Harmonic Inc HLIT shares are trading higher by $0.96 (18 percent) at $5.62 in Wednesday's session. Investors are piling into the issue after it was announced the company has entered a warrant agreement with Comcast Corporation CMCSA.
Following a higher open ($5.21 vs. Tuesday's close of $4.66), it retreated only $0.09 to $5.12 before resuming its move higher.
So far, it reached $5.99 and backed off to the mid-$5.00 handle. The current high matches its November high of $6.00. If the rally continues through that level, there may be additional resistance at the highs from the September 10-11, 2015, highs ($6.26) and October 7 ($6.31).
It should be noted that today's rally is taking place on much higher than average volume. With just over four hours remaining in the day, it has already traded 2.9 million shares compared to its 20-day average of 832,000.
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