Why these 4 shares rocketed higher today

Unfortunately it looks as though the S&P/ASX 200’s (Index: ^AXJO) (ASX: XJO) winning streak is coming to an end today. The index is currently down by 0.4% to 5,437 points in afternoon trade.

Despite the index dropping lower, four shares in particular have been going against the grain today and climbing higher. Here they are:

Audio Pixels Holdings Ltd (ASX: AKP) shares have jumped over 9% to $33.29 after announcing it has chosen global specialty foundry leader TowerJazz for the mass production of its first generation high performance MEMS-based loudspeaker chip. Management believes the silicon chip loudspeaker will “introduce an entirely new generation of ground-breaking device applications that exceed the sound performance specifications and design demands of the world’s consumer electronics, industrial and medical device manufacturers.” If it delivers on its own expectations then this could certainly be a company worthy of an investment. But for now I think it’s best left on the watch list.

Audio Pixels’ share price has rocketed 290% in 2016.

Catapult Group International Ltd (ASX: CAT) shares climbed a further 4% to $4.09 following news that another broker had lifted its price target on the fledgling sports analytics company. Bell Potter lifted its price target by 18% to $3.85, while Morgans has recently increased its price target by 21% to $4.29. I’m a huge fan of Catapult and think it will be a great long-term investment. However, the shares have climbed at an astonishing rate and could be subject to a profit-taking pull back soon in my opinion. For this reason I would suggest waiting for a better entry point.

Catapult shares have rocketed over 111% this year.

Sundance Energy Australia Ltd (ASX: SEA) shares have surged higher by 33% to 14 cents today. The sharp rise in the energy exploration company’s share price comes following a huge piece of news hidden away within a plain old cleansing notice announcement. According to its cleansing notice, a US-based private equity manager has made a proposal to acquire all of the company’s shares at US$0.14 in cash per share. Management stated that: “SEA notes that the Proposal is confidential and is materially below the fair value of its assets, uncertain, subject to due diligence and highly conditional. While SEA has commenced discussions with the proponent, there is no guarantee that a binding proposal will be forthcoming or that a transaction may eventuate.”

Sundance Energy Australia’s shares are still down by around 19% year-to-date.

Surfstitch Group Ltd (ASX: SRF) shares have leapt almost 16% to 22 cents despite no news being released to the market. Last week the company announced yet another change in the executive management with the retirement of chairman Howard McDonald. Sam Weiss is set to replace him on August 1 and comes with an extensive track record in online retailing and digital marketing, according to the company. The struggling retailer certainly needs all the help it can get right now, so shareholders will be no doubt crossing their fingers that these new changes bring a change of fortune.

Surfstitch shares are down a whopping 88% in 2016.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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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