Friday’s rally appears to have been short-lived. Stocks are mixed at the opening of trading this week. Greece’s debt issues continue to be at the forefront of traders’ mind. European finance ministers are attempting to iron out the details of an aid package for Greece. However, no conclusions have been reached so far.
On fears of economic weakness, both in Europe and abroad, oil has fallen to a new four-month low. And, several stocks are hitting 52-week lows, including Chinese tech companies China TransInfo Technology (NASDAQ: CTFO) and ReneSola (NYSE: SOL).
However, some stocks are touching new 52-week highs, including travel and entertainment firms Six Flags Entertainment (NYSE: SIX) and Copa Holdings (NYSE: CPA).
A full analysis follows below.
Stocks hitting 52-week highs
Acura Pharmaceutical (NASDAQ: ACUR): The developer of orally administered pharmaceutical drugs has surged over 28% so far this morning. The stock is up on news that its painkiller drug, Oxecta, was approved by the Food and Drug Administration (FDA). Oxecta is an abuse-resistant version of the pain reliever oxycodone and is being licensed by Pfizer (NYSE: PFE).
Six Flags Entertainment (NYSE: SIX): The amusement park operator has gained about 2.5% in morning trading. Emerging from bankruptcy last year, the “summer fun” entertainer appears to be on the upswing, after raising ticket prices, helping to push up the company’s bottom line.
Copa Holdings (NYSE: CPA): The passenger airline and cargo transport company has lifted about 1% so far today. The stock appears to be riding higher on recent news that May traffic sales were up and that the airline will be expanding its fleet over the coming years.
Stocks hitting 52-week lows
China TransInfo Technology (NASDAQ: CTFO): The Chinese developer of road planning and traffic applications has dropped a further -8% this morning. On Friday, the stock shed over -25%. The Chinese tech stock seems to be being punished due to fraud allegations and suspected accounting scandals.
ReneSola (NYSE: SOL): The Chinese manufacturer and seller of solar wafers and solar power products is down about -8% so far this morning. Last week, Macquarie research firm downgraded the company from “outperform” to “neutral”, citing weakness in the solar equipment market. The stock has been reeling ever since.
Sony (NYSE: SNE): The electronic equipment manufacturer of TVs, video cameras, gaming systems and audio technologies, has lost about -2.5% so far this morning. In recent weeks, the stock has taken a beating, due to news of hacker break-ins into the company’s database. Now, the stock is down on news that movie distributor Netflix (NASDAQ: NFLX) is removing Sony films from its on-demand menu system.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
