Bank of America (NYSE:BAC) is leading blue chips higher this morning and briefly surpassed $10 a share. BofA stock has come a long way since trading under $5 in mid December. Definitely making Warren Buffet’s bet look smart.
Financials have benefited the most in the current rally with BofA rallying 100%, Morgan Stanley stock (NYSE:MS) jumped $7 a share and Citigroup (NYSE:C) up $10.
The recent stress test on the banks have also helped send financials higher. Most of the big banks passed a test meant to see if banks could continue to function another economic crisis such as the one in 2008 occurred again.
Economic news is a bit slow today, but will change tomorrow as investors will be paying attention as Bernanke speaks.
The major stock indices remain flat at mid-morning with the Dow down 9 points, the Nasdaq up 9 points and the S&P 500 up 3 points.
NYSE Stocks to Watch
DHT Holdings, Inc. (NYSE:DHT) is up 11.20% in mid morning trading at $1.39. DHT is rallying on heavy volume today with 2.3 million shares traded so far, 1 million shares more than its daily average. DHT shares are up $0.40 in the past five days. The company has a market cap of 93.45 million.
Abovenet Inc. (NYSE:ABVT) is up 13.13% today at $84.00. ABVT has traded 2.7 million shares this morning, way above its daily average of 143 thousand shares. Abovenet jumped today after Zayo Group agreed to acquire the company for $2.2 billion in cash. The company has a market cap of 2.21 billion.
United States Steel Corporation (NYSE:X) is up 6.49% today at $31.68. X has traded 8.4 million shares so far today and trades 10.2 million shares a day on average. United States Steel Corp stock has jumped more than $4 since last Thursday. The company has a market cap of 4.56 billion.
Lions Gate Entertainment Corporation (NYSE:LGF) is up 6.13% this morning at $14.02. LGF shares are up ahead of the anticipated release of “Hunger Games” this coming weekend. LGF stock has traded 2.8 million shares so far today, more than double its usual volume. The company has a market cap of 1.78 billion.
AK Steel Holding Corporation (NYSE:AKS) is up 4.15% today at $8.54. AKS has traded 9.2 million shares so far today, above its average of 8.2 million shares. AKS shares are rallying this morning as AK Steel Corporation announces $250 million senior notes offering. The company has a market cap of 943.70 million.
Teekay Tankers Ltd. (NYSE:TNK) is up 4.77% today at $5.49. TNK shares are up again today after the company forecasted a stronger first quarter on Friday. The stock has jumped more than $1 in the past two days. TNK is up on big volume today with 2.3 million shares traded, well above its daily average of 1.3 million shares. The company has a market cap of 339.70 million.
Frontline Ltd. (NYSE:FRO) is up 8.24% today at $8.29. Frontline stock has been in an uptrend since last Thursday and has rallied more than $2 since. The stock has traded enormous volume today with 5.6 million shares traded, more than double its average volume. The company has a market cap of 644.66 million.
About Martin Stephenson
