Today’s opening bell saw the market start the trading in the red. The S&P500 fell from the historical high of 1597,57 reached yesterday, as signals of slower growth have emerged following the release of job data by the ADP Research Institute. While the market participants are eagerly waiting for the statement of the Federal Open Market Committee, which is to be released at 2:00 PM let’s have a look at the top price gainers in the early hours of the trading session.
The list of price gainers is topped by Neutral Tandem, Inc. (NASDAQ:IQNT). The shares are up 35% after the earnings report beat analysts’ estimates of both revenues and profit. The company announced adjusted Earnings Per Share (EPS) of $0.21 and revenues of $69.7 million. Although the EPS is the same as the figure reported for the first quarter of 2012 and the revenue has decreased by 1.41%, Neutral Tandem, Inc. (NASDAQ:IQNT) beat Wall Street’s estimates of $-0.01 per share and $65.65 million in terms of revenue.
Another technology stock, Mindspeed Technologies Inc. (NASDAQ:MSPD), is up 26% in the early hours of trading. Having reported earnings of -$0.02 per share, with revenues registering a modest 0.11% increase to $35.4 million, the company beat analyst expectations. Furthermore, Mindspeed Technologies Inc. (NASDAQ:MSPD) announced the hiring of Morgan Stanley & Co. LLC as financial adviser to explore the alternatives available to them.
Another stock performing well this morning is Synacor, Inc. (NASDAQ:SYNC). The provider of Next-Gen Startpages, cloud Identity Management (IDM) and TV Everywhere solutions on various devices and platforms has today announced the further development of their collaboration with Verizon to facilitate the access of Verizon customers to their FiOS TV service. Synacor, Inc. (NASDAQ:SYNC) stock has registered an increase of 24% by 10:30 AM.
Cloud services provider, Brightcove, Inc. (NASDAQ:BCOV), has yesterday presented their earnings report. The company has announced a loss, but still beat Wall Street’s estimates. According to their SEC filing, Brightcove have registered a 23.87% increase in revenues to $24.7 million, with EPS of $-0.06. In contrast, the analysts were expecting EPS of $-0.09 and revenues of $23.78 million. This prompted a 24% increase in the price of Brightcove, Inc. (NASDAQ:BCOV) shares, during the first hours of trading.
Although tech stocks have monopolized the list of gainers, one company which engages is production of industrial equipment and goods – Mueller Water Products, Inc. (NYSE:MWA) – has managed to get itself among the day’s top gainers. The management has today held an investor conference to announce their financial results for the first quarter of 2013. The figures have exceeded expectations with regard to both revenues and earnings per share. Analysts have estimated EPS of $0.02 and revenues of $270.81 million, while Mueller Water Products, Inc. (NYSE:MWA) has registered EPS of $0.04 and revenues of $283.1 million (a 12.5% increase with respect for Q1 of 2012). This has boosted the stock price to $6.87 – a 16% increase – by 11 AM.
Disclosure: none
