Big Movers This Morning (PEIX, WDC, RBY, RIMM, LOT, EEP)
December 2, 2011 by Paul AusickSeveral stocks are making big moves this morning on very heavy volume. The big movers include Pacific Ethanol, Inc. (NASDAQ: PEIX), Western Digital Corp. (NYSE: WDC), Rubicon Minerals Corp. (AMEX: RBY), Research in Motion Ltd. (NASDAQ: RIMM), Big Lots Inc. (NYSE: BIG), and Enbridge Energy Partners L.P. (NYSE: EEP).
Pacific Ethanol shares have traded more than half their average daily volume in the first 30 minutes of trading this morning. Shares are up more than 15%, at $1.56 in a 52-week range of $0.25-$7.98. The company has regained compliance with Nasdaq listing requirements and has increased ownership of its four ethanol production plants to 27%.
Western Digital shares are up more than 13%, at $33.08 in a 52-week range of $22.64-$41.87. Volume in the first half-hour of trading is already more than half the daily average. The disk drive maker said this morning that it has re-started production at one of its Thailand plants that had been shuttered by the massive October flooding. More coverage here.
Rubicon Minerals is up more than 12.5%, at $4.11 in a 52-week range of $2.87-$6.09. Volume is already more than double the daily average. The junior gold miner has been considered a good takeover candidate ever since Agnico-Eagle Mines Ltd. (NYSE: AEM) pumped $70 million into Rubicon last summer. The price of gold has risen since then, and Rubicon continues to look good.
Research in Motion is down nearly -9%, at $16.97 in a 52-week range of $15.98-$70.54. Volume has already surpassed the daily average of 22.7 million shares. The smartphone maker announced this morning that it would take a $485 million writedown on its inventory of PlayBook tablets. RIM also lowered quarterly and full-year guidance. More details here.
Big Lots’ shares are down nearly -9%, at $36.20, in a 52-week range of $27.82-$44.44. Volume is already nearly double the daily average of about 1.4 million shares. The discounter reported disappointing third-quarter earnings this morning.
Enbridge Energy Partners’ shares are down about -4.5%, at $30.55 in a 52-week range of $19.01-$34.58. Volume is already five times the daily average. The oil & gas midstream company has priced an offering of 8.5 million common units at $30.85, about -4% below yesterday’s closing price.
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