The overnight news of China slashing its growth forecast sent the broader market into negative territory. While the ISM number beat expectations, the employment index unexpectedly fell. This could foreshadow another round of a weakening labor market.
Hot Penny Stocks
If you are looking for volatility, the small and micro cap niche is where it is at. These equities thrive off one thing – volatility.
BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) is experiencing a gap and fade in trading today. The stock had a massive gap at the open and has been trending lower all day. The company’s prostate vaccine has been showing promising results in phase 1 trials, resulting in stability of the disease. The stock is currently up 1.34% on have volume.
THQ Inc (NASDAQ:THQI) is trading flat today on news that it would present at the Wedbush Technology Conference. The one high-flying game developer has had a series of missteps as of late and continually misses analysts expectations. Volume is in line with the 3-month average, with 600k shares changing hands in early afternoon trading.
Cannabis Sciences Inc. (OTC:CBIS) continues to be the darling of the penny stock world. Up another 10% today on heavy volume, CBIS continues to ride the momentum of recent trading. News out of the company on Friday had them releasing revenue targets and marketing projections for their OTC products. Volume on the stock has been consistently beating its 3-month average – as of now it is nearly 21 million shares changing hands.
Unique Pizza & Subs (PINK:UPZS) is the big gainer on the penny stock market today. Up nearly 100% on a LOI to acquire Pizza Fusion. Volume has been explosive on the stock with over 10 million shares traded. this is well above the average of 20k shares a day. The question remains whether this will be a one and done move, or if this has legs. One to watch for sure.
AMR Corporation (PINK:AAMRQ) was once the Q stock du jour for day traders. Now it seems to be range bound, down 6% today on substantial volume. The bankrupt stock of American Airlines announced an extension of a full-content agreement with Travelport.
Traders should be aware that Q stocks are worthless once they emerge from bankruptcy. This can happen at any time so only the most risk tolerant traders should jump in if they so choose.