Morning Movers (ILMN, ERIC, GLW, PJC, INCB)

There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include Illumina Inc. (NASDAQ: ILMN), LM Ericsson Telephone Co. (NASDAQ: ERIC), Corning Inc. (NYSE: GLW), Piper Jaffray Cos. (NYSE: PJC), and Indiana Community Bancorp. (NASDAQ: INCB).

After the first half-hour of trading, Illumina is up nearly 39% at $52.35. Volume is about 6x the daily average of about 2.8 million shares traded.The genetic testing instrument maker is the target of a $5.7 billion hostile takeover offer from Roche Holdings AG.

LM Ericsson is down more than -15% at $8.68 after posting a new 52-week low of $8.67 earlier. Volume is already greater than the daily average of 4.3 million shares traded. The telecommunications company reported a huge profit drop on much weaker sales.

Corning is down nearly -10% at $13.19. Volume is already about 75% of the average daily volume of 20.5 million shares traded. The specialty glass and ceramics maker reported so-so earnings this morning, but forecast weaker prices for the year ahead.

Piper Jaffray is down more than -10% at $22.22. Volume is about 50% of the daily average of about 200,000 shares traded. The investment broker missed both earnings and revenue estimates in the fourth quarter.

Indiana Community Bancorp is up nearly 45% at $21.03, a new 52-week high. Volume is already more than 40x the daily average of just 1,700 shares traded. The bank holding company has agreed to be acquired by Old National Bancorp (NYSE: ONB) in an all-stock transaction.

Paul Ausick