Morning Movers (LCAV, KORS, RAX, ZIP, MAS)
The three major US equities indexes opened lower this morning following debt rating downgrades to six European countries last night and a somewhat lighter than expected bump in US retail sales. In the first half hour of trading, the DJIA is about down about 17 points at around 12,857, the Nasdaq Composite is down about 4 points at about 2,927, and the S&P 500 is down about 2 points at around 1,349.
There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include LCA-Vision Inc. (NASDAQ: LCAV), Michael Kors Holdings Ltd. (NYSE: KORS), Rackspace Holdings Inc. (NYSE: RAX), Zipcar Inc. (NASDAQ: ZIP), and Masco Corp. (NYSE: MAS).
LCA-Vision is up more than 17% at $6.91. Volume is about already more than double the daily average of about 98,000 shares traded. The LasikPlus provider reported a narrower-than-expected loss this morning.
Kors is up nearly 20% at $40l.22 after posting a new 52-week high of $41.32 earlier this morning. Volume is already 150% of the daily average of 2.2 million shares traded. The apparel company posted better-than-expected earnings this morning and forecast current quarter earnings above estimates..
Rackspace is up nearly 10% at $54.03 after posting a new 52-week high of $54.45 earlier. Volume is already about 130% of the daily average of about 1.6 million shares traded. The Internet hosting company beat fourth-quarter revenues and earnings estimates and one analyst raised the company’s stock to ‘buy’.
Zipcar is down nearly -15% at $13.76. Volume is already more than double the daily average of around 400,000 shares traded. The car rental company posted earnings mostly in-line with estimates, but the forecast for the current quarter was weaker than expected.
Masco is down more than -12% at $11.62. Volume is already more about 80% of the daily average of about 5.4 million shares traded. The home improvement and building products company missed revenues and earnings estimates in its fourth quarter.