Monday, February 22, 2010

200% Volume Spike in Commercial Metals (CMC)

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Commercial Metals Company (NYSE: CMC) is one we have been following today for an explosion in trading volume on what is actually a very quiet trading day.  The stock is now up 11.9% at $16.87 on 5.3 million shares.  The 52-week trading range is $8.83 to $21.29 and the average volume is only about 1.8 million shares.  This stock petered out just north of $17.00 in the last 30 minutes or so and we are starting to see at least some profit taking in the name.

The reason is the old “takeover chatter” but we’d also note that this is on the heels of many large funds disclosing gains and subtractions in the stock.  The market cap here is a mere $1.89 billion, so it is not one of those old metals mergers that had been thrown out there with no real chance of being seen.


Top Day Trader Alerts (SII, SLB, XNPT, GSK, LOW, BPAX)

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These are this Monday’s top day trader and active trader alert stocks seen in the pre-market hours.  It is surprising on the lack of stocks with double-digit gainers or losers.  A brief explanation and volume comparisons are provided where applicable.

Smith (SII) is up again and up far more than what options were indicating on Friday.  Schlumberger Ltd. has formalized a buyout of the oil services player in an all-stock deal of 0.6966 SLB per SII share in a deal coming to$45.84 before any dilution of SLB.  Shares are indicated up almost 7.5% at $40.50 this morning on almost 8 million shares in the pre-market session alone.  The high on Friday after the deal was leaked was $38.16 and shares closed at $37.70.

Xenoport, Inc. (NASDAQ: XNPT) is one of the most active gainers this morning, but this is just the trading reaction after last week’s crush after its RLS treatment was not given FDA approval.  Keep in mind here that after shares dropped from $19.60 to $6.67 that the Friday price went back up to $8.38 on over 27.9 million.  At 8:54 AM EST we have shares up 5.8% at $8.87 on 588,000 shares in the pre-market.

GlaxoSmithKline plc (NYSE: GSK) is holding up better than some might expect.  The company is effectively being urged to pull its blockbuster drug Avandia because of heart risks.  Shares of the ADR are down 2.25% at $37.40 on 70,000 shares as of 8:58 AM EST.

Lowe’s Companies Inc. (NYSE: LOW) is trading up after the #2 home improvement store managed to beat earnings estimates. It reported $0.14 EPS vs $0.12 estimates.  The company now sees gains of 1 to 3 percent same store sales guidance for gains in 2010 and suggested that the worst of the economic crisis is behind.  Also announced was up to $5 billion for share buybacks versus a $34 billion market cap.  Shares are up 1.8% at $23.56 at 8:00 AM EST on over 950,000 shares.

BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) is trading higher after it reported positive LibiGel® safety data in its ongoing Phase III study program.  Biosante shares are up 6% at $1.94 on 116,000 shares as of 8:58 AM EST.

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