Following a disappointing Nonfarm payroll report, stocks opened in the red this morning. Payrolls increased by only 54 thousand last month — the lowest amount since September 2010. The U.S. unemployment rate is now up to 9.1%.
As a result, traders are appearing bearish, pushing many stocks to new 52-week lows, including Blackberry maker Research In Motion (NASDAQ: RIMM).
However, some stocks are managing to eek out 52-week highs, including global warehouse operator ProLogis (NYSE: PLD).
Below are some highlights.
Stocks hitting new 52-week highs
ProLogis (NYSE: PLD): The real estate investment trust is up over 120% this morning on news of completing of a $17.2 billion merger with AMB Property Corp (NYSE: AMB). The merger is expected to help ProLogis more successfully push into the Asian real estate market.
Breeze-Eastern Corp (NYSE: BZC): The electric and hydraulic hoist manufacturer of specialty aerospace and defense applications announced strong fiscal 2011 results this morning. Due to higher bookings, revenue rose to a record high of $78.2 million, up 13% from $69 million a year-ago. Earnings turned around to +$0.53, from a loss of -$0.64 last year.
Forest Laboratories (NYSE: FRX): The pharmaceutical manufacturer is up nearly 3% this morning on news it is undertaking a $500 million accelerated share repurchasing program.
Stocks hitting new 52-week lows
Orexigen Therapeutics (NASDAQ: OREX): The biopharmaceutical company, focused on developing anti-obesity drugs, has shed more than -30% so far in morning trading. After failing to reach an approval agreement with the FDA, the company announced it is holding off on U.S. development of its diet pill, Contrave.
Paragon Shipping Inc (NYSE: PRGN): The worldwide shipping and transportation company has slipped about -6% so far today, following news investment firm UBS downgraded the company to “neutral”, from “buy”.
Research In Motion (NASDAQ: RIMM): The Blackberry maker hit a two-year low this morning, falling about -2%, below the $40 level. Shares dropped after investment firm Strene Agee cut the stock’s price target and reduced earnings estimates for fiscal years 2012 and 2013, citing potential weakness as competitor Apple (NASDQ: AAPL) gets ready to launch its cloud-based “iCloud” services on Monday. RIMM takeover rumors are now resurfacing.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
