Heading into midday trading, stocks are heading lower with only the Dow in positive territory right now. Stocks are lower today as investors wonder if the European Union summit later this week can be decisive enough to fix the debt crisis in the long run. Also in the news, Standard & Poor has issued warning to the top 6 euro zone countries and the EFSF and put them on credit watch downgrade. The Dow is up about 30 points right now, the Nasdaq is down 10 points and the S&P is pretty much even on the day.
Here’s a look at the biggest stock losers in midday trading.
China Medical Technologies Inc. (NASDAQ:CMED) is down 20.41% today at $2.69. CMED is down amid fraud allegations. CMED has traded 3.6 million shares so far today, 10 times its daily average volume. Reserach firm Glaucus Research Group alleges that China Medical’s CEO “orchestrated an acquisition to embezzle roughly $20-$23 million from the public company.” The company has a market cap of 72.86 million.
Spreadtrum Communications Inc. (NASDAQ:SPRD) is down 11.89% at $21.26 in midday trading. SPRD has traded 2.7 million shares so far today, well above its daily average of 1.3 million shares. SPRD has fallen the past two trading sessions and has lost more than $5 a share. Spreadtrum Communications has a market cap of 964.58 million.
Protalix BioTherapeutics, Inc.(AMEX:PLX) is down 13.41% at $5.36 in midday trading. PLX has traded 858 thousand shares so far today, 8 times its daily average volume. The FDA extended the PDUFA goal date for approving its new drug application for taliglucerase alfa, which treats Gaucher disease. Protalix has a market cap of 457.23 million.
Mechel OAO (NYSE:MTL) is down 13.29% at $10.18 today. MTL has traded 4.3 million shares so far today, well above its daily average volume of 3.5 million shares. Mechel is down today after the company reports suspension of work at several facilities at two Southern Kuzbass Mines. The company has a market cap of 4.27 billion.
GMX Resources Inc. (NYSE:GMXR) is down 8.92% at $1.43 in midday trading. GMXR has traded 643 thousand shares so far today and trades 1.5 million shares a day on average. The company has a market cap of 81.33 million.
Fusion-io Inc. (NYSE:FIO) is down 8.12% at $29.53 in midday trading. FIO has traded 3.6 million shares so far today, more than double its daily average volume. FIO is down today after the post IPO lock-up expired on 8.7 million shares. The company has a market cap of 2.47 billion.