Stocks are budding green this morning. Based on yesterday’s Fed meeting and this morning’s House Financial Services Committee address, investors are optimistic that some additional stimulus measures may be put in place to help bolster the U.S. economy. As a result, several stocks are hitting new 52-week highs, including gold exploration companies Midway Gold Corp. (NYSE: MDW) and Extorre Gold Mines (AMEX:XG).
Adding to the bull’s run is an upbeat economic report from China showing the world’s second largest economy grew well above analysts’ expectations, to an impressive 9.5% in the second quarter, from the year-ago period.
However, despite apparent growth abroad, a number of financial stocks continue to drag to 52-week lows, including Nasb Financial Inc. (NASDAQ: NASB), Bank of America Corp (NYSE: BAC), and Barclay Plcs (NYSE: BCS).
A full report is detailed below.
Stocks hitting 52-week highs
Midway Gold Corp. (NYSE: MDW): The Colorado-based gold exploration company is up nearly 12% this morning after reporting positive mining data showing the prospect of gold at its Nevada-area mine.
Extorre Gold Mines (AMEX:XG): The gold and silver exploration company that mines primarily in Argentina is glittering an about extra 6% brighter so far this morning. The stock is up on news that it closed a private equity financing deal. The proceeds will be used to further explore and develop its Argentinean properties.
Celsion Corp (NASDAQ: CLSN): The small-cap pharmacy company that develops cancer treatment drugs is up about 7% this morning after announcing positive data coming out of its Phase III clinical trial for its primary liver cancer treatment, ThermoDox.
Stocks hitting 52-week lows
Nasb Financial Inc. (NASDAQ: NASB): The Missouri-based savings and loans company that serves as the holding company for the North American Savings Bank, has lost about -5% so far this morning. The stock has been in a steep downtrend since late June and seems to be succumbing to technical vulnerability.
Bank of America Corp (NYSE: BAC): The second largest banking and financial services company in the U.S., by market cap, has shed -0.3% so far. The stock is down following a Wall Street Journal report stating that many industry analysts expect banking stocks, like BAC, to report a decline in second-quarter results.
Barclay Plcs (NYSE: BCS): The UK-based retail and commercial banking services company has dropped around -0.1% in morning trading. The stock is down after a report stating Barclay’s thinks “ring-fencing” — a term used to describe asset protection by separating banking operations — could hinder the bank’s competitive advantage.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
