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4 ASX stocks blitzing the market today

It hasn’t been a good 6 days for the market.

Over the past week, the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) slipped 1.2%, and is down another 0.9% in late afternoon trading today. Has the market developed the yips, and are more falls ahead?

Who knows, and for investors in these four stocks, what the market is doing means nothing. All four have zoomed ahead today. Not a bad performance in a down market…

Elders Ltd (ASX: ELD) has seen its shares soar 19% to 25 cents, after the beleaguered agribusiness company  announced the successful completion of a $57 million capital raising. The company says it is aiming for earnings before interest and tax (EBIT) of between $23 million and $28 million this financial year, while long-term debt will fall from $118 million to $21 million, and potentially to zero following the sale of Elder’s investment in AWH.

Colorpak Limited (ASX: CKL) shares have rocketed up 15% to 69 cents, despite no news from the company. Colorpak designs and produce cartons, paper cups and lids, leaflets, labels, point-of-sale displays and other paperboard products. Unfortunately for shareholders, the 2104 financial year wasn’t a great one, hit by impairment and restructuring charges, resulting in the company reporting a net loss of $13.2 million. With $39m of net debt, this is one company I’ll be letting through to the ‘keeper.

Clinuvel Pharmaceuticals Limited (ASX: CUV) has seen its shares soar to $4.19, a rise of 13.6%, continuing its strong performance this year. Since January, shares in Clinuvel are up a whopping 342%. Substantial shareholder Retrophin, Inc announced on Friday last week that it had increased its holding to 7.8% of the Clinuivel. The NASDAQ listed Retrophin offered $2.17 per share in early August 2014, and appears to believe shares are still cheap at existing prices.

Bauxite Resources Limited (ASX: BAU) is up 11.1% at 15 cents, and 30% in the last five days. As we noted last week, avoiding a costly legal battle is likely one of the drivers pushing the share price higher today.

While these stocks may be a bit speculative, investors looking for profitable companies paying decent dividends, with plenty of growth ahead, should read on…

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

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