Market Overview

Top Percentage Gainers and Losers as of 2pm 06/08/11

Best

1) Layne Christensen (NASDAQ: LAYN): Trading up 12.3% from yesterday's close to $30.77. Layne Christensen reported Q1 earnings of $0.66 per share versus analyst estimates of $0.28 per share. Revenue came in 16% higher than the same period last year to $36.7 million. The stock has broken above its 50- and 200-day simple moving averages (one year daily chart) in today's action.

2) Clean Diesel Technologies (NASDAQ: CDTI): Trading up 12.2% from yesterday's close to $6.34. The stock started out the day in negative territory, but heavy buying volume began pushing shares higher at 12:30pm.

3) Bob Evans Farms (NASDAQ: BOBE): Trading up 9.6% from yesterday's close to $32.36. Bob Evans was raised from Hold to Buy at Miller Tabak. Shares broke above their 50- and 200-day simple moving averages (one year daily chart) in today's session.

4) China-Biotics (NASDAQ: CHBT): Trading up 9.5% from yesterday's close to $5.31. Shares of China-Biotics set a 52-week low of $4.65 in yesterday's session. The stock has lost 49.7% in the last 14 trading days. Shares had traded as high as $6.35 earlier in the session.

5) Ulta Salon, Cosmetics & Fragrance (NASDAQ: ULTA): Trading up 8.1% from yesterday's close to $53.64. Ulta reported Q1 earnings of $0.37 per share versus estimates of $0.31 per share. Revenue came in at $386 million versus estimates of $382 million.

Other Notable Gainers

Pharmasset (NASDAQ: VRUS): Trading up 8% from yesterday's close to $116.97. The company announced plans to test its hepatitis C treatment PSI-197 as a stand-alone therapy. Shares of Pharmasset had traded up as high as $135.92 earlier in the session – a new 52-week high.

Majesco Entertainment (NASDAQ: COOL): Trading up 6.7% from yesterday's close to $3.72. Majesco agreed to purchase the majority of assets of online football video game company Quick Hit Inc. The stock started out the day in negative territory, but buying pressure started to push the stock up starting at 10:45am.

Harbin Electric (NASDAQ: HRBN): Trading up 7.8% from yesterday's close to $15.70. The stock had recently set a new 52-week low of $13.34 on June 6th.

NCI Building Systems (NYSE: NCS): Trading up 6.9% from yesterday's close to $10.54.

Worst

1) QuinStreet (NASDAQ: QNST): Trading down 21.3% from yesterday's close to $11.55. The company announced that it is expecting FY12 sales of $455 to $475 million versus analyst estimates of $480.1 million. QuinStreet was cut from Buy to Hold at Stifel Nicolaus. The company was also cut from Buy to Neutral at Bank of America (NYSE: BAC).

2) Cogo Group (NASDAQ: COGO): Trading down 16.1% from yesterday's close to $5.31. Cogo was cut from Buy to Neutral at Ticonderoga. Shares set a new 52-week low of $5.06 in today's session.

3) Ciena (NASDAQ: CIEN): Trading down 15.9% from yesterday's close to $20.34. Ciena reported a Q2 loss of $0.24 per share versus estimates of a $0.11 loss. Sales came in at $417.9 million versus estimates of $428.19 million.

4) Westport Innovations (NASDAQ: WPRT): Trading down 14.4% from yesterday's close to $20.00. Westport reported a Q4 loss of $0.31 per share versus estimates of a $0.18 loss. Revenue came in at $38.1 million versus $34.5 million for the same period last year.

5) Impax Laboratories (NASDAQ: IPXL): Trading down 13% from yesterday's close to $20.42. Impax was downgraded from Overweight to Neutral at J.P. Morgan (NYSE: JPM). Impax recently received a letter from U.S. regulators regarding quality control problems at one of its primary plants.

Other Notable Losers

Renren (NYSE: RENN): Trading down 11.8% from yesterday's close to $10.71. Shares started out the session in positive territory but came under heavy selling pressure starting at 9:55am. The stock set an all time low of $10.40 earlier in the day.

MGIC Investment (NYSE: MTG): Trading down 11.8% from yesterday's close to $6.41. MGIC released its monthly operating statistics earlier this morning.

Silvercorp Metals (NYSE: SVM): Trading down 11.8% from yesterday's close to $8.64.

Molycorp (NYSE: MCP): Trading down 11.4% from yesterday's close to $52.00

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