Although stocks appeared to be making headway Tuesday, the major market indexes are back in the red this morning. And with them are lighting manufacturers Cree (NASDAQ: CREE) and Koninklijke Philips (NYS: PHG).

Worry over the European debt situation is once again igniting trader fear as Euro zone finance ministers have so far been unable to reach agreement on an aid package for Greece. As well, a number of French banks may have their credit ratings cut, due to their Greek debt exposure.

Domestically, the Empire State manufacturing index, which gives an early indication of U.S. factory orders, fell below zero in June. The index has not been this low since November, 2010. And, hefty increases in vehicle and clothing prices caused consumer inflation to rise more than expected in May.

With this negative economic outlook, a number of stocks are hitting 52-week lows today, including stocks like Cree (NASDAQ: CREE) and Koninklijke Philips (NYS: PHG). However, a limited number of IT stocks are reaching 52-week highs, including DST Systems (NYSE: DST) and inContact (NASDAQ: SAAS).

Stocks hitting 52-week highs

Cree (NASDAQ: CREE): The manufacturer of LED (light emitting diode) chips used in applications like video game screens and automotive back lighting has lost about -3.3% so far this morning. On Monday, President Obama did a tour of the Cree factory, as part of his clean energy manufacturing campaign. However, the President’s visit seemed to do little to bolster the stock, which has been in a downtrend for several weeks.

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Koninklijke Philips (NYS: PHG): The popular household name that produces lighting, healthcare and consumer lifestyle products is off around -2.8% so far this morning. The stock is reeling from an FDA (Food and Drug Administration) warning which found several problems with Philips’ training and assembly processes.

Pinnacle Airlines (NASDAQ: PNCL): The U.S.-based regional airline operator has slipped around -1% so far this morning. Traders seem to be negatively reacting to an announcement made last week in which the company said it plans to rebrand and expand its Ground Operation Services.

Stocks hitting 52-week lows

DST Systems (NYSE: DST): The IT and software services company has gained about 14% this morning. The stock is up on news of competing buy-out offers from several private equity firms.

inContact (NASDAQ: SAAS): The cloud computing and network connectivity firm is up about 2% so far this morning on news it has entered into a worldwide distribution agreement with global communications company, Siemens (NYSE: SI).

Caseys General Store (NASDAQ: CASY): The convenience store chain, with about 1,500 outlets in the mid-Western U.S., has risen around 1.6% so far today. The company is up on recently released upbeat fiscal first-quarter results. Revenue for the period climbed 31% to $1.6 billion, earnings per share rose to $0.60, from $0.43 in the year-earlier quarter.

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