Microcap Movers for Tuesday December 27, 2011
Below are highlights from Benzinga's daily coverage of microcap securities. Benzinga provides comprehensive, objective, and conflict-free coverage of the microcap sector in real-time at BenzingaSmallCap.com.
China Mass Media Corp
Shares of China Mass Media Corp (NYSE: CMM), the Beijing television advertising company, rose 763% Tuesday on 120 times the average daily volume.
It was a confusing situation for many traders as the company paid a $23 per share dividend to shareholders of record as of December 9, 2011. China Mass Media actually went ex-dividend on Friday December 23, after the close, at which time the share price fell from $23.66 to $0.66.
China Mass Media shares began trading at $1.49 at the open and rose as high as $8.00 by about 10:15am. For the day, shares traded in a range of $1.49 to $8.00 and closed at $5.70.
Magnum Hunter Resources
Shares of Magnum Hunter Resources (NYSE: MHR), the Houston Texas independent oil and gas company, rose 17% Tuesday on more than twice the average daily volume.
The company announced Tuesday that it has raised production guidance for 2011 and 2012 due to higher production levels being experienced from new well completions.
The Company's three operating divisions are currently producing at a combined production base in excess of 12,500 Boe per day, significantly above previous company guidance of 10,000 Boe per day as a projected 2011 exit rate. This represents a 455% increase from our daily production rate of 2,750 Boe per day at the beginning of this year.
Magnum Hunter shares traded Tuesday in a range of $4.91 to $5.59, closing at $5.47.
Shares of Nanosphere (NASDAQ: NSPH), the Northbrook, IL developer and manufacturer of an advanced molecular diagnostic platform, the Verigene System, rose 20% Tuesday on 3 times the average daily volume.
Nanosphere announced Tuesday it has received 510k clearance from the FDA for the Verigene Staphylococcus Blood Culture Nucleic Acid Test. The BC-S test expands Nanosphere's infectious disease test capabilities to include the rapid detection of bacteria that cause deadly bloodstream infections.
Nanosphere shares traded Tuesday in a range of $1.23 to $1.70, closing at $1.53.
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