On this first day of summer, Wall Street appears brightly optimistic. Although May existing home sales fell 3.8% – their lowest level since November 2010 – many are seeing the silver lining in the cloud: the drop was lower than expected.
Stocks are also all up in anticipation of the Greek confidence vote, scheduled for 4 p.m. EST today. It is hoped austerity measures will be put in place, helping control the Greek debt crisis. Despite hitting a four-year low yesterday, crude is bouncing back today. Some oil stocks are surging to 52-week highs, including refiners Holly Corp (NYSE: HOC) and Frontier Oil (NYSE: FTO). However, several Chinese food product stocks, like Skystar Bio-Pharmaceutical (NASDAQ: SKBI) and China Marine Food (NYSE: CMFO) continue to trail into the red, hitting new 52-week lows.
Stocks hitting 52-week highs
Tower Bancorp (NASDAQ: TOBC): The Pennsylvania-based financial service provider blasted up over 30% this morning on news it agreed to a $344 million buy-out from Susquehanna Bancshares (NASDAQ: SUSQ). The move will make SUSQ the largest community bank in Pennsylvania. Regional bank consolidation appears to be a recent trend in the State. Last week, N.B. Corporation (NYSE: FNB) acquired Parkvale Financial (NASDAQ: PVSA), making the fourth largest bank, by deposits, in the Pittsburgh-area.
Holly Corp (NYSE: HOC): The U.S. petroleum refiner is up over 4.5% this morning on news it has reached an agreement with competing oil refiner Frontier Oil (NYSE: FTO) to settle 8 of the 12 lawsuits filed by Frontier against a proposed $2.9 billion merger. The Houston-based oil refiner Frontier is also up about 4.5% in morning trading following the announcement.
Stocks hitting 52-week lows
Skystar Bio-Pharmaceutical (NASDAQ: SKBI): The Chinese producer of veterinary healthcare and medical products has lost around -8% so far in morning trading. The stock is in a downtrend and appears to have succumb to technical vulnerability.
China Marine Food (NYSE: CMFO): Hitting a 52-week low last week, the Chinese seller of processed seafood-based snacks has shed a further -4% in trading this morning, touching a new 52-week low at around $2.45. The stock’s chart shows bearish technicals.
Artio Global Investors (NYSE: ART): The New York-based asset management company has gently slipped about -0.01% in morning trading, causing it to touch a new 52-week low. The stock’s chart also shows technical vulnerability.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
