Here’s what’s hot in the market today: Online advertiser QuinStreet and telecommunications tech company Ciena are down, as was clothing retailer Abercrombie & Fitch. Positive clinical trials helped pharmaceutical Pharmasset while raised guidance for fiscal 2012 lifted Bob Evans out of its doldrums.
QuinStreet (NASDAQ: QNST), the online advertising company, dropped almost -22% to well below $12 on 2 million shares, about six times its typical volume. QuinStreet lowered its revenue expectations for fiscal year 2012 to between $455 million and $475 million while analysts had projected $480 million.
Ciena (NASDAQ: CIEN) fell more than 13% to trade under $21 on nearly 20 million shares, about five times typical trading volume. Shares in the telecommunications equipment and networking firm heated up after its revenue guidance for the third quarter fell below analyst estimates of $456 million. Ciena now says revenues could be as low as $435 million.
Pharmasset (NASDAQ: VRUS) was up more than 8% to top $113 on around four times typical trading volume by midday. Despite the poor performance of other pharmaceuticals like Impax Laboratories (NASDAQ: IPXL), Pharmasset rallied announced positive clinical trials with a new hepatitis C treatment.
Abercrombie & Fitch (NYSE: ANF), the popular teen clothing line and retailer, fell more than 4% to below $66 on nearly 7 million shares. Company warned investors at a Piper Jaffray conference that its second quarter earnings would disappoint.
Bob Evans Farms (NASDAQ: BOBE) climbed more than 8% to trade near $32 on almost four times normal volume by midday. The stock had experienced a precipitous decline since June 1, backed up by its quarterly report yesterday that profits fell to just above $18 million, compared with about $21 million for the period in 2010. This morning’s boost came after BOBE raised its EPS guidance for fiscal 2012 to between $2.36 and $2.44. Analysts had been expecting $2.40.
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.
