There were some big gainers on the NYSE, despite a flat trading day leading into the July 4 long weekend. The DJI saw volume of just over 90 million shares today as it closed down 25.24 points or .15%, ending a strong quarter on a negative note. The top three percentage gainers today were: Miller Energy Resources (NYSE:MILL), King Digital (NYSE:KING), First Marblehead (NYSE:FMD).
Miller Energy Resources (NYSE:MILL) had a big breakout today, up 93 cents, or 17%, to $6.40. Volume was a huge 9 times the norm at 2.87 million shares traded. Clearly, the big factor in it’s rise today was a big upgrade by SunTrust from NEUTRAL, to BUY. Miller Energy looks poised for some more gaps upward with this momentum.
MILL is currently trading just above the midpoint of it’s yearly range. It’s 52 week low is $3.85 and it’s high is $8.97. There are 5 analysts with ratings on Miller Energy with a consensus rating of BUY, and a price target of 8.09, so there is some room to run on MILL. The company is operating at a loss, and is estimated to lose 13 cents per share this quarter on 45.5 million shares.
The independent energy exploration company uses seismic data technology for exploring and developing new oil and gas projects. It mainly operates in Alaska and the Appalachian area of eastern Tennessee.
King Digital (NYSE:KING) had another big day in a string of good days. KING was up $2.70 (15%) to 20.55 today. Volume was almost 20 times it’s average daily volume. There was some big call buying in KING on Friday, and I think we now have our answer as to why they were buying. Deutsche Bank analysts have been talking it up with their positive vibes, and lofty estimates of $27 per share. It looks like the market decided to agree with them today. Those option buyers from Friday are likely the most happy bunch, given their likely ties to Deutsche Bank.
King looks poised for more gains given the momentum, the positive analyst coverage, and it’s valuation at 4.7 times earnings. It’s too early to tell if they can sustain those earnings and growth. How many more games can the public play in one day?
First Marblehead (NYSE:FMD) was up 58 cents or 12.42% to $5.25. This is a nice day for the troubled company. There hasn’t been a lot of good news for FMD over the past year, but today it was announced that Second Curve Capital had filed with the SEC that it had increased it’s stake in FMD to about 10% of the company, or 1.14 million shares.
Looks like investors took this as good news, that the company has, or will, turn the corner after so many investigations into the company.
First Marblehead (NYSE:FMD) is still a long way from it’s 52 week high of $19.00.