The market is getting a boost from sentiment numbers climbing to their highest point since the recession began. Falling gas prices are getting most of the credit as they are helping to offset the softening labor market. The current economic conditions index jumped to 87.3 from 82.9 in April. Consumer expectations fell to 71.7 from 72.3. This is probably attributable to the labor market woes.
This was a much needed positive jolt this morning after markets were sent reeling on the JPMorgan news that they had lost $2 billion on their hedge trades.
The major indexes are all trading higher this morning with the Dow leading the way up 48 points. The Nasdaq and S&P are also positive, each up 21 and 6 points respectively.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is up 61.75% this morning at $5.9380. ARNA has traded 43.4 million shares so far today, 4 times its daily average. ARNA stock jumped as high as $7.01 as FDA panel recommends approval of obesity drug. The company has a market cap of 1.09 billion.
Goldfield Corp. (AMEX:GV) is up 35.45% today at $1.4899. GV has traded 1.1 million shares so far today, 6 times its average volume. Goldfield shares have traded as high as $1.74 today. The company has a market cap of 38.69 million.
Greenway Medical Technologies, Inc. (NYSE:GWAY) is up 23.54% in early trading at $15.22. GWAY has traded 331 thousand shares so far today, double its average volume. Greenway Medical announced third quarter results late yesterday. The company beat EPS estimates by $0.04 and also beat on revenue. The company has a market cap of 446.35 million.
McDermott International Inc. (NYSE:MDR) is up 14.81% this morning at $11.35. MDR has tarded 8.8 million shares so far today, more than double its normal volume. McDermott is rallying today on strong profit. The company posted a quarterly profit that beat estimates by 20%. The company has a market cap of 2.66 billion.
Repros Therapeutics inc. (NASDAQ:RPRX) is up 18.18% today at $6.50. RPRX has traded 1.1 million shares so far today, way above its daily average of 88 thousand shares. RPRX shares have jumped more than $2 a share in the past two days. The company has a market cap of 96.04 million.
Keryx Biopharmaceuticals Inc. (NASDAQ:KERX) is up 15.24% today at $1.8899. KERX has tarded 3.2 million shares so far today and trades 3.8 million shares a day on average. KERX shares continue to run after reporting quarterly results and a stock upgrade earlier in the week. The company has a market cap of 129.97 million.