These 3 Stocks Popped on a Red Day

03:09 11/10/2017

Despite reporting a first quarter loss, shares of Immunomedics, Inc. IMMU  are up 18 percent today. The company reported a loss of $118.7 million in its fiscal first quarter. On a per-share basis, the New Jersey based company said it had a loss of 97 cents. Losses, adjusted for non-recurring costs, were 16 cents per share.

The biopharmaceutical company posted revenue of $690,500 in the period. Its adjusted revenue was $690,000. Immunomedics shares have nearly tripled since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.44, more than quadrupling in the last 12 months

China based Orient Paper, Inc.ONP  shares are up 66 percent today after reporting financial Revenue decreased by 10.6% to $33.5 million, primarily attributable to a decrease in overall sales volume and partially offset by an increase in blended average selling prices ("ASPs") particularly for regular CMP and Light-Weight CMP that increased by 59.4% and 47.9%, respectively.

The decrease in sales volume was primarily due to the continued government-mandated restriction on production in compliance with environmental regulation and due to our replacement of outdated paper facilities.

Gross profit decreased by 1.5% to $7.2 million. Gross margin increased by 2.0 percentage points to 21.6%. The increase in gross margin was primarily related to CMP as a result of significant increase in ASP. Net income was $1.6 million, or $0.07 per diluted share, compared to $3.0 million, or $0.14 per diluted share, for the same period of last year.

Third quarter profits pops shares of Avid Technology, Inc. AVID  27 percent after reporting third-quarter net income of $72,000 and revenue of $105.3 million in the period. For the current quarter ending in December, Avid said it expects revenue in the range of $103 million to $113 million.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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