Superior Well Services, Inc. (NASDAQ: SWSI) rocketed up at 8:35 AM EST 20.84%, resulting in shares increasing from $18.23 to $20.03. This move is the result of Superior Well’s purchase by land rig contractor Nabors Industries Ltd. (NYSE: NBR) for approximately $900 million. The morning has thus seen the movement of 2,964,810 shares, compared with Superior Well’s average volume of 547,172 shares. The company’s success can also be measured with attention to its 52-week trading range, which currently stands at $5.66 â€" $19.96.
The pressure pumping company also just posted Q2 profits of $0.18 a share, totalling $6.1 million. This is compared with analyst expectations, which predicted a loss of $0.10 per share.
-Michael B. Sauter
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