Stocks are taking a beating today as investors fear a sharp economic slowdown due to today’s poor jobs report. The economy created only 69,000 jobs in May and the unemployment rate rose to 8.2%. The only thing doing well today is gold and silver as investors flood into perceived safe haven investments.
Today’s poor economic data has many analysts hoping for another round of QE (stimulus). Some analysts believe this will happen when the Fed meets in August or September, not at their June 20 meeting. The Fed has said repeatedly it would step in if the economy shows signs of slowing down.
The major indices are down 2% with the Dow down 222 points, the Nasdaq down 62 points and the S&P 500 dow 26 points.
Hot Stocks
PharmAthene, Inc. (AMEX:PIP) is up 40.25% today at $1.71. PIP has traded more than 4 million shares so far today, way above its daily average of 293 thousand shares. PIP shares are rallying today after a court ruled the company will get a large share of the profit from a smallpox drug from Siga Technologies Inc. The company has a market cap of 83.13 million.
Microvision Inc. (NASDAQ:MVIS) is up 27.70% today at $3.38. MVIS has traded 3.5 million shares so far today, way above its daily average of 415 thousand shares. MVIS shares are rallying for a second straight day after announcing it received a $4 million purchase order from Pioneer. The company has a market cap of 56.08 million.
IsoRay, Inc. (AMEX:ISR) is up 11.62% today at $1.2501. ISR has traded 1.2 million shares in midday trading, 6 times its average volume. ISR shares have rallied nearly 90% in the past 5 days. The company has a market cap of 37.51 million.
Vringo, Inc. (AMEX:VRNG) is up 8.71% today at $4.12. VRNG has traded 2.9 million shares so far today, above its daily average of 2.2 million shares. The company has a market cap of 58.35 million.
Yingli Green Energy Holding Co. Ltd. (NYSE:YGE) is up 10.38% today at $2.87. YGE has traded 2.4 million shares so far today and trades 2.2 million shares a day on average. The company has a market cap of 450.59 million.
Golden Star Resources, Ltd. (AMEX:GSS) is up 10.40% today at $1.1702. GSS has traded 2.9 million shares so far today, well above its daily average of 2.5 million shares. The company has a market cap of 302.87 million.
About Martin Stephenson
