Stocks On The Move - August 7

Stocks Rise on Heavy Volumn:

• Interpublic Group of Companies Inc. (IPG): the roller coaster ride of the market today didn't affect shares of the New York based advertising and marketing services provider. Shares rose 14.77% to $11.19 per share after the company reported second quarter profit which was more than doubled due to large reversal of tax reserves. The stock was the eleventh leading gaineron NYSE today with 16 million shares traded.

Stock Drop on Heavy Volumn:

• Luminent Mortgage Capital Inc. (LUM): the Domino Effect of the subprime mortgage woe keeps spreading with another REIT company taking hit today. The San Francisco based Luminent Mortgage Capital saw its shares losing 75.34% to $1.08 per share on worries that the company is facing serious liquidity problem. The stock however was the leading decliner on NYSE today with 32 million shares traded.
• RAIT Financial Trust (RAS): The roller coaster ride continuous for the Philadelphia based REIT company. After shares surged 58.23% yesterday, the ongoing subprime breakdown concern and profit taking send the stock down 23.4% to $7.66 per share. The stock was the sixth leading decliner on NYSE today with 22 million shares traded.