Following six straight weeks of losses – the longest losing streak since 2002 – traders are understandably hesitant today. So far, the major bench mark indexes have moved only about +0.2% this morning.
With no major economic reports to push the markets in either direction, traders appear to be hedging their positions.
Acquisition news has pushed Gerber Scientific (NYSE: GRB) and EMS Technologies (NASDAQ: ELMG) to new 52-week highs. However, poor earnings news has caused Quanex Building Products (NYSE: NX) and Alliance One International (NYSE: AOI): to slip to 52-week lows.
Stocks hitting new 52-week highs
Gerber Scientific (NYSE: GRB): The sign-making and specialty graphics printing equipment company is up over 34% so far this morning on news it will be acquired for $281.8 million, by private firm Vector Capital.
EMS Technologies (Nasdaq: ELMG): The designer and manufacturer of wireless communications technologies for the aviation and defense sectors has shot up about so 32% so far today. The stock is up on news that Honeywell International (NYSE: HON) has bought EMS Technologies for $491 million. The transaction is expected to be completed by EMS’ third-quarter, in September 2011.
Alexion Pharmaceutical (NASDAQ: ALXN): The drug manufacturer of therapeutic products for life-threatening diseases has climbed about 2% so far this morning. The stock is up on news that its drug, Soliris, currently in Stage II clinical trial, has demonstrated a positive impact on patients with a life-threatening blood disorder known as PNH.
Stocks hitting new 52-week lows
Quanex Building Products (NYSE: NX): The building materials company that specializes in engineered and aluminum sheet products has fallen over -10% so far this morning. Due to a slower-than-expected recovery in the housing market, the company announced weak second-quarter results and lowered its outlook for the full 2011 year.
Alliance One International (NYSE: AOI): The tobacco and cigarette manufacturer has dropped nearly -10% so far this morning after announcing weak fiscal 2011 results. The company reported an earnings fell to $0.81 per share, from $0.89 in the year earlier period. Due to reduced cigarette consumption, revenue fell to $2.1 billion, from $2.3 a year ago.
Hewlett-Packard Company (NYSE: HPQ): The well-known tech company is off about -1% so far this morning, despite reporting that eastern-based power provider Avista (NYSE: AVA) has renewed its contract with HP for another seven years.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
