Stocks closed the first week of June on a sour note. Negative economic data pushed both the S&P 500 and Dow Jones Industrial Average to five- week lows. But, a new week may bring fresh beginnings. At the opening bell this morning, stocks appeared mixed, with no economic reports to drive them higher or lower.
Traders are eyeing technology stocks as Apple’s (NASDAQ: AAPL) CEO Steve Jobs unveils his company’s “iCloud” service today at the Worldwide Developers Conference.
One technology stock hitting a 52-week high this morning is Meade Instruments (NASDAQ: MEAD). However, both Sony (NYSE: SNE) and Research In Motion (NASDAQ: RIMM) have dropped to fresh 52-week lows.
Additional information is highlighted below.
Stocks hitting new 52-week highs
Meade Instruments (NASDAQ: MEAD): The designer, manufacturer and distributor of telescopes and binoculars is up about 7% so far this morning. Recently, the company received some positive media attention through blog posts and news articles.
Imperial Sugar Company (NASDAQ: IPSU): The processor and marketer of refined sugar is up about 0.6% in morning trading. The stock seems to be riding on an earlier high. In late May, the company announced it would not acquire a 50% interest in private organic and natural sweetener firm, Wholesome Sweeteners.
GT Solar International (NASDAQ: SOLR): The solar equipment manufacturer is up around 0.5% so far today, following the recent announcement of a $460.4 million equipment order. This amount is significant as the company’s past yearly revenue was about $899 million.
Stocks hitting new 52-week lows
Sony (NYSE: SNE): The electronic equipment and consumer device manufacturer has slipped about -2.6% so far this morning. The company is expected to unveil its newest gaming system, the Next Generation Portable, at the Electronic Entertainment Expo (E3) this week.
Research In Motion (NASDAQ: RIMM): Following the stock’s tumble on Friday, the smartphone maker is continuing to fall this week. The stock has dropped a further -2.5% so far this morning. The company is receiving downward pressure as competitor Apple (Nasdaq: AAPL) launches its cloud-based “iCloud” services today.
Target Corp (NYSE: TGT): The discount seller of household goods, clothing and appliances still appears to be reeling from last week’s poor same-store-sales numbers. So far in morning trading, the stock is down about -0.4%.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
