New York (December 21st, 2012) - Hersha Hospitality Trust (NYSE: HT), a self-advised Maryland real estate investment trust, is down sharply in mid-day trading today, paring some of the gains from the previous trading session.
HT had finished more than 6% higher on Thursday after the company announced $75 million share repurchase program. The company said that its Board of Trustees approved the repurchase program, which is effective immediately and is expected to continue through December 31, 2013. Jay H. Shah, CEO of Hersha Hospitality, said that implementing a share repurchase program provides the company with additional financial flexibility and reflects the strength of its balance sheet and its confidence in the cash flow generation capabilities of its portfolio.
HT is currently trading 1.96% lower at $5.01 on volume of 1.02 million, which is well below the daily average volume of 1.96 million.
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Exact Sciences Corporation (NASDAQ: EXAS), a molecular diagnostics company focused on the early detection and prevention of colorectal cancer, is seeing a pullback in trading today after rallying in the previous trading session. EXAS rose more than 7% on Thursday after Mizuho initiated coverage on the company with a Buy rating.
EXAS is down 2.56% to $10.67 in mid-day trading today on volume of 483,931, which is below the daily average volume of 579,325. The stock is still up more than 7% for the week, thanks mainly to Thursday’s gains. EXAS has been gaining momentum over the last one month. Technical indicators for the stock suggest that the upward trend will continue. EXAS could face resistance at around $11.25.