Morning Spy: The Quest For Direction (MCP, ACUR, KNL, GORO, WRLD, JCP, AAPL, KMP, LNKD, GOOG)
The markets have opened flat on Monday and are looking for direction. Traders could be hesitant to start buying with the continued uncertainty of the Greek debt crisis. EU and IMF Ministers said over the weekend that they would like to see Greece demonstrate austerity plans prior to payment, but indicated the loan would be dispersed by mid-July in order to avoid a Greek default.
Today’s Top tickerspy Indexes:
Pain Management Stocks (up 2.7%, see graph): The Index is getting its bounce from Acura Pharmaceuticals (ACUR), up over 40% this morning after the company announced the marketing approval from the U.S. Food and Drug Administration (FDA) for one of its drugs.
Business Equipment Stocks (up 1.9%, see graph): The Index is performing well as a whole today. Shares of Knoll (KNL) are leading the Index higher after the company received two upgrades. Longbow upgraded the stock to buy from neutral and gave it a $23 price target while Raymond James upgraded the stock to strong buy from market perform.
Payday Lender and Pawnshop Stocks (up 1.4% today, see graph): The Index is being led by shares of World Acceptance (WRLD). The Index has performed well over the last month, trading flat during that time.
Today’s Top Market Headlines
America’s Worst Board Members: Thomas J. Engibous Of J.C. Penney: J C Penney (JCP) shares rose sharply on Tuesday after the troubled retailer announced that the chief of Apple (AAPL) retail operations, Ron Johnson, would be its new CEO.
Kinder Morgan Partners – One Company three ways to invest in it: Kinder Morgan Energy Partners (KMP) owns and manages energy transportation and storage assets. This master limited partnership has consistently increased distributions since 1997.
Small Group Rode LinkedIn to Big Payday: LinkedIn’s (LNKD) debut illustrates how a small group — bankers and lawyers, employees who get in on the ground floor, early investors — is getting rich in the social networking bonanza.
Huawei Unveils Tablet Computer Based on Google’s Android Operating System: Huawei’s new MediaPad tablet with 7-inch screen will run Google’s (GOOG) Android Honeycomb 3.2 operating system, Victor Xu, chief marketing officer of the company’s device business unit, said at a press conference.
Stocks Cheapest in Two Decades as S&P 500 Falls With Earnings Climbing 18%: The combination of China raising interest rates, concerns about a Greek default and the end of the Federal Reserve’s $600 billion stimulus program have almost wiped out this year’s gains.
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