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Everybody's talking about a big spike in the CBOE Market Volatility Index (VIX) today, with the so-called "fear gauge" up about 22% this afternoon amid a sell-off in the broader equities market. However, it's not just the VIX that's making a bullish move this afternoon -- despite the day's downside bias, Overstock.com, Inc. (OSTK), Impax Laboratories, Inc. (IPXL), and Misonix, Inc. (MSON) have all rallied to new 52-week highs.
Overstock.com, Inc. (OSTK) topped out at $26.50 today, and the stock was last up about 17% to trade near $23. The stock kicked off the day by surpassing consensus earnings expectations, and gapped above short-term pressure from its 10-day and 20-day moving averages as a result. The shorts appear to be scrambling for cover amid the equity's post-earnings surge -- and short interest accounts for no less than 21.8% of OSTK's float, so the shares could be enjoying the benefits of today's surprise first-quarter profit for a few sessions to come.
Meanwhile, Impax Laboratories, Inc. (IPXL) tagged an intraday peak of $18.99, marking its highest price on record, and the shares are currently up 2.3% to linger around $18.37. Like Overstock.com, IPXL is basking in the glow of an upbeat quarterly report -- and traders are basking in the stock's call options. Bulls appear to be adding new calls at the May 17.50 strike, where 1,301 contracts have changed hands on open interest of 503 contracts.
Finally, Misonix, Inc. (MSON) rallied to its own new 52-week peak of… wait for it… $3.84. The shares are still sitting on a gain of 34.5% to trade near $3.08, with traders cheering the approval of MSON's ultrasound device for the treatment of prostate cancer by an independent panel of experts. On the heels of this news, the stock gapped above resistance in the $2.80-to-$3 neighborhood, which could now switch roles to act as support.