After a multi-day winning streak, the market is turning to the Fed to keep the rally going. His congressional testimony today will be closely watched. In prepared remarks, he has already stated that the Fed stands ready to act on any economic deterioration. The rest was his normal vague nuanced speech. If investors were hoping for the big QE reveal, lets just say they didn’t get it. Sign Up For Free Stock Alerts
Europe has returned to their rumor mill ways. The first was that Merkel was open to supporting Euro bonds, which was later denied. Spain’s bond auction was deemed a success thanks to heavy demand, but borrowing costs continue to be at unsustainable levels.
Those looking for actual easing policies versus vague hints or rumors can thank China. The PBOC cut rates overnight by 25 bps for lending and deposits. This helped spark the early rally on the street.
A quick look at the market has the three major indices well off their session highs. The Dow is up 79, the Nasdaq 6 and the S&P 6.
Hot Stocks
Eagle Bulk Shipping, Inc. (NASDAQ:EGLE) is up 15.36% this morning at $3.23. EGLE has traded 319 thousand shares so far today, well above its daily average of 209 thousand shares. No news behind EGLE’s move today. The company has a market cap of 49.93 million.
THT Heat Transfer Technology, Inc. (NASDAQ:THTI) is up 16.57% today at $2.05. THTI has traded 423 thousand shares so far today, 3 times its daily average. The company has a market cap of 40.50 million.
CACI International Inc. (NYSE:CACI) is up 12.02% today at $50.39. CACI has traded 860 thousand shares so far today, well above its daily average of 520 thousand shares. CACI International sees fiscal year 2013 profits above estimates. The company also announced a new share repurchase program. The company has a market cap of 1.33 billion.
Westport Innovations Inc. (NASDAQ:WPRT) is up 10.52% this morning at $29.44. WPRT has traded 1.4 million shares so far today and trades 2.7 million shares a day on average. WPRT shares are up $6 a share over the past few days. The company has a market cap of 1.53 billion. Sign Up For Free Stock Alerts
Zalicus Inc. (NASDAQ:ZLCS) is up 6.29% in early trading at $1.13. ZLCS has tarded 1.1 million shares this morning and should have no trouble getting past its average volume of 1.6 million shares. ZLCS shares are up more than $0.20 a share over the past four days. The company has a market cap of 127.93 million.
McDermott International Inc. (NYSE:MDR) is up 7.38% today at $10.48. MDR has traded 2.2 million shares so far today and trades 3.5 million shares a day on average. MDR shares are rallying today after its CEO buys nearly $1 million worth of the company’s stock. The company has a market cap of 2.47 billion.
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