Stocks traded higher on Friday February 8. after a slow Thursday. Stocks to watch on the market today included ExOne Co (NASDAQ:XONE), Linkedin Corproation (NASDAQ:LNKD), EnteroMedics Inc (NASDAQ:ETRM), Caesars Entertainment Corp (NASDAQ:CZR) and Nuance Communications Inc. (NASDAQ:NUAN). Here’s what caused the momentum.
ExOne Co (NASDAQ:XONE): In just its second day of trading since its IPO on Thursday, ExOne Co (NASDAQ:XONE) traded up by more than 15%. The company, which specializes in the manufacture of 3D printing machines for industrial customers, was priced at $18 per share in yesterday’s IPO.
Investors Flock To Hedge Funds As Markets Recover
According to a recent Credit Suisse survey, investors are more interested in hedge funds than any other major asset class going into the second half of the year. Q1 2020 hedge fund letters, conferences and more This is a big switch from investor sentiment in the first half of 2020. Indeed, hedge fund launches slowed Read More
The firm’s shares traded strongly on its IPO day, closing the day at above $26. Trading so far today sets the company’s stock price at above $30, nearly doubling since inception. ExOne Co (NASDAQ:XONE) is certainly one to watch heading into the rest of 2013. Analysts expect IPO activity to be healthy in the year ahead, so this company may be just the first (tentative) success of the new year.
Linkedin Corproation (NASDAQ:LNKD): The social networking company saw its shares rise by more than 20% on this mornings market. The company saw its members go above the 200 million mark in the fourth quarter of 2012, and its earnings blew past the expectations of Wall Street analysts.
The company posted a net income of $11.5 million on revenues of $304 million. In the same period last year, Linkedin Corporation (NASDQ:LNKD) earned $6.9 million on a revenue of $268 million. Linkedin shares have increased by almost 100% in the last twelve months.
EnteroMedics Inc (NASDAQ:ETRM): The medical device company saw its shares lose more than 50% of their value on this morning’s market, after a deeply disappointing clinical trial of a device designed to prevent obesity. The EnteroMedics Inc (NASDAQ:ETRM) trial found that the device did not meet its primary goal.
The trial was mixed overall, but the company’s investors were betting on a big payoff from the device. That seems further away now, if at all achievable, and the market is discounting the company accordingly.
Caesars Entertainment Corp (NASDAQ:CZR): The casino operator jumped more than 25% in this mornings market, as the momentum behind the legalization of online gambling builds. Governor Chris Christie, of New Jersey, struck down a bill yesterday that would have legalized the practice, but outlined the form bill would need to take if he was to sign it.
The expected legalization of online gambling in New Jersey has many hoping that the practice will be legalized across the country. That hope has caused Caesars Entertainment Corp (NASDAQ:CZR) shares to skyrocket, and they should gain more if the practice does gain national acceptance.
Nuance Communications Inc. (NASDAQ:NUAN): The language services firm saw its shares slide after its quarterly earnings report came in at a loss. The company’s acquisition and other one off costs during the quarter hid the revenue increase the company saw during the period.
Nuance Communications Inc. (NASDAQ:NUN) shares fell by more than 19% on today’s market. The firm’s shares are down by more than 10% for the last twelve months, mostly owing to today’s drop in price.