The three major US equities indexes opened higher this morning as the news from Europe virtually guarantees a successful debt swap deal for Greece today. The dollar is weakening today, down -0.48% this morning at 79.327. The DJIA is up nearly 44 points at around 12,881, the Nasdaq Composite is up nearly 15 points at around 2,950, and the S&P 500 is up almost 7 points at around 1,359.
There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include the Stanley Furniture Co. Inc. (NASDAQ: STLY), Imperial Sugar Co. (NASDAQ: IPSU), Mueller Water Products (NYSE: MWA), Dendreon Corp. (NASDAQ: DNDN), and JinkoSolar Holding Co. Ltd. (NYSE: JKS).
Stanley Furniture is up about 20% at $4.31. Volume is already more than 3x the daily average of about 38,000 shares traded. The wood furniture maker has announced that it expects to receive a payment of about $40 million as a result of an anti-dumping ruling against Chinese furniture makers.
Imperial Sugar is up more than 17% at $6.46. Volume is already nearly 3x the daily average of about 800,000 shares traded. The sugar processing company is selling its 50% interest in Wholesome Sweeteners Inc. for $$55-$60 million in cash.
Mueller Water Products is up more than 19% at $3.40. Volume is already double the daily average of around 1.15 million shares traded. The maker of water transmission, distribution, and measurement products is selling its pipe and foundry business for about $100 million in cash and other considerations.
Dendreon is down about -15% at $9.25. Volume is already about higher than the daily average of around 10 million shares traded. The drug maker’s prostate cancer treatment Provenge is being challenged following results of good test results for competing drug from Johnson & Johnson (NYSE: JNJ).
JinkoSolar is down about -7% at $5.55. Volume is already about double the daily average of around 734,000 shares traded. The Chinese solar panel maker reported very poor earnings this morning and its outlook is also weak. Panel maker Suntech Power Holdings Co. Ltd. (NYSE: STP) also reported poor earnings this morning.
Paul Ausick
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