Back in black. No, not the AC/DC album. The Dow is back in the black for 2012. The bulls returned to the market this morning after the ECB kept rates unchanged and a hint of further monetary easing in the future by a Fed regional president. After getting pummeled due to lackluster economic data, the market seems to have found at least a temporary bottom and is bouncing off of it. Even Facebook is positive on the day.
The ECB decision to keep rates unchanged shifts the focus back on the EU politicians to come up with a long-term solution. It basically checks to them to solve the issues vs opening up the floodgates of monetary easing. Judging by the lack of will among the EU leaders, this could just be a temporary reprieve for the EU. Sign Up For Free Stock Alerts
A quick snapshot of domestic markets has the Dow up 209, the Nasdaq 54 and the S&P 23.
Hot Stocks
Lee Enterprises Inc. (NYSE:LEE) is up 20.70% today at $1.3880. LEE has traded 2.6 million shares this morning, about 10 times its normal volume. LEE shares are up today after Warren Buffett disclosed Berkshire Hathaway has a position in the stock. The company has a market cap of 72.33 million.
Hovnanian Enterprises Inc. (NYSE:HOV) is up 17.06% this morning at $1.99. HOV has traded 7.1 million shares so far today, more than double its daily average of 3 million shares. HOV shares are rallying in early trading thanks to surprise second quarter profit. The company has a market cap of 194.19 million.
Amyris, Inc. (NASDAQ:AMRS) is up 15.15% today at $3.42. AMRS has traded 1.7 million shares so far today, well above its daily average of 588 thousand shares. AMRS shares are up more than $1 a share over the past two days following an update on its renewable jet fuel passing all required testing. The company has a market cap of 194.86 million. Sign Up For Free Stock Alerts
InvenSense, Inc. (NYSE:INVN) is up 12.48% this morning at $11.37. INVN has traded 984 thousand shares so far today and trades 2.3 million shares a day on average. INVN shares are up more than $2 a share this week. The company has a market cap of 905.15 million.
MEMC Electronic Materials Inc. (NYSE:WFR) is up 10.39% this morning at $1.70. WFR has traded 2.1 million shares in early trading and trades 7.3 million shares a day on average. The company has a market cap of 392.39 million.
Ancestry.com Inc. (NASDAQ:ACOM) is up 9.85% today at $24.86. ACOM has traded 1.5 million shares so far today, double its daily average. ACOM shares were trading as high as $26 this morning on news that it was weighing a sale and seeking potential buyers. The company has a market cap of 1.06 billion. Sign Up For Free Stock Alerts
About Danny Fisher
