Orient Paper Inc (NYSE:ONP) shares fell 27.25% in morning trading on volume of over 1.66 Million shares traded, more than 10 times it’s average daily volume of 150,000 shares traded. The Newsworthy Team sees the decline in ONP shares being caused by allegations from Muddy Waters LLC, that ONP has reported incorrect figures on their revenue reports.Gentiva Health Services, Inc. (NASDAQ:GTIV) shares fell 12.29% in morning trading on volume of over 1.44 Million shares traded, more than 3 times it’s average daily volume of 449,000 shares traded. Shares of Gentiva have declined more than 20% since June 24th. The Newsworthy Team sees shares of Gentiva trading lower today as a result of their plan to sell $305 Million of their senior unsecured notes. They are doing this in order to finance the purchase of Odyssey Healthcare.
Somaxon Pharmaceuticals, Inc. (NASDAQ:SOMX) shares fell 13.05% in morning trading on volume of over 1.47 Million shares traded, almost reaching it’s average daily volume of 1.54 Million shares traded. The Newsworthy Team has not found any news that would lead us to believe it is the cause for such a decline in Somaxon shares today. The Newsworthy Team believes this is a continuation of on ongoing decline that shares of Somaxon have been experiencing since March 25th when it’s share were trading at over $9. Since June 3rd shares of Somaxon have fallen almost 50%.
Pacific Ethanol Inc (NASDAQ:PEIX) shares fell 14.06% in morning trading on volume of over 1.35 Million shares traded, already surpassing it’s average daily volume of 1.19 Million shares traded. The Newsworthy Stocks team sees today’s fall as a correction to yesterday’s big morning jump and investors cashing in on their profits.
Tesla Motors Inc (NASDAQ:TSLA) shares fell 6.92% in morning trading on volume of over 5.71 Million shares traded. Tesla has just recently began trading on the NASDAQ and it’s shares quickly jumped from $17 dollars to over $30 in 2 day’s of trading. The Newsworthy Team sees this as a correction in price as investors jumped in heavily at this IPO and are now taking a step back.
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