Here’s what’s hot in the market today: Bears cut into Nokia (NYSE: NOK) on a Goldman downgrade while tech firms Telvent IT sees strong gains and Daktronics follows suit. Big morning losers include clothing chain Joseph A. Banks and American Super Conductor.
Nokia (NYSE: NOK) continued its second day of huge volume trading, with shares shedding another 4%, hitting a low below $6.75. NOK hasn’t traded below $7 since 1998. Nearly 189 million shares were traded, or about seven times the normal volume. Nokia warned investors on Tuesday that it would be reporting sales “substantially” below expectations of $9.5 billion for the second quarter. Goldman Sachs (NYSE: GS) downgraded NOK from Buy to Neutral this morning and cut its price target from $12.40 to $7.30. Sachs says NOK’s loss of market share will be hard to regain despite recent deal with Microsoft.
Joseph A. Banks Clothiers (NASDAQ: JOSB) dropped 13% to just below $50 by midday on seven times typical trading volume. The men’s clothing chain took a major hit after reporting its first quarter earnings this morning. Revenues totaled $193 million, well below analyst expectations of $195 million, while earnings per share came in at 65-cents, one penny below expectations.
Telvent (NASDAQ: TLVT), a Spanish IT company that serves farming and energy industries, was up more than 15% by midday, trading at almost $40 per share. About 7 million shares traded, or more than 30 times the normal trading volume. The boost came after utilities conglomerate Abengoa agreed to sell its 40% stake in Telvent to Schneider Electronic of France.
Daktronics (NASDAQ: DAKT) rose almost 9% on trading of more than 800,000 shares, about seven times typical volume. The video technology and digital billboard manufacturer reported $3.0 million in earnings for its fiscal fourth quarter on more than $114 million in net sales, year-on-year growth of 19%. DAKT was trading near $12 at midday.
American Superconductor (NASDAQ: AMSC) was trading near $8.70, having fallen almost 20% in early trading. More than 6 million shares traded, or about four times the normal volume. The energy technology company continued an almost two month decline that’s seen shares plummet from almost $25 down to $9. The initial drop came from Chinese clients cancelling orders for wind turbines. The latest hit follows the AMSC failure to meet the filing deadline for its fiscal 2011 report.