NEW YORK, N.Y. (
) -- Shares of
CB Richard Ellis Group
Jones Lang LaSalle
changed hands at rapid speed Wednesday after the commercial real estate firms returned to profitability in the recent quarter.
Slightly fewer than 11.6 million shares of CB Richard Ellis were in during the day's trading session, compared with the 30-day trailing average volume of just 4.5 million shares. High-volume trading bid the stock price up 7.6% to close at $16.58.
The Los Angeles-based firm flew by quarterly expectations when it posted
adjusted earnings of $58.8 million
, or 18 cents per share, after the closing bell Tuesday, compared with a year-earlier loss of $6.6 million, or 2 cents loss per share. Revenue jumped 23% to $1.17 billion in the three months ended June 30.
Jones Lang LaSalle shares saw 1.7 million shares change hands compared with a 30-day trailing average volume of just 479,000 shares.
Jones Lang LaSalle stock pushed up 6.1%, to close at $79.24, after the Chicago company swung to an adjusted second-quarter net profit of $37 million, or 83 cents per share, topping expectations thanks to double-digit revenue growth, higher margins and fewer charges.
-- Reported by Miriam Marcus Reimer from New York.
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