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3 S&P/ASX 200 stocks soaring today

Following a slow start to the day, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) continued its push into negative territory, falling 0.7% in mid-afternoon trade.

However, some S&P/ASX 200 shares bucked the trend and rallied higher. These shares were among the day’s top performers:

The ALS Ltd (ASX: ALS) share price climbed 6% within the last two hours of the market’s trade. Last week, shares in the laboratory specialist entered a trading halt as it sought to release its 2016 half-year report and raise around $325 million in capital from investors. Following the successful capital raising and lifting of its trading halt, ALS shares sunk more than 25%. Fortunately, today’s share price movement provides some relief.

The Cardno Limited (ASX: CDD) share price has also come under intense selling pressure in the past five days. Earlier this week, Cardno said it would raise some $78 million to “strengthen [its] balance sheet”. Despite trading over $3, Cardno plans to sell one new share for every 2.175 its shareholders already own at a shockingly low price of $1.00. Interestingly, Cardno shares today jumped 10% to $1.87. Unfortunately, more selling pressure could be on its way. Investment bank UBS today slapped Cardno shares with a price target of just $1.02, down from $1.80, following the announcement.

Finally, the Baby Bunting Group Ltd (ASX: BBN) share price continued its impressive streak, climbing 2% to $2.50. Since its Initial Public Offer (IPO) in October, Baby Bunting shares have soared 78% from the offer price of $1.40. Last week, Morgans branded Baby Bunting shares with a $2.46 price target, while Morgan Stanley said they are worth $2.35. The baby retailer plans to aggressively grow its business by increasing its store count.

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Motley Fool contributor Owen Raszkiewicz has no position in any stocks mentioned.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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