The broader market is getting pummeled this morning on renewed fears over the EU sovereign debt crisis. This time the fears have taken on a political bent as the Socialist candidate in France has force Sarkozy into a runoff slated for May 6. That is the same day Greeks go to the polls. This could blow up the bailout structure in Europe and create further turmoil for core EU countries.
Domestically, investors are reacting to Kellogg’s slashing of its 2012 forecast. Fears of a faltering recovery or a renewed downturn are being played out in the volatility index (VIX), which measures fear in the market. Vix has surged over 15% in morning trading to over 20.
Currently the Dow is off 152, the Nasdaq 51 and the S&P 18.
SGOCO Group, Ltd. (NASDAQ:SGOC) is up 34.17% this morning at $3.1799. SGOC is up on heavy volume with 1.1 million shares traded, 11 times its daily average volume. SGOC shares have doubled in the past two trading days. The company has a market cap of 52.42 million.
Keryx Biopharmaceuticals Inc. (NASDAQ:KERX) is up 23.53% today at $1.68. KERX has traded 6.1 million shares so far today, double its daily average volume. Keryx announced positive results from Phase 3 study of ferric citrate (Zerenex) in Japan by partner, Japan Tobacco and Torii Pharmaceutical. The company has a market cap of 123.58 million.
Central European Distribution Corp. (NASDAQ:CEDC) is up 13.41% in early trading at $4.82. CEDC has traded 1.3 million shares this morning, slightly higher than its daily average of 1.2 million shares. Central European Distribution announced that they have signed a definitive agreement with Russian Standard Corporation in which Russian Standard has agreed to invest $100 million in CEDC. The company has a market cap of 349.78 million.
United Continental Holdings, Inc. (NYSE:UAL) is up 0.70% today at $23.08. UAL has traded 1.4 million shares so far today and trades 6.7 million shares a day on average. UAL shares are up about $1 a share in the past week. The company has a market cap of 7.73 billion.
Guanwei Recycling Corp. (NASDAQ:GPRC) is up 11.60% today at $1.54. GPRC has traded 757 thousand shares so far today, 3 times its daily average. GPRC shares are up after the stock traded in a slight downtrend over the past week. The company has a market cap of 31.60 million.
Xerox Corp. (NYSE:XRX) is up 2.10% today at $8.04. XRX has traded just over 6 million shares so far today and trades 11.9 million shares a day on average. Xerox released first quarter earnings this morning and met or exceeded estimates. The company has a market cap of 10.67 billion.