Stocks are rallying across the board today as data from the manufacturing surprises. Futures were already set to open higher this morning after better than expected factory data in China and the EU. The manufacturing sector in the U.S. expanded for the first time since May as the ISM index rose to 51.5 in September, up from 49.6 in August. An ISM index reading of 50 or more signals expansion.
It wasn’t all good news today though as construction spending fell by the most in a year, down 0.6% in August. The good ISM numbers have overshadowed this news today though as the Dow is up over 1% in late morning trading.
The Dow is currently up 155 points, the Nasdaq is up 21 points and the S&P 500 is up 14 points.
Fonar Corp. (NASDAQ:FONR) is up 42.40% today at $5.34. FONR has traded 1.5 million shares this morning, way above its daily average of 40 thousand shares. FONR shares are up today after announcing record profits for fiscal 2012. Net income doubled from 2011 and revenue increased nearly 20% to $39.4 million. The company has a market cap of 33.49 million.
Ceradyne Inc. (NASDAQ:CRDN) is up 42.94% today at $34.92. CRDN is up on heavy volume with over 11 million shares traded so far today, 10 times its daily average. CRDN shares are up after 3M offers $860 million to buy the company. The company has a market cap of 844.82 million.
BioFuel Energy Corp. (NASDAQ:BIOF) is up 27.02% today at $6.44. BIOF has traded 534 thousand shares so far today, more than double its daily average. BIOF shares are bouncing back today after the stock dropped from $6.80 to $5.00 last week. The company has a market cap of 33.34 million.
MGIC Investment Corp. (NYSE:MTG) is up 17% this morning at $1.79. MTG has traded 10.4 million shares so far today, well above its daily average of 6.3 million shares. MTG shares are up today after obstructions to selling new policies have been cut. The company has a market cap of 365.68 million.
Synta Pharmaceuticals Corp. (NASDAQ:SNTA) is up 11.15% today at $8.47. SNTA has traded 1.05 million shares so far today, 400 thousand shares more than its daily average. SNTA shares are rallying today on promising trial results. The company has a market cap of 487.72 million.
Avanir Pharmaceuticals (NASDAQ:AVNR) is up 9.37% today at $3.50. AVNR has traded 928 thousand shares so far today and trades 1.2 million shares on average. The company has a market cap of 483.44 million.