Against the Grain: Mid-Day Movers (KIPS, BFLY, GR, GEDU, CVOL, EDZ, VALV, MNTA, JKS, AMBT, EDC)

The DJIA was down about -230 points at mid-morning and now that the European markets have closed the DJIA is down “only” about -175 points.  Continuing concerns about Greek debt and worries about European sovereign debt are leading the day’s concerns. Here’s a look at several of the big movers — in both directions.  First, the contrarians… You just have to love the big winners on a down day:

Kips Bay Medical, Inc. (NASDAQ: KIPS) is up nearly 22%. The company is developing a new device for use in coronary artery bypass grafts. The share price rise doesn’t appear to be attributable to any specific news from or about the company.

Bluefly Inc. (NASDAQ: BFLY) is an e-commerce retailer of men’s and women’s designer clothes and eyewear. Shares are up more than 13% this morning as the stock continues to benefit from a large share purchase last week by investor George Soros.

Goodrich Corp. (NYSE: GR) is up more than 11% on continuing speculation that the company would be acquired by United Technologies Corp. (NYSE: UTX) in a $17 billion takeover. Goodrich is a supplier of aircraft parts and services, and its aftermarket business is strengthening.

Global Education & Technology Group Ltd. (NASDAQ: GEDU) shares are up more than 12% this morning. The company provides foreign language training and test preparation services in China. The company’s CFO resigned in late August.

C-Tracks Citi Volatility Index Total Return ETN (NYSE: CVOL) is up nearly 14% this morning. The fund is a directional measure of the implied volatility of US large-cap stocks.

Direxion Daily Emerging Markets Bear 3X ETF (NYSE: EDZ) is up about 12% this morning. The fund is a triple-leveraged play on the opposite price-performance of the MSCI Emerging Markets Index.

The stocks leading the downturn:

Shengkai Innovations Inc. (NASDAQ: VALV) is down more than -40% this morning on last week’s announcement that the company was re-directing its business away from its traditional markets and attempting to secure new business in the oil and chemical markets. Some investors have raised concerns over the company’s accounting practices, a particular problem for many Chinese companies recently. The stock has already traded more than 4x its average daily volume.

Momenta Pharmaceuticals, Inc. (NASDAQ: MNTA) is down  more than -25% as the company has been unable to prevent its stock from falling below technical support levels. So far today about 3x normal daily volume has been traded.

JinkoSolar Holding Co. Ltd. (NYSE: JKS) is down more than -22% after being forced to close a factory that has been accused of polluting a nearby river. The company’s shares also received two new downgrades this morning. So far today volume is about 3x normal.

Ambient Corp. (NASDAQ: AMBT) shares are down more than -15%. The company provides smart grid communications software and platforms. There’s no particular news, but investment in smart grid projects is likely to stall as the US economy remains weak.

GT Advanced Technologies, Inc. (NASDAQ: GTAT) shares are down nearly -10% as the entire solar sector continues to get pounded. Customers for GT’s semi-conductor making equipment are not expected to keep placing orders for more as the market for solar PV panels continues to be oversupplied.

The Direxion Emerging Markets Bull 3X ETF (NYSE: EDC) is off nearly -10%, as it is expected to perform in exactly the opposite direction of the 3X bear fund we noted earlier.

Paul Ausick

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.