NEW YORK (TheStreet) -- Farm and construction machinery maker Manitowoc (MTW) was soaring on high volumes Tuesday after it beat estimates for the fourth quarter. The company posted a loss of $63.8 million or 49 cents per share versus a loss of $23.5 million or 18 cents per share. On an adjusted basis, the company swung to profit of $15 million or 11 cents per share from an adjusted loss of $12.2 million or 9 cents per share.
Shares were surging 21% to $16.25 with close to 8 million shares changing hands during mid-morning trading.
Shares of Corinthian Colleges (COCO) were also spiking after it said it will cut about 4% of its workforce resulting in a savings of $60 million. It also intends to increase tuition fees by about 12% in the third and fourth quarters, to remain compliant with regulation that states that no more than 90% of revenues should come from Title IV sources.
The stock was up 6.2% to $5.56.One of the day's biggest winner was the a relatively obscure micro-cap stock TravelCenters of America (TA), which operates travel centers along the U.S. interstate highway system. The stock was up by more than 80% to $7.76, with volumes climbing to 3.6 million shares. The company has amended its lease agreements to lower its total rent payable to Hospitality Properties Trust (HPT) to $189 million from $231 million. The new agreement also allows it to further defer payments of rent. Small-cap tech stocks were also seeing heady action on Tuesday. Shares of Silicon Motion Technology (SIMO) jumped 31% to $7.29 after it reported an earnings per share of 18 cents, double what analysts were expecting, and also issued a forecast that was well above expectations.
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