Late Day Rocket (RDWR, MSPD, UBS, AMED, GTIV, LHCG, JKS, PMC)

We’ve seen a lot of crazy days on Wall Street recently, but today was certainly one of the wildest. The market firmly entrenched itself into bear territory early in the morning with a big sell-off, but stocks rocketed higher in the last 45 minutes of trading to finish the day up nicely. Expect more volatility in the weeks ahead as the market continues to be headline driven, especially on news coming out of Europe.

The Chinese Solar Stocks Index was the top performing tickerspy Index on the day, led by JinkoSolar Holding (JKS) with a 21% gain. The Drug Store and Pharmacy Stocks Index was the day’s worst performing tickerspy Index, with Pharmerica Corp (PMC) down -15%.

Stocks climbed higher in a seesaw session, led by a 69-point, or 3.0%, surge in the Nasdaq to 2,405. The Dow jumped 153 points to 10,809, while the S&P added 25 points to 1,124. Oil fell -$1.94 to $75.67 a barrel, while gold dropped -$41.70 to $1,616.00 an ounce.

In economic news, the Commerce Department said new orders for manufactured goods fell -0.2% in August, missing the flat reading economists expected. Orders for capital equipment excluding defense and aircraft purchases rose 0.9% after falling in July.

In earnings news, network management software maker Radware (RDWR) said its third-quarter profit and revenue will come at the low end of previously issued guidance. The company said it will earn 33-34 cents a share on an adjusted basis on revenue of $42.0-$42.2 million. Radware previously forecast a profit of 33-35 cents on revenue of $42.0-$43.0 million. Shares of Radware rose 45%.

Semiconductor maker Mindspeed Technologies (MSPD) slashed its fourth-quarter revenue outlook to $40.5 million from $42.2-$43.9 million. Analysts expected revenue for the quarter of $43.14 million. “We experienced a weaker demand environment in the fourth quarter, primarily impacting our high-performance analog and legacy wide area networking business, as a result of weakening demand in the communications infrastructure market,” Chief Executive Raouf Halim said. Shares of Mindspeed rose 7.1%.

Shares of Swiss banking giant UBS (UBS) jumped 9.4% after the company said it expects to post a small third-quarter profit despite the rogue trading scandal that cost the bank $2.3 billion in losses. Gains on credit derivatives and $6.1 billion in client inflows to the bank’s wealth management unit will help the bank report a third-quarter profit. Thirteen pros counted UBS among their top holdings at the end of Q2 and 230 tickerspy members own the stock in their portfolios.

Shares of home health stocks plunged for a second-consecutive session as fears escalated that some companies in the sector could face criminal probes related to their alleged gaming of the Medicare system. Shares of Amedisys (AMED) tumbled -14.0% while Gentiva Health Services (GTIV) plummeted 17.9%. LHC Group (LHCG), meanwhile, slid -4.0%. Three pros counted LHC Group among their top holdings at the end of Q2 and 50 tickerspy members own the stock in their portfolios.

Tags: AMED, GTIV, JKS, LHCG, MSPD, PMC, RDWR, UBS