4, a change of 16.32%. This follows Tuesday’s announcement that that company had completed its acquisition of Timios, Inc., a move which DJSP CEO David Stern refers to as, “a significant step forward in [DJSP's] quest to become the leading cyclical provider of products and services to the mortgage and real estate industries.”

This drop comes during a 52-week trading range of $4.66 - $13.65. The company’s average daily volume is 274,880.

DJSP Enterprises, Inc. provides both non-legal and legal-related real estate services throughout the United States. They are based in Plantation, FL.

-Michael B. Sauter

Ericsson Drops On Dissapointing Q2 Results

247admin — Mon, 26 Jul 2010 12:56:04 +0000

LM Ericsson Telephone Company (NASDAQ: ERIC) fell pre-market as a result of poor second quarter results, in which sales for comparable units, adjusted for currency and hedging, was down 15% compared to last year. At 8:35 AM EST the company was down 1.86% to $11.07 from $11.28 and has traded 583,800 shares, which is an active move for pre-market trading even though the average volume is 8,172,250. This move comes in the middle of the 52-week trading range of $8.94 – $12.39.

-Michael B. Sauter