These are 5 of the top pre-market movers this Tuesday morning. We have added color and additional data on each applicable to each stock in the news:
Brocade Communications Systems, Inc. (NASDAQ: BRCD) is getting crushed after earnings last night as revenues were light on targets and its guidance was deemed sloppy to soft. We have also seen at least two analyst downgrades. Shares are down 18% at $5.70 as of 8:48 AM EST and we have already seen more than 15 million shares pre-market. This is a major spike in volume and almost never seen this active pre-market.
Palm, Inc. (NASDAQ: PALM) was already on a downward trajectory, but we have seen two downgrades this morning and one initiation of analyst coverage with a Hold rating. At 8:49 AM ESt we have seen 330,000 shares trade hands and the stock is down 4.5% at $8.70. This looks to be multi-month lows at Palm.
PharmAthene, Inc. (AMEX: PIP) is a low-priced stock but is screaming higher this morning. At 8:51 AM EST we have shares up over 28% at $2.46 on 220,000 shares. The 52-week range is $1.13 to $4.31. The company was awarded up to additional $78.4 million under existing contract for advanced development of SparVax Anthrax vaccine.
Radian Group, Inc. (NYSE: RDN) is trading up after it reported a narrower-than-expected Q4 loss. Shares are up 8.9% at $9.35 on about 125,000 shares as of 8:55 AM ESt. The 52-week trading range is $0.95 to $12.48 and average volume is about 3.5 million shares. Radian is one of these beaten-up financial guaranty and mortgage insurers, otherwise we might not care.
OceanFreight, Inc. (NASDAQ: OCNF) is getting hit this morning by almost 10%. This is a low-priced stock and its loss widened on an impairment charge. Shares are down 9.8% at $0.74 on 140,000 shares as of 8:54 AM EST. This is close to 52-week lows as the year’s range is $0.70 to $2.10.
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JON C. OGG
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