Stocks are pointing lower this morning as worries over the U.S. and European debt situations hang over investors. Bearish attention is unlikely to be diverted away from these issues since no notable economic reports are due out today. However, U.S. tech giants IBM (NYSE:IBM), Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) are slated to release second-quarter results this week. Positive reports could help push up the markets. In anticipation, Apple is already trading at a new 52-week high.
With investors turning to gold as a safe haven, the precious metal is testing the $1,600 mark this morning. As a result of record gold prices, some gold stocks, including Midway Gold Corp (NYSE: MDW) and Royal Gold (NASDAQ:RGLD), are also shining to 52-week highs.
However, several health-related stocks are falling to 52-week lows, including Wedmed Health Corp (NASDAQ: WBMD), Transcept Pharmaceutical (NASDAQ:TSPT), and Petmed Express (NASDAQ:PETS).
A detailed synopsis is below.
Stocks hitting 52-week highs
Midway Gold Corp (NYSE: MDW): The North American gold exploration and development company is shining about 6% brighter this morning as rising gold prices help bolster the stock. Investors seem to be favoring Midway because last week the company announced positive gold prospects at its Spring Valley, Nevada mining site.
Royal Gold (NASDAQ:RGLD): The precious metal company that owns royalty interests in mining projects around the world has expanded about 3% this morning, as gold ticks up near the $1,600 mark. Gold prices appear to be on the rise as investors turn to the precious metal as a safe haven to guard against economic weakness caused by debt troubles in the U.S. and Europe.
Apple (NASDAQ:AAPL): Ahead of its second-quarter earnings report, to be released at the market’s close Tuesday, the popular maker of computers and smartphones is looking about 1% brighter this morning. Prior to earnings, shares are up on news that the U.S. International Trade Commission favorably ruled that Taiwanese smartphone competitor, HTC, did indeed infringe on two Apple patents.
Stocks hitting 52-week lows
Wedmed Health Corp (NASDAQ:WBMD): The online health information provider is off more than -28% so far this morning after the company announced it expects a weak third-quarter and lowered its guidance for the full-year.
Transcept Pharmaceutical (NASDAQ:TSPT): The specialty pharmaceutical company focused on developing a sleep aid called Intermezzo has nodded off about -5% this morning. On Friday, the company announced a 45% cut to its workforce, after learning the FDA rejected its sleep-disorder drug. Today, investment firm Lazard Captial downgraded the company from “buy” to “neutral”.
Petmed Express (NASDAQ:PETS): The pet medication and pet healthcare products company has barked up over -4% losses this morning after announcing lower-than-expected first-quarter results. Although the company added new clients over the quarter, rising costs negatively impacted the company. Revenue for the period dropped -1% to $73.6 million, below the $74.1 million expected. Earnings per share fell to $0.22, from $0.32 in the year-ago period and below the $0.24 projected.
As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.
