American Greetings (NYSE:AM) turned a profit of 25 cents per share in the quarter; that's down slightly from the 27 cents earned in the same quarter last year, but exceeded analyst estimates. Sales of greeting cards increased, after the company launched Recycled Paper Greetings and Papyrus. Shares rocketed 32% higher on Wednesday morning.
Virgin Mobile USA (VM) announced its 2009 music festival; performing at the event will be Weezer, Blink-182, Franz Ferdinand, and Public Enemy. A big difference however between this year's event and prior years: admission will be free. Virgin Mobile is dubbing this year's event "FreeFest", with the tagline "Let Free Ring!" as a way to give back during a bad economy as well as collect donations for charity. Virgin Mobile shares gained 16% in early trading Wednesday.
After the bell yesterday, MGM Mirage (NYSE:MGM) said that its recently amended credit agreement as well as its recent offerings of stock and notes have removed doubt about its ability to continue operations; the stock reacting positively, up over 15% early Wednesday.
Atlas Pipeline Partners (NYSE:APL) was upgraded by Barclays Capital "Equal Weight" from "Underweight" citing higher commodity price expectations; the assumed price of crude was increased from 48 to 58 dollars per barrel, a change expected to increase the company's annual EBITDA by at least 55 million dollars. Barclays doubled their price target for the stock, from 4 dollars per share to 8. APL trading over 15% higher Wednesday morning; AHD up nearly 25%.
And Oculus Innovative Sciences (NASDAQ:OCLS) announced a second U.S. independent laboratory has confirmed that the company's Microcyn technology is effective at inactivating the H1N1 swine flu in a virucidal time-kill suspension test. Oculus shares gained 13% in early trading Wednesday.
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