The overall movement of the market has been down this morning. The Dow has fallen 51 points, the Nasdaq is down about a point, and the S&P is trading flat. A negative outlook from Hewlett-Packard (NYSE:HPQ) is one of the causes of the shaky market today. More bad news from the housing market has traders wondering about the strength of the economic recovery. There are several companies trying to buck the overall negative trend today with Vermillion Inc. leading the way.
Vermillion, Inc. (Nasdaq:VRML) is on the rise this morning as shares have gone up 11% to $5.47. This 11% jump has led to an increase in the amount volume of Vermillion shares that have exchanged hands as nearly 1.7 million shares have been moved heading into midday trading. Vemillion’s rise this morning is in direct correlation with the announcement of a Notice of Allowance for a Peripheral Artery Disease Patent. This should allow Vermillion to develop and commercialize its VASCLIR test for Peripheral Artery Disease.
Winn-Dixie Stores Inc. (Nasdaq:WINN) shares have climbed $.80 to $8.14 per share heading into midday trading. An Increase of 11% has lead volume to nearly double for the food retailing giant. A strong 3Q has lead to the rise this morning. Net income rose to $23.5 million or $.42 per share. That is an increase of nearly 12% over the previous year during the same quarter. After a tax benefit the adjusted earnings were $.25 per share. The earnings bested analysts forecast of only $.10 per share.
Photronics Inc. (Nasdaq:PLAB) has climbed nearly $1.06 to $9.06 per share this morning. Volume has nearly doubled this morning as some 2 million shares have been traded headed into the lunchtime trading hours. Photronics increase this morning comes as the company reports record sales in its 2Q of $133.1 million exceeding a forecasted sales guidance of $117-121 million. Net income, excluding the eliminating of debt of $30.3 million, was $14.8 million or $.24 per diluted share.
The largest mover of the day has been Elong, Inc. (Nasdaq:LONG). Elong shares have jumped $10.82 to $27.78 on news that Tencent Holdings(HKSE: 0700.HK), China’s biggest internet company, purchased an $84.4 million stake in ELong to expand into online travel. Tencent’s acquisition of the 16% stake in Elong makes Tencent the second largest share holder in the online travel company behind only Expedia (Nasdaq:EXPE) and its 56% stake in Elong.