Among the major movers at around noon today are Jingwei International Ltd. (NASDAQ: JNGW), Advance America, Cash Advance Centers Inc. (NYSE: AEA), Itron Inc. (NASDAQ: ITRI), Cybex International Inc. (NASDAQ: CYBI), and HyperDynamics Corp. (NYSE: HDY).
Jingwei is up nearly 45% at $2.10. Volume is more than 30x the daily average of about 3,300 shares traded. The Chinese software company is being taken private.
Advance America is up nearly 32% at $10.43 after posting a new 52-week high of $10.55 early this morning. Volume is more than 60x the daily average of 495,000 shares traded. The cash advance provider is being acquired by Mexico’s Grupo Elektra for $10.50/share, for a total price of about $655 million.
Itron is up more than 24% at $49.84. Volume is nearly 6x the daily average of around 420,000 shares traded. The water and power meter maker is acquiring a smart-meter maker for about $100 million following a better-than-expected earnings report last night. We noted Itron as one of our top five winners/losers this morning.
Cybex is up nearly 23% at $2.29 after posting a new 52-week high of $2.80 earlier this morning. Volume is nearly 8x the daily average of around 50,000 shares traded. The sporting goods maker’s shares were halted briefly this morning on a single-stock circuit breaker. This is the second day in a row that the shares have posted a new high following yesterday’s stellar earnings report.
HyperDynamics is down nearly -31% at $1.40 after posting a new 52-week low of $1.01 earlier this morning. Volume is about 7x the daily average of 3.4 million shares traded. The independent oil & gas exploration and production company reported only non-commercial quantities of hydrocarbons at its offshore West African field. Here’s the killer sentence from HyperDynamics’ announcement:
The indicated oil saturation appears to be residual, suggesting that larger volumes of oil formerly were present in the reservoirs but subsequently leaked out or that these rocks lay on a hydrocarbon migration pathway.
The company’s sole asset is 9,650 square miles of exploration area offshore of Guinea.
Paul Ausick
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