4 Stocks Moving On Unusually Heavy Volume
The following stocks have seen out of the ordinary volume so far this morning.
Greenway Medical Technologies, Inc. (NYSE: GWAY) markets and sells a suite of healthcare technology solutions such as practice management and electronic medical record software applications. Less than two years after becoming a public entity, the company announced on Monday that it would be taken private by Vista Equity partners for $644 million. Vista will pay $20.35 for each Greenway share. The price represents a 62 percent premium to Greenway’s 90-day volume weighted average stock price. Greenway shares jumped to $20.20 in aftermarket trading. This morning shares are up 18.10 percent on heavy volume.
Tuesday’s Range: $20.23-$20.30
52-Week Range: $10.30-$20.30
Tuesday’s Volume: 3.26 million
Average Three Month Volume: 150,047
Volume Percentage Change: 8,318 percent
CarMax, Inc. (NYSE:KMX) gapped up sharply on Tuesday morning off the heels of the release of its Q2 earnings report. The company’s quarterly profit jumped to $140.3 million, or $0.62 per share, from $111.6 million, or $0.48 per share, in the year ago quarter. Revenue rose 18 percent to $3.25 billion. Its gross margin widened to 13.4 percent from 13.3 percent. Results were driven by improved performance in used and wholesale vehicle sales. Earnings per share and sales topped analysts’ estimates.
Tuesday’s Range: $50.41-$52.48
52-Week Range: $28.04-$52.48
Tuesday’s Volume: 1.39 million
Average Three Month Volume: 975, 308
Volume Percentage Change: 161 percent
Carnival Corporation (NYSE:CCL) opened the day trading sharply lower, losing 6.5 percent of share price thus far today, even though the company handily beat Q3 earnings estimates, which were released today. Revenues for the quarter slid up to $4.73 billion from $4.68 billion in the prior year quarter. Analysts had consensus revenue estimate of $4.65 billion for the quarter. The cruise ship operator expects non-GAAP results to be in the range of loss $0.03 per share to profit $0.03 per share for Q4 2013.
Tuesday’s Range: $34.43-$35.67
52-Week Range: $32.06-$39.95
Tuesday’s Volume: 9.26 million
Average Three Month Volume: 3.21 million
Volume Percentage Change: 246 percent
Cypress Semiconductor Corporation (NASDAQ:CY) saw its shares plummet on the heels of news that the company had cut its third-quarter forecast, naming soft mobile handset revenue from Asia as the reason. CY also added that it expects its fourth quarter revenue to be lower than that of the current quarter. Shares fell 10.5 percent in premarket trading this morning and have dropped 11.78 percent so far today.
Tuesday’s Range: $9.90-$10.55
52-Week Range: $8.70-$13.23
Tuesday’s Volume: 6.99 million
Average Three Month Volume: 2.18 million
Volume Percentage Change: 466 percent
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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