Converted Organics Surges; Rivals Fall

NEW YORK (TheStreet) -- Shares of small-cap, Boston-based organic soil amendment and fertilizer manufacturer Converted Organics(COIN) have shot up after the company announced orders from Walmart affiliates today.

By late morning, Converted Organics had skyrocketed by 25.3% to $1.10.

So far, more than 11.1 million shares in Converted Organics have traded hands today, compared to a three-month average trading volume of 1.3 million.

Converted Organics said that in connection to previous orders from Walmart of Puerto Rico, announced last week, the company has also gotten orders for its all-natural, organic fertilizers from Sam's Club of Puerto Rico and the Amigos supermarket chain of Puerto Rico.

Both Walmart affiliates placed the orders with Matosantos Commercial, Converted Organics' distributor in the Carribean.

The company says there's been growing interest in its products throughout Puerto Rico and the Caribbean due to their environmentally-friendly profiles.

"Converted Organics is committed to continuing to expand our presence throughout the Caribbean in 2010," said Edward Gildea, president of Converted Organics.

Other fertilizer companies are trading lower this morning. Terra Industries(TRA) has tumbled by 3.9% to $32.10, while CF Industries(CF) has inched lower to $94.30, down 0.5%.

Agrium(AGU) has fallen by 1.9% to $65.30.

-- Reported by Andrea Tse in New York

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