Morning Movers (ATPG, LNG, CTB, CASM, DNDN)
February 27, 2012 by Paul Ausick
The three major US equities indexes opened lower this morning following news from Europe that the G20 has refused to increase the IMF’s funding to deal with the Eurozone debt crisis. Crude oil prices are also falling as the outlook for a stronger global economic recovery fade a little. In the first 45 minutes of trading, the DJIA is down about 59 points at around 12,924, the Nasdaq Composite is down nearly 20 points at around 2,944, and the S&P 500 is down more than 7 points at around 1,359.
There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include the ATP Oil & Gas Corp. (NASDAQ: ATPG), Cheniere Energy Inc. (AMEX: LNG), Cooper Tire & Rubber Co. (NYSE: CTB), CAS Medical Systems Inc. (NASDAQ: CASM), and Dendreon Corp. (NASDAQ: DNDN).
ATP is up more than 15% at $8.19. Volume is already nearly 2.5x the daily average of about 1.7 million shares traded. The independent oil & gas company reported a fourth successful well at its Telemark Hub project.
Cheniere is up about 11% at $15.55 after posting a new 52-week high of $16.25 earlier. Volume is already higher the daily average of 5.6 million shares traded. The liquefied natural gas company announced an investment from Blackstone Group LP (NYSE: BX). More coverage here.
Cooper Tire is up more than 10% at $17.24. Volume is already nearly double the daily average of around 590,000 shares traded. The tire maker reported better-than-expected earnings and revenues this morning..
CAS Medical Systems is up nearly 5% at $2.40. Volume is already nearly 4x the daily average of around 14,000 shares traded. The medical device maker reported FDA approval for a neo-natal oxygen saturation device.
Dendreon is down more than -14% at $12.72. Volume is already nearly double the daily average of around 9 million shares traded. The drug maker reported lower-than-expected revenues this morning. More coverage here.
Paul Ausick
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