Amid unrest in Greece and poor economic data on the home front, the bears were out in full force Wednesday. Today, however, the bulls seem to be regaining some ground on better-than-expected economic reports. Bank stocks like Parkvale Financial (NASDAQ: PVSA) and Southern Union (NYSE: SUG) are up against new 52-week highs.
Weekly U.S. unemployment applications dropped to 414 thousand, better than the 420 thousand claims economists predicted. Housing starts rose 3.5% to an adjusted annual rate of 560 thousand, up sharply from April and better than the 540 thousand rate analysts expected. Additionally, new building permits increased 8.7% to 612 thousand, their highest level since April, well ahead of the 558 thousand analysts predicted.
On M&A news, some financial and energy stocks are hitting 52-week highs, including Parkvale Financial (NASDAQ:PVSA) and Southern Union Co. (NYSE:SUG). In contrast, some specialized tech stocks, including Oclaro (NASDAQ:OCLR) and Rubicon Technology (NASDAQ:RBCN) are sinking to 52-week lows.
Stocks hitting 52-week highs
Parkvale Financial (NASDAQ: PVSA): The Pittsburgh-area commercial bank is up a whopping 82% so far this morning on news F.N.B. Corporation (NYSE: FNB) will acquire the bank. When the deal closes this fall, F.N.B. will be the fourth largest bank, by deposits, in the Pittsburgh-area.
Southern Union Co. (NYSE: SUG): The natural gas utilities company has flared up over 18% so far this morning following news Energy Transfer Equity L.P. (NYSE: ETP) is buying the gas company for $7.9 billion. The move will result in the biggest natural gas pipeline company in the U.S.
Capstead Mortgage (NYSE: CMO): The Dallas Texas-based real estate investment trust (REIT) is up about 1% this morning. The company recently announced it will pay a second-quarter dividend of $0.48 per share, to stockholders on record as of June 30, 2011. This payout is about a 17% increase from its previous quarterly dividend.
Stocks hitting 52-week lows
Oclaro (NASDAQ: OCLR): The optical networking company is off about -7.5% this morning. Yesterday, competitor Finisar (NASDAQ: FNSR) reported poor second-quarter results, due to weak product demand. Today, the entire optical networking sector is being dragged down on fears of a softening market.
Yuhe International (NASDAQ: YUII): The Chinese supplier of day-old chickens has cracked about -6% in morning trading. The company has been accused of misrepresenting details surrounding a 2009 acquisition of 13 breeder farms from private corporation Weifang Dajiang.
Rubicon Technology (NASDAQ: RBCN): The specialized semiconductor manufacturer has shed around -2.2% in morning trading. On Wednesday, the company reaffirmed its second-quarter outlook, but said earnings will be impacted by tax accruals.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
