The market is slightly down this morning with the Dow sliding down 47 points after falling as far as 77 points. News that mortgage rates hit new yearly fixed lows and people applying for unemployment benefits rose by 2% have led the way for the downtrend in the market. The Nasdaq is up slightly climbing 5 points this morning while S&P 500 is down 2 points. Oil is down $1.07 and Gold is up $.60. There are several market movers this morning that are fighting the slowly moving market.
HHGregg, Inc. (NYSE:HGG) shares are on the rise this morning. HHGregg stock has climbed $1.64 to $14.60 per share. Volume has nearly tripled as well as a little over 1.2 million shares have been traded so far this morning. The sharp increase the Indianapolis chain has seen is due to a stronger than forecast 4Q that saw a net income of $14.6 or $.36 per share. Those earnings were phenomenally better than the same quarter last year and blew past Wall Street estimates of $.29 per share earnings.
Guess, Inc (NYSE:GSE) shares have jumped up this morning rising $4.54 to $44.64 per share. The 11% increase has lead to a large volume increase as 5 million shares have been traded this morning. Guess saw its revenue rise beating expectations though the company did see a 15% decrease in net income. Revenue for the Los Angeles based company increased 10% reaching $592.2 million besting the analyst forecast of $567.7 million. Net income fell to $42.7 million or $.46 per share compared to $.54 per share for the same quarter last year.
Clean Diesel Technologies, Inc (Nasdaq:CDTI) shares have soared this morning rocketing up $3.49 to $7.39 per share. The near 90% increase has led volume to exceed nearly 2.1 million shares. This is a monumental increase in volume as the average daily traded vole is around 50k shares. The meteoric rise from Clean Diesel Technologies comes as the company has begun receiving orders for its approved emission reduction products. The orders come as the California Air Resources Board (CARB) offered an early compliance credit for trucking fleets that install a diesel particulate filter by July 1, 2011. The credit is essentially a buy-one-get-one-free initiative and should led to increasing orders that Clean Diesel technologies will have to fill.