The three major US equities indexes opened lower this morning following some more dreary news from Europe. Spanish unemployment totaled 23.3% in January, and the other weak eurozone nations are struggling too (more coverage here).The DJIA is down about 24 points at around 12,956, the Nasdaq Composite is up about 1.5 points at around 2,990, and the S&P 500 is down nearly 1.5 points at around 1,373.
There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include the Shutterfly Inc. (NASDAQ: SFLY), Quepasa Corp. AMEX: QPSA), Golfsmith International Holdings Inc. (NASDAQ: GOLF), Motricity Inc. (NASDAQ: MOTR), and Overstock.com Inc. (NASDAQ: OSTK).
Shutterfly is up more than 19% at $32.11. Volume is already double the daily average of about 1.46 million shares traded. The social networking company has struck a deal with Eastman Kodak Co. (EKDKQ) to provide a stalking-horse bid for some of Kodak’s assets. More coverage here.
Quepasa is up more than 9% at $4.44. Volume is already higher than the daily average of about 600,000 shares traded. The Spanish-language social networking company reported better-than-expected revenues, but a net loss last night.
Golfsmith is down more than -10% at $3.99. Volume is already more than 3x the daily average of around 7,500 shares traded. The sporting goods maker badly missed both earnings and revenue estimates.
Motricity is down more than -14% at $1.13. Volume is already about half the daily average of around 1.8 million shares traded. The mobile services provider badly missed both revenue and EPS estimates last night.
Overstock.com is down about -12% at $6.05 after posting a new 52-week low of $5.89 earlier this morning. Volume is already nearly 4x the daily average of around 117,000 shares traded. The online discounter posted an unexpectedly quarterly loss this morning.
Paul Ausick
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