Wall Street Pit’s Midday Market Gainers: CMI, ECYT, UBS, F, IIVI

Cummins Inc’s (CMI) shares jumped 9 percent to $117.00 at the start of trading Tuesday, the highest intraday pps since July 1980, after the company which builds diesel engines said its first-quarter profit more than doubled. Cummins beat with $1.75 in EPS, $0.31 better than expectations. The co. saw Q1 Net income come in at $343 million, or $1.75 per share, compared with $149 million, or $0.75 a share, y/y. Revenue rose to $3.86 billion from $2.48 billion a year earlier. Cummins boosted its full year guidance ; saying it now expects to earn 14% EBIT on $17 billion in sales in 2011.

Endocyte Inc. (ECYT) shares spiked more than 33 percent to $12.90 in early trading Tuesday, printing the biggest gain in the R2K Index. The biopharma company today announced its plans to seek European Union regulatory approval to market ovarian cancer treatments. ECYT said marketing applications are for the company’s lead drug candidate EC145 and its companion imaging diagnostic EC20 for patient selection. Shares of ECYT are currently up 28% on high trading volume ; 370,000 shares have already traded hands compared to a 3m daily average volume of just 144,000 shares. Day’s range: $11.07 – 52wkh $12.91.

UBS AG (UBS) advanced as much as 6.5 percent to $19.75 this morning.The Zurich-based bank reported first-quarter profit that soared to $119 million from $14 million in the 2010 quarter. Revenue climbed 13% to $1.45 billion while expenses fell by 14%. UBS said its U.S. brokerage arm attracted nearly $4 billion of net new money. UBS shares are currently up on high trading volume ; 4.2 million shares have already surpassed the 3m daily average volume of 3.7 million shares. Day’s range: $19.56 – $19.75.

Ford Motor Co. (F) shares added 3% in early trading Tuesday, the highest intraday price since Feb. 16, after the Dearborn, Mich.-based automaker reported first-quarter profit that rose 22%. Ford said it earned $2.55 billion, or $0.61 a share, compared with $2.09 billion, or $0.50 a share, y/y. Ticker rose 38 cents or 2.35% to $15.90 in midday trading Tuesday. Volume has exploded with 110 million shares already trading hands compared to a daily average volume of 87.2 million shares. The stock has a positive 7.47% 52wk change.

II-VI Inc. (IIVI) shares added almost 22 percent after the Saxonburg, Pennsylvania-based co. reported results for its Q3 ended March 31, 2011. II-VI said revenues for the quarter increased 33% to a record $129,997,000 from $97,531,000 y/y. The co. earned $0.72 per share compared with $0.33 per share y/y and $0.19 better than the Thomson Reuters consensus of $0.53. Today’s trading range for shares of IIVI, which trades at a trailing P/E of 29.05, a forward P/E of 23.09 and a PEG ratio of 1.60, has been between $50.67 and 52 wkh of $59.28. Volume: 783, 000 vs 3m daily average of just 141,000.

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