Heavy Volume: Palm, Yahoo and PMI (NASDAQ:PALM),(NASDAQ:YHOO),(NYSE:PMI)
Today’s advancers on unusually heavy volume include Palm, Inc. (NASDAQ:PALM), Yahoo! Inc. (NASDAQ:YHOO) and The PMI Group, Inc. (NYSE:PMI). Read on for more information.
Palm, Inc. (NASDAQ:PALM) shares spiked up strong today to close at $5.16 a share (+$0.51 +10.97%), Volume was explosive as 88M shares traded hands, and that is 4X average daily volume of 22M. It seems the rumor mill is fueling the stock’s massive price/volume increases.
Not sure who is doing it, but somebody is snapping up shares of Yahoo! Inc. (NASDAQ:YHOO). Volume for Yahoo shares checked in at 47M, well over 2X the average daily volume of 22M shares. Shares closed at $17.52 (+$0.17 +0.98%), however the news of the CTO departing may make any gains short-lived.
Shares of The PMI Group, Inc. (NYSE:PMI) spiked early this morning and then retreated, but it still made for a strong day. Shares closed at $7.10 (+$0.22 +3.20%) and are still gaining ground in the afterhours trading to $7.18. Volume very strong for the stock as more than 2X average daily volume traded hands today (14.7M versus 6.3M). It seems that bond/mortgage insures gained on the news of Ambac’s profit.