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Magnegas on fire after upbeat trading statement

Last updated: 11:01 18 Aug 2017 EDT, First published: 06:01 18 Aug 2017 EDT

Welder

A look at the day's big movers

RISERS

Root9B Holdings Inc (NASDAQ:RTNB), up 225% at US$1.95

Earlier this week the company revealed that the filing of its quarterly results would be late. No news from the company today regarding why its shares have gone moon-bound.

Magnegas Corporation (NASDAQ:MNGA), up 49% at US$0.725.

The welding gas supplier experienced a 50.1% increase in metal cutting fuel revenue in the second quarter of 2017 versus the same period last year. The company has also implemented “an aggressive cost reduction program”, though this does not seem to have extended to issuing stock options. Excluding US$1.6mln of non-cash stock compensation expenses, Magnegas's selling, general and administrative expenses decreased 35% quarter over quarter.

FALLERS

Hibbett Sports Inc (NASDAQ:HIBB), down 16% at US$9.65.

The retailer posted a second quarter loss per share of 15 cents, and an alarming 11.7% year-on-year drop in like-for-like sales.

Roka Bioscience Inc (NASDAQ:ROKA), down 14% at US$1.72.

The molecular diagnostics company saw yesterday's losses extended as investors mull over the details of its agreement to sell all of its assets to Institute for Environmental Health for US$17.5mln.  

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