Shares AgFeed Industries make huge jump

Shares of AgFeed Industries (NASDAQ:FEED) Inc. jumped Wednesday after the China-based provider of premix animal feed products reported fiscal 2007 results that were above year-earlier levels, and affirmed its fiscal 2008 outlook.

The stock was up 8.5% at $11.35 on volume of 70,530 shares. The issue's 30-day average volume is about 98,200. Before the opening bell, AgFeed reported 2007 net income rose to $6.7 million from $1.2 million in the year-ago period. Earnings per share more than tripled to 25 cents.

Revenue for the fiscal year ended Dec. 31 rose to $36.2 million from $8.59 million in 2006. For 2008, AgFeed Industries affirmed its outlook for earnings of 96 cents to $1.10 a share on revenue of about $135 million.

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