Economic data is holding stocks down this morning as durable goods orders rose less than expected. Durable goods orders rose 2.2% in February and future business investment missed forecasts. Economists were expecting a 3.0% jump in durable goods orders for February.
Europe is back in the spotlight today as many believe that Spain has fallen into its second recession in three years.
A quick look at the markets show all the major indices in negative territory. The Dow is down 38 points, the Nasdaq is down 10 points and the S&P 500 is down 6 points.
RELM Wireless Corporation (AMEX:RWC) is up 69.22% in early trading at $1.9799. RWC is rallying on heavy volume today with 883 thousand shares traded, well above its daily average of 12 thousand shares. RELM Wireless was named a supplier on Homeland Security contract earlier today. The company has a market cap of 26.14 million.
Amylin Pharmaceuticals, Inc. (NASDAQ:AMLN) is up 46.33% today at $22.52. AMLN has traded 24.5 million shares this morning, 8 times its average volume. AMLN shares are rallying today on news that it rejected $3.5 billion offer from Bristol-Myers. The company has a market cap of 3.32 billion.
Vermillion, Inc. (NASDAQ:VRML) is up 18.08% this morning at $2.09. VRML has traded 4.1 million shares so far today, well above its daily average of 522 thousand shares. News came out this morning that Vermillion received notice of allowance for patent on methods for diagnosing ovarian cancer. The company has a market cap of 32.25 million.
Teekay Tankers Ltd. (NYSE:TNK) is up 12.83% today at $5.9350. TNK is trading large volume today with 2.7 million shares traded so far, double its daily average volume. Teekay Tankers was upgraded to buy from hold by Dahlman Rose. The company has a market cap of 377.44 million.
Pentair, Inc. (NYSE:PNR) is up 14.79% today at $46.22. PNR has traded 4.7 million shares in the first half of the trading day, well above its daily average of 506 thousand shares. Pentair is merging with Tyco unit in $4.5 billion stock deal. The company has a market cap of 4.58 billion.
Glu Mobile Inc. (NASDAQ:GLUU) is up 12.08% today at $5.01. GLUU has traded 6.3 million shares so far today, more than 3 times its average volume. GLUU shares have been rising recently on speculation it’s a takeover candidate following Zynga’s acquisition of OMGPOP Inc. The company has a market cap of 320.85 million.
Yelp Inc (NYSE:YELP) is up 11.21% this morning at $30.75. YELP has traded over 3 million shares already today, more than double its daily average volume. Yelp hit an intraday high of $31.96 earlier today and is the highest the stock has ever been. The company has a market cap of 1.84 billion.
Zalicus Inc. (NASDAQ:ZLCS) is up 7.41% today at $1.1601. ZLCS has traded 3.7 million shares so far today, well above its daily average of 1.1 million shares. ZLCS shares are up about $0.20 in the past month. The company has a market cap of 114.46 million.
About Martin Stephenson
