by Anthony John Agnello | May 26, 2011 1:16 pm
Here’s what’s hot in the stock market this morning: Fuel emissions, jewels, pharmaceuticals, cable technology, and electronics. An unlikely grouping if there ever was one, but the stocks are trading at markedly higher than average volumes. Here’s a snapshot of five stocks seeing large jumps in stock trading this morning.
Clean Diesel Technology (NASDAQ: CDTI), the manufacturer of fuel emissions control technology for heavy and light vehicles, was up more than 90% to $7.41 this morning on around 35-times its normal trading volume. Nearly 2.5 million shares were exchanged. CDTI announced it had received nearly $2 million in orders for its emission reduction products from California for the state’s on-road diesel fleet.
Rigel Pharmeceuticals (NASDAQ: RIGL) dropped more than 2% to $8.30 on more than 10-times normal trading volume. This came after the autoimmune and anti-inflammatory drug maker announced it had priced its public offering of 16.3 million shares at $8 per share with hopes of raising more than $130 million. More than 3 million shares traded hands by mid-morning.
Tiffany & Co. (NYSE: TIF) was up over 8% to $76 this morning with almost 5.2 million shares of the famous jeweler changing hands, more than four times the norm. Tiffany reported EPS of 63 cents in its first quarter, trouncing the expected 57 cents.
Hhgregg (NYSE: HGG), the southern and mid-western electronics retailer, was up almost 19% on three times normal trading. The spike came after Hhgregg announced solid earnings for its most recent quarter, with net income up to $14.63 million compared to $10.05 million the previous year. Shares were trading above $15.50 at midday.
Multiband Corporation (NASDAQ: MBND) was up more than 1.5% to $3.23 on more than 13 times normal trading volume. Multiband announced it would sell 11.2 million shares of common stock at $3.00 a share. The company is responsible for the installation of devices and operation of services provided by satellite television company DirecTV (NASDAQ: DTV).
As of this writing, Anthony John Agnello did not own a position in any of the stocks named here. Follow him on Twitter at @ajohnagnello and become a fan of InvestorPlace on Facebook.
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