Here’s what’s hot in the market today: The vagaries of retail hurt Rubbermaid but helped Quicksilver. Spherix jumped after positive clinical trials of a new cholesterol drug, as did medical transportation company Air Methods. Component manufacturer Cascade rose after reporting impressive earnings.
Newell Rubbermaid (NYSE: NWL) was down almost 12% to about $15 on more than twice its normal volume. The durable containers manufacturer lowered its guidance for fiscal 2011, downgrading expected earnings per share growth to between $1.60 and $1.67. Analysts were projecting revenue for the fiscal year to be above $6 billion with EPS of $1.69.
Spherix Incorporated (NASDAQ: SPEXD) was up more than 50% on 62-times its typical trading volume. The biotech, which specializes in diabetes treatment, was trading close to $5 by midday. Spherix announced yesterday it has produced a new drug candidate that reduced triglycerides and cholesterol in mice. On May 24 the company returned to the NASDAQ after regaining compliance with the exchange’s rules requiring minimum bid prices on listings.
Air Methods Corporation (NASDAQ: AIRM), a provider of emergency medical transportation services, was up more than 16% to $70 on almost 400,000 shares, four times its normal volume. Air Methods announced on Thursday that it was acquiring Omniflight Helicopters for $200 million.
Quicksilver (NYSE: ZQK) was up almost 13% on more than 4 million shares. The clothing manufacturer and retailer reported adjusted earnings of 9 cents a share and revenues of $478 million, topping analysts’ expectations of 7 cents per share and $473 million. Shares were trading just below $5 by midday.
Arch Coal (NYSE: ACI) trades 29 million shares, nearly unchanged. Announced yesterday a secondary offering of 49 million shares for $27 a share to raise $1.3 billion to help pay for its $3.4 billion acquisition of International Coal Group (NYSE: ICO).
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.
