By Caroline Valetkevitch
NEW YORK (Reuters) - Shares of Diamond Foods are up 3.6 percent and the stock is on track for its biggest one-day percentage gain since July after forecasts for a record walnut crop in California this year, despite the state's drought.
The stock is up 6 percent for the year so far, but at $27.40 it is well above its intrinsic value of $16.22, according to Thomson Reuters StarMine data, suggesting the stock is overvalued based on forward earnings growth projections.
The stock also has a relative valuation score of just 9 out of 100, the data shows.
Index snapshot at 14:53:
S&P 500 is falling 8.42 points, 0.42 percent.
Nasdaq Comp is down 0.57 points, 0.01 percent.
Dow industrials are down 37.62 points, 0.22 percent.
Russell 2000 is falling 1.11 points, 0.09 percent.
S&P MidCap is down 4.52 points, 0.31 percent.
S&P SmallCap is off 0.91 points, 0.13 percent.
(Editing by Meredith Mazzilli and Nick Zieminski)
