Coffee Holding Co. Percolates to New 52-week high

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Following six straight sessions of losses, traders look to have shaken off their jitters and appear ready to take a bullish stance today. And one of the biggest gainers in trading is java stock Coffee Holding Co. (NASDAQ: JVA), which hit a new 52 week high

Helping prod Wall Street along is an announcement by the European Central Bank (ECB) that, for the month of June, EU interest rates will remain unchanged at 1.25%. However, later this afternoon EBC President, Jean-Claude Trichet, is expected to announce a rate hike in July.

Traders are also digesting news that the U.S. trade deficit narrowed in April, indicating rising oil and commodity prices did not curtail imports as much as expected. However, the US job market remains slow; a greater number of people applied for unemployment benefits last week than in the previous week.

This mixed news is causing several stocks to hit new 52-week highs and lows.

Stocks hitting new 52-week highs

Accelr8 Technology (NYSE: AXK): The healthcare company, which develops medical instruments, has gained about 20% so far today. The company seems to be riding on its recent announcement that it may have created a reliable test for rapidly diagnosing bacterial cultures found in infected patients.

Coffee Holding Co. (NASDAQ: JVA): The wholesale coffee roaster and dealer is up over 22% this morning after announcing strong second-quarter results. Revenue at Coffee Holding Co. increased 87% year-over-year, to $37.3 million. Earnings per share or JVA stock rose to $0.22, from $0.15 in the comparable year-ago quarter.

Elan Corp. (NYSE: ELN): The neuroscience biotech company, specializing in the treatment of Alzheimer’s disease, Parkinson’s disease, Multiple Sclerosis (MS) and Crohn’s Disease, has risen about 6% so far today after investment firm UBS upgraded the stock to “buy” from “neutral” and added the stock to its top 20 list. UBS believes Elan’s MS drug is in a strong position to make a positive impact in the MS drug market.

Stocks hitting new 52-week lows

Spartech Corp. (NYSE: SEH): The rubber, plastics and packaging producer has lost about -14% in morning trading after announcing weak second-quarter results. Earnings per share fell to $0.08, from $0.14 in the comparable period a year-ago. While revenue for the period increased 5.2% to $282.6 million, from $268.5 million in the year-ago quarter, growth was achieved by passing along higher raw material costs.

Yuhe International (NASDAQ: YUII): The Chinese supplier of chickens and chicken products is off about -9% this morning. The stock seems to have encountered technical weakness and is being driven lower on heavy volume.

World Wrestling Entertainment (NYSE: WWE): The entertainment company that specializes in televising wrestling events has slipped around -1.6% this morning. In April, the company slashed its dividend and has been reeling ever since.

As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.


Article printed from InvestorPlace Media, https://investorplace.com/2011/06/coffee-holding-co-nasdaq-jva-stock-earnings-high/.

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