Monday May 12, 07:32 PM
Nautilus soars on heavy volume; stock hits 5-mo. high intraday
NEW YORK (Thomson Financial) - Shares of Nautilus Inc. soared on heavier-than-normal volume Monday, reaching a 5-month high in intraday trading.
A spokesperson for the fitness product maker was not immediately available for comment.
The stock hiked up 31% at $6.77 on volume of 1 million shares shares, closing in on triple the full-day average over the past 30 days of about 383,000 shares. The intraday high of $6.82 was the highest price seen since Dec. 11.
The most-active option for Nautilus shares was the June $7.50 strike call, with 438 contract traded.
The shares have now more than doubled since the April 25 close of $3.25. After that close, the stock embarked on a 7-session win streak culminating in a 17% gain on May 6, before stabilizing for the 3 sessions prior to Monday's rally. Nautilus had reported after the May 5 close a wider-than-expected fiscal first-quarter loss but revenue that topped expectations, launched a $10 million stock buyback program and said it would pay $8 million to a supplier to settle claims of a termination agreement.
Nautilus had also said it was conducting 'a thorough review of each business unit, with particular focus on operating effectiveness and costs, market positioning and product innovation.'
Among its peers, Cybex International Inc., which makes cardiovascular fitness equipment, rose 5.2% to $4.25.
Tomi Kilgore
tk1
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