The three major US equities indexes opened lower this morning as manufacturing data from Europe came in below expectations and the ratings cut to ‘CCC’ on Greek debt by Fitch Ratings has cooled expectations of Greece’s ability to meet its promises. In the first half hour of trading, the DJIA is up about 3 points at around 12,969, the Nasdaq Composite is lower by nearly 4 points at around 2,945, and the S&P 500 is down less than 1 point at around 1,362.
There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include the Sourcefire Inc. (NASDAQ: FIRE), FuelCell Energy Inc. (NASDAQ: FCEL), Garmin Ltd. (NASDAQ: GRMN), Lumber Liquidators Holdings Inc. (NYSE: LL), and Newfield Exploration Co. (NYSE: NFX).
Sourcefire is up more than 19% at $42.70 after posting a new 52-week high of $43.88 earlier. Volume is already about 3x the daily average of about 437,000 shares traded. The Internet security provider handily beat earnings and revenue expectations last night.
FuelCell is up nearly 13% at $1.66. Volume is already nearly double the daily average of 1.2 million shares traded. The fuel cell maker has signed a joint venture deal to develop fuel cells in Europe and could benefit from a decision by Apple Inc. (NASDAQ: AAPL) to build a clean-energy data center in North Carolina.
Garmin is up nearly 9% at $48.65 after posting a new 52-week high of $49.93 earlier. Volume is already about 3x the daily average of around 1 million shares traded. The GPS maker reported better-than-expected earnings and gave guidance above estimates. More coverage here.
Lumber Liquidators is down more than -12% at $18.85. Volume is already nearly equal to the daily average of around 358,000 shares traded. The hardwood floor retailer missed EPS estimates this morning and offered weak guidance.
Newfield is down more than -9% at $38.39. Volume is already equal to the daily average of about 2.2 million shares traded. The independent oil & gas company missed EPS and revenue estimates last night.
Paul Ausick
If you enjoy the content at iBankCoin, please follow us on Twitter
