Stocks Heading Higher As Market Starts Lower: BLRX, ACHN, DMND, EMC, LEE, BONT

Stocks are heading lower today as worries about the debt crisis in Europe, specifically Greece, grow. The credit ratings agency, Standard & Poor’s, said this morning it will likely cut Greece’s credit rating to “selective default.” This news out of Europe has over shadowed a big earnings day today with Apple and Yahoo releasing their latest quarterly reports after market close today. The Dow is down 53 points this morning, the Nasdaq is down 7 points and the S&P is down 5 points.

Not all stocks are heading lower though. Let’s take a look at six stocks trending higher in early trading.

BioLineRx Ltd. (NASDAQ:BLRX) is up 79.33% in morning trading at $5.90. BLRX is up on huge volume today after signing an exclusive license agreement with Genosience for BL-8020, an oral treatment for Hepatitis C. BLRX has traded nearly 2.4 million shares today, way above its daily average of just 3 thousand shares. The company has a market cap of 78.98 million.

Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) is up 13.36% today at $10.43. ACHN has traded 1.5 million shares so far today, 500 thousand shares more than its daily average. ACHN is bouncing back today after the stock fell more than $3 a share in the past week over concerns of its Hepatitis C drug’s future. The company has a market cap of 739.97 million.

Diamond Foods, Inc. (NASDAQ:DMND) is up 9.59% in early trading at $35.72. DMND has traded 1.4 million shares so far today and trades 2.6 million shares a day on average. DMND saw a big volume spike this morning as it moved higher. DMND shares lost nearly 60% of their value between October and December of last year. The company has a market cap of 788.91 million.

EMC Corporation (NYSE:EMC) is up 5.42% at $24.71 this morning. EMC is already trading above its daily average volume today with 21.2 million shares traded. EMC shares are up today after their fourth quarter earnings beat estimates. EPS came in at $0.49 a share, beating estimates of $0.46 a share. The company’s current year outlook is in line with analysts’ estimates. EMC expects $22 billion in revenue this year with $1.70 per share in profit. Analysts are expecting $22.02 billion with $1.71 per share. The company has a market cap of 50.45 billion.

Lee Enterprises, Incorporated (NYSE:LEE) is up 20.91% today at $1.33. LEE has traded 1.1 million shares so far today, more than five times its daily average. LEE shares are up after their bankruptcy plan was approved and the company expects to exit bankruptcy on Jan. 30 according to Bloomberg. The company has a market cap of 58.90 million.

The Bon-Ton Stores, Inc. (NASDAQ:BONT) is up 12.38% this morning at $3.63. BONT has traded 580 thousand shares today, double its daily average. BONT shares jumped this morning after the company appointed Brendan L. Hoffman as their new CEO effective on February 7. The company has a market cap of 71.32 million.

written by

Rachel Brook is an up and coming financial writer focusing on commodity price inflation and how the overall market reacts to the price swings. She also covers emerging markets in Africa and SE Asia.
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