SWS Group Cancels Offering, Shares Surge 8.7% (SWS)

Shares of SWS Group, Inc. SWS are trading up 8.7% at $4.25 per share during the Thursday morning trading session. The day's trading range for shares of SWS Group, Inc. (SWS) has been between $4.20 and $4.40 per share. Analysts covering the company's stock give it a consensus price target of $7.20 per share. SWS Group's share price had been plummeting since the company announced on Monday after the market closed that it planned an offering of $95 million in convertible senior notes that would be due in 2015. The stock began to surge in after hours trading on Wednesday after the company announced that it was canceling the offering in response to recent volatility and unfavorable market conditions. Volume of 1.2 million shares is already nearly 4 times the daily average volume of 324,000 shares. Read more from Benzinga's Company news.