Following yesterday’s upbeat session, the bulls are running towards the red today. A bleak June jobs report is pushing down all the major market indexes. Over June, employers created only 18 thousand new jobs – the smallest number in over a year. As a result, the U.S. unemployment rate has inched up to 9.2%. On this disappointing news, a number of stocks are falling to 52-week lows, including Media General (NYSE: MEG) and Multi-Fineline Electronix (NASDAQ: MFLX).
However, many pharmaceutical stocks are hitting fresh 52-week highs, including Adventrx Pharmaceutical (NYSE:ANX), Nymox Pharmaceutical (NASDAQ: NYMX), and Biosante Pharmaceutical (NASDAQ: BPAX).
Stocks hitting 52-week lows
Media General (NYSE: MEG): The newspaper and media publishing company is looking black, white and “red” all over. The stock has lost about -8% so far in morning trading on news that a federal appeal court overturned a 2008 cross-ownership ruling which had made it easier to own a single market media outlet. The ruling will now make it more difficult for Media General, and a host of other broadcast companies, to dominate the media marketplace.
Multi-Fineline Electronix (Nasdaq: MFLX): The manufacturer of printed circuit boards for cell phones and other electronic products has slipped about -6% so far in morning trading. The stock is down after issuing a warning that fiscal third-quarter results are expected to fall short of previous estimates, due to lowered customer demand.
Gafisa (NYSE: GFA): The Brazilian home builder has sunk about -3% this morning on recent news the company may have to downwardly adjust its 2009 financial results to accommodate auditor requests, following successive changes in management.
Stocks hitting 52-week highs
Adventrx Pharmaceutical (NYSE:ANX): The biotech company focused on commercializing cancer treatment products has risen over 6% so far this morning. The stock is up on news that its non-small-cell lung cancer drug, Exelbine, also known as ANX-530, may be approved to hit the markets as early as September 1, 2011.
Nymox Pharmaceutical (NASDAQ: NYMX): The biopharmaceutical company, focused on developing products for Alzheimer’s disease and nicotine exposure has wafted up about 6% this morning. The company has been rising after announcing it has promising products in its pipeline. In response, the stock seems to be moving up on technical momentum.
Biosante Pharmaceutical (NASDAQ: BPAX): The biotech firm that develops specialty sexual health products has lifted around 3% in morning trading. The stock is up on news that its Bio-T-Gel for the treatment of low testosterone levels may be approved to be released into the market by November 14, 2011.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
