Stocks are in the red today. Traders appear discouraged by the Fed’s beige book numbers showing — that for the first time In 2011 — the economy has slowed, across several U.S. regions. This news comes at the heels of yesterday’s Fed speech which did little to assure investors of the country’s ability to maintain economic strength.
As a result, several stocks are hitting new 52-week lows today. Many Chinese energy stocks are being hit especially hard. However, many pharmaceutical stocks are in the green today, after encouraging clinical trial results.
A complete synopsis follows below.
Stocks hitting new 52-week lows
Yingli Green Energy (NYSE: YGE): The designer of photovoltaic solar equipment has so far fallen more than -8% today. Competing solar provider SunPower (NASDAQ: SPWRA) appears to be dragging down the entire solar energy sector, after forecasting weak upcoming quarterly and yearly earnings.
China Sunenergy Co (NASDAQ: CSUN): The designer of solar silicon wafers has been equally effected by the perceived downturn in the solar industry. So far today the stock has lost -6.9%.
China Natural Gas (NASDAQ: CHNG): The seller and distributor of natural gas is off over -9% so far today.
Stocks hitting new 52-week highs
Pharmasset (NASDAQ: VRUS): The drug manufacturer, focused on developing oral therapies for the treatment of hepatitis C, has jumped about 12% so far today on encouraging clinical trial data for its Hep C drug.
Raptor Pharmaceutical (NASDAQ: RPTP): The U.S. biotech company is up about 1.8% so far today on news it will begin the Phase 3 clinical trial of its DR Cysteamine therapy, designed to help patients with kidney-related metabolic disorders.
Forest Laboratories (NYSE: FRX): The drug manufacturer, which specializes in medications to treat depression and anxiety disorders, is up around 0.1% so far today, after investment firm JPMorgan (NYSE: JPM) upgraded the stock from “Overweight” to “Neutral” yesterday.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
