The bulls and bears are waiting tentatively at the sidelines today in anticipation of this afternoon’s Federal Reserve press conference, scheduled for 2:15 p.m. EST. The Fed is expected to announce that June 30th will mark the end of its $600 billion quantitative easing program. Many also suspect interest rate policies will remain unchanged.
As Wall Street braces for the outcome of this afternoon’s Fed meeting, several stocks are pushing 52-week highs, including health care stocks Healthspring (NYSE: HS) and Humana (NYSE: HUM). However, many stocks are touching 52-week lows, including electronic equipment manufacturers Koninklijke Philips (NYSE: PHG), Cree (NASDAQ: CREE) and Logitech International (NASDAQ: LOGI).
Stocks hitting 52-week highs
Zagg Inc (NASDAQ: ZAGG): The cell phone accessory company, best known for its invsiSHIELD screen protector, is up about 6.5% so far today. Yesterday, Zagg announced the $105 million acquisition of privately held iFrogz, a mobile device accessory company specializing in audio products and protective cases. The purchase is expected to reduce competition in the mobile device accessory market, pushing Zagg forward as a leading cell phone accessory maker.
Healthspring (NYSE: HS): The managed care provider for seniors and those suffering from renal diseases has gained around 3% this morning. Hitting an all-time high today, near $47, the stock is displaying technical strength and has been receiving positive attention from multiple media sources.
Humana (NYSE: HUM): The health provider that specializes in Medicare, Military and Medicaid insurance programs has notched up about 1.5% so far this morning. The stock has fueled up news it was recently awarded a $23.5 billion dollar contract to provide benefits to the military. However, competitor UnitedHealth Group (NYSE: UNH) is up in arms about the contract and is suing the Department of Defense over the decision.
Stocks hitting 52-week lows
Koninklijke Philips (NYSE: PHG): The international lighting, healthcare and consumer lifestyle products maker has shed about -12% so far this morning. Shares plummeted after the company gave a lower-than-expected second-quarter outlook, due to weakened European demand in its lighting and consumer lifestyle product markets.
Cree (NASDAQ: CREE): The LED (light emitting diode) chip manufacturer has dimmed over -3.5% so far in morning trading. Yesterday, the stock was added to research firm USB’s list of least preferred technology shares. Cree appears vulnerable because increasing competition from China has put pricing pressure on the company’s mainstay LED products.
Logitech International (NASDAQ: LOGI): The maker of personal computer peripheral devices, like mice and keyboards, as well as video conferencing equipment, like webcams and speakers, is off about -1.5% so far this morning. Traders seem to be negatively reacting to yesterday’s news that Logitech is collaborating with private firm GN Netcom to roll-out a new line of audio peripheral devices.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
