The markets are showing no signs of turnaround this morning, however as yesterday afternoon indicated anything can happen. Yesterday the Dow plunged sharply before ending up positive over 400 points. Is that kind of rebound on tap for later today? If it is there is a lot of work ahead to get back to even. The Dow is currently down 418 points a fall of over 3.7% virtually erasing all the gains it posted yesterday. The Nasdaq has fallen 75 points a drop of over 3%, and the S&P 500 has dropped 40 points a 3.4% decrease. There is not a lot of good happening in the market right now with some stocks down as much as 70%. Despite the overall market performance there have been a few stocks performing well.
Pegasystems Inc. (Nasdaq: PEGA) shares have risen 20% this morning to $42.83 per share. Volume has already traded nearly four times more than normal on news that the company bested wall street estimates for the second quarter. PEGA exceeded wall street estimates by posting a a revenue of $104.7 million versus the $101.6 million expected by analyst. Net income was $2.3 million versus a net loss of $8.2 million last year during the same quarter.
Cree, Inc. (NASDAQ:CREE) shares have risen 15% to $34.15 per share. Volume is up over 10 million shares on news that company’s price target was raised by Canaccord Genuity inc. The analyst at Canaccord Raised the price target to $39 from $37 and upgraded the shares from hold to buy. While dwindling inventory down to manageable levels Cree has been able to reset the company’s expectations while providing great upside. Cree, Inc expects to beat wall street estimates at the end of their current quarter.
BioLase Technology, Inc (NASDAQ:BLTI) shares are up 34% to $3.72 per share. Volume is nearly double average daily traded volume on news of a stock repurchase program. The BioLase Board of Directors approved a plan that would allow the repurchase of up to 2 million shares of the company’s outstanding stock. BLTI also announced a new revenue guidance for Q3 of $14-15 million up from $6.2 million in the previous year.