Penford Corporation Plunging Sharply (PENX)

Penford Corporation PENX is dropping sharply, down almost 10% on heavy volume. Penford is a thinly traded name, trading only 37,000 shares per day, so for it to be down sharply this morning on almost its entire average daily volume 40 minutes into trading is something to note. The company announced this morning it will be releasing earnings results on January, 6 2011. Penford engages in the development, manufacture, and marketing of specialty natural-based ingredient systems for industrial and food ingredient applications in the United States.