The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rebounded from its earlier declines but still sits 0.1% lower at 5,979 points in early afternoon trade.
Four shares which have gone against the grain today and climbed higher are listed below. Here's why:
The G8 Education Ltd (ASX: GEM) share price has rebounded 6% higher to $3.60 following yesterday's sizeable decline. The childcare operator's shares were given a lift today after two leading broker retained their buy ratings despite its surprise profit downgrade. I would stay clear of G8 until its performance improves.
The Magellan Financial Group Ltd (ASX: MFG) share price is up 5.5% to $26.56. Today's gain is likely to be attributable to a broker note out of UBS this morning which revealed that its analysts have upgraded its shares from neutral to a buy rating. The broker believes that Magellan is on course to deliver strong growth in assets under management during the first-half.
The Metcash Limited (ASX: MTS) share price has climbed a further 4.5% to $3.14. Considering its high level of short interest, I suspect this gain could be related to short sellers scrambling to close their positions following its solid half-year result.
The Updater Inc (ASX: UPD) share price has jumped 13% to $1.29 following the release of positive date from its pilot program with AT&T. According to the release, cross-selling pay TV packages via the company's relocation platform was a success. This is just one of a number of revenue generating opportunities Updater is testing at present.
