Investing

Morning Movers (TAN, SHIP, DF, VG, ZNGA, WCG)

The three major US equities indexes opened higher this morning following an assurance from China’s central bank that it would continue to hold European sovereign debt and to participate in finding a resolution to the Eurozone’s debt crisis. Iran has said that it is stopping crude oil shipments to six European countries (our story here). In the first half hour of trading, the DJIA has turned negative, down about 12 points at around 12,867, the Nasdaq Composite is higher by about 12 points at around 2,944, and the S&P 500 is up about 3 points at around 1,354.

There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include the Guggenheim Solar ETF (NYSE: TAN), Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), Dean Foods Co. (NYSE: DF), Vonage Holdings Corp. (NYSE: VG), Znyga Inc. (NASDAQ: ZNGA), and Wellcare Health Plans, Inc. (NYSE: WCG).

The Guggenheim Solar ETF completed a 1:10 reverse split this morning, causing some issues with online finance sites. We have more coverage here.

Seanergy is up nearly 22% at $3.55. Volume is already about 10x the daily average of about 18,000 shares traded. The dry bulk shipper reported an unexpected profit this morning.

Dean Foods is up nearly 13% at $12.25. Volume is already 150% of the daily average of 1.9 million shares traded. The food and beverage company posted better-than-expected earnings this morning and offered guidance in-line with expectations.

Vonage is down more than -12% at $2.40 after posting a new 52-week low of $2.38 earlier. Volume is already approaching double the daily average of about 550,000 shares traded. The Internet phone company reported in-line fourth-quarter revenues and earning, but projected higher expenses in 2012.

Zynga is down nearly -12% at $12.65. Volume is already higher than the daily average of around 14 million shares traded. The social gaming company posted better-than-expected earnings this morning, but the forecast for the current quarter was weak and several analysts downgraded the stock.

Wellcare is up more than 11% at $70.13 after posting a new 52-week high of $71.54 earlier this morning. Volume is already double the daily average of about 510,000 shares traded. The managed care provider beat earnings expectations this morning and provided a better-than-expected forecast for 2012.

Paul Ausick

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