Thursday’s bullish sentiment is continuing today on news Greece appointed a new finance minister, George Venizelos. The change of government is giving traders hope of a quick resolution to the country’s debt crisis. On bullish optimism, a number of stocks are pushing 52-week highs, including coffee companies Coffee Holding (NASDAQ: JVA) and Peet’s Coffee & Tea (NASDAQ: PEET).
The Conference Board reported its index of leading economic indicators rose 0.8%, up from a revised 0.4% in April, showing modest recovery. However, the University of Michigan’s June consumer sentiment survey found consumer confidence dropped more than expected to 71.8, below the 73.5 forecasted and down from 74.3 in May. Higher gasoline prices and a tight job market contributed to the decline. As a result, several stocks are hitting 52-week lows, including Research in Motion (NASDAQ: RIMM) as well as Chinese traffic technology firm China TransInfo Technology (NASDAQ: CTFO) and China Finance Online (NASDAQ: JRJC).
A full analysis follows below.
Stocks hitting 52-week highs
Genmark Diagnostics (NASDAQ: GNMK): The molecular diagnostics company, focused on developing testing systems for DNA measurement rocketed up over 39% this morning following news the company priced its IPO at $4.25 per share. Approximately 7.1 million common shares will be available for purchase later in June.
Coffee Holding (NASDAQ:JVA): After announcing strong second-quarter results on June 9th, the wholesale coffee roaster is making headlines once again by hitting a new 52-week high. The stock is up an additional 7% so far this morning and has surged over 140% over the past month. The rise in coffee prices is helping push the stock higher.
Peet’s Coffee & Tea (Nasdaq: PEET): Also riding on a caffeine high is Peet’s, the popular U.S. coffee roaster and beverage shop. With strength in the coffee commodity market, the stock has gain about 4% so far this morning.
Stocks hitting 52-week lows:
China TransInfo Technology (NASDAQ: CTFO): The IT company that develops transportation, road planning and traffic applications has shed over -31% in morning trading. On Monday, the company announced it was awarded a $3 million contract to design a transportation control center in Shenzhen, China. Today, for no apparent reason, traders are pushing the stock down.
Research in Motion (NASDAQ: RIMM): Following yesterday’s disappointing fiscal first-quarter results, the Blackberry maker looks to be in trouble. Guiding lower for the upcoming quarter and reducing its forecast for the 2012 fiscal year, several analysts cut their rating on the company, pushing the stock down -23% so far today.
China Finance Online (NASDAQ:JRJC): The Chinese internet information provider has lost over -20% so far today after research firm Rodman & Renshaw downgraded the company from “market outperform” to “market perform.” The downgrade comes at the heels of yesterday’s disappointing first-quarter results and weak outlook for the company’s full-year 2011.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
