With major US stock indices having been shut down for two days, many expected volatile trading today with investors seeking to unleash pent-up demand. However, the stock market has seen mild swings thus far.
After opening a few points higher, the Nasdaq Composite
(INDEXNASDAQ:.IXIC) was down 0.50% to 2,973.08 points on average trading volume of 750.33 million as of 11:55 a.m. EDT.
(NASDAQ:OPNT) was one of the biggest gainers in intraday trading, leaping 29.19% to $41.47. On Monday, the company said it would be acquired by communications network gear maker Riverbed Technology
(NASDAQ:RVBD) for some $1 billion in cash and stock, or about $43 per share.
While OPNET soared on news of its acquisition, its buyer, Riverbed Technology, fared the opposite, sliding 19.32% to $18.25. The company was downgraded to Neutral from Outperform from Robert W. Baird today. Needham, however, pointed out
that “Riverbed weakness [was] a buying opportunity.”
Red Robin Gourmet Burgers
(NASDAQ:RRGB) also advanced 25.36% to $34.45. During the stock market blackout, the restaurant chain reported estimates-beating revenue ($213.3 million versus $211.7 million) and earnings per share ($0.24 compared to $0.16). Red Robin was upgraded to Buy from Hold by Miller Tabak earlier today.
GT Advanced Technologies
(NASDAQ:GTAT) declined 15.38% to $4.33. Earlier today, the company lowered its third-quarter revenue guidance to the lower end of its forecasted range of $110 million to $140 million, which would represent a drop from second-quarter sales of $167.3 million. The supplier of manufacturing equipment for solar and energy efficient lighting products, which will report earnings November 6, also plans to lay off 25% of its staff due to likely poor demand in 2013.
(NASDAQ:AAPL) also dipped 1.85% to $592.82 after the company announced the firing of high-profile executives Scott Forstall and John Browett, while Facebook
(NASDAQ:FB) fell 3.52% to $21.17 after another lockup lift of some 230 million employee-held shares.
No positions in stocks mentioned.
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