Afternoon Spy: Someone Stop The Pain (HEV, NGLPF, BYI, CMED, JVA, SPWRA, JNJ, SOL, HLTOY, DTEGY, TOT)
The markets continue to struggle today as the major indexes are touching new session lows. The move might be attributed to the CPI reading this morning that indicated prices rose 0.2% in May. In other economic news, industrial production rose 0.1% in May.
Today’s Top tickerspy Indexes:
Fuel Cell Stocks (up 2.9% today, see graph): A refreshing up day for the Index after it has fallen over 12% during the past month. With no news on the day, shares of Ener1 (HEV) are leading the Index with a double digit gain on well above average volume.
Geothermal Stocks ( up 1.6%, see graph): The Index is performing well as a whole with shares of Nevada Geothermal Power (NGLPF) leading the way after the company announced it has closed an agreement to purchase 100% ownership of Iceland America Energy, Inc. (IAE) geothermal assets.
Gaming and Slot Machine Stocks ( up 0.9%, see graph): The Index is getting the pop from shares of Bally Technologies (BYI), which announced it has made an agreement with Caesars Entertainment to install its iView Display Manager in all locations.
Chinese Healthcare Stocks ( up 0.5%, see graph): Shares of China Medical Techs (CMED) are rocketing higher after it was announced that Chengxuan, one of its major shareholders, purchased 110,000 of its American Depositary Shares on June 13 at an average price of $7.33 per share.
Coffee Stocks (up 0.4%, see graph): The Index is getting some energy from shares of Coffee Holding Company (JVA), which are solidly higher today on no news. Not that the Index needed the help, it is up more than 12% over the last month.
Today’s Top Market Headlines
Sunpower Shares Down Sharply As Total Deal Expires: SunPower (SPWRA) shares are getting crushed in early trading Wednesday following the completion of Total SA’s (TOT) tender offer to acquire 60% of the company for $23.25 a share.
Brean Murray Starts Johnson & Johnson as a “Buy”: Healthcare products giant Johnson & Johnson (JNJ) on Wednesday saw its coverage initiated with a “Buy” rating by analysts at Brean Murray Carret & Co.
ReneSola Falls On Downgrade: Shares of China-based solar products company ReneSola (SOL) are trading lower Wednesday morning after Macquarie USA analyst Kelly Dougherty cut his rating on the stock to Neutral from Outperform.
Singapore Employers Added More Jobs Last Quarter Than Initially Estimated: Singapore employers added more jobs than initially estimated last quarter as the services industry increased payrolls to support demand in the growing economy.
Tech IPOs Boost Demand for Silicon Valley Million-Dollar Homes: A surge in wealth from technology stock sales and initial public offerings is spilling into the Silicon Valley real estate market as newly rich workers bid up home values in suburban cities south of San Francisco.
Europe’s $103 Billion Yard Sale May Come Up Short as Buyers Seek Bargains: This month, forced by the European Union to raise cash, Greece triggered an option to sell 10 percent of Hellenic Telecom SA (HLTOY), known as OTE, to Deutsche Telekom AG (DTEGY).
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