If you were expecting a snap back rally you’re going to have to place that want on hold. Wall Street is on edge as it eyes the start of earnings season. Alcoa is first up after the bell. This will give a tell as to whether the recovery is still in an upward trajectory or if it is faltering. Recent data points show that it may be faltering slightly.
Europe is still an ongoing concern as the sell-off in the EU continued into the start of their holiday shortened week. Italian and Spanish bond yields continue to rise, which is fueling the fear that the sovereign debt crisis is not only unresolved, but spreading.
Currently the Dow is down 68, near session lows, the Nasdaq is down 8 and the S&P is off 6.
Hot Stocks to Watch
X-Rite, Incorporated (NASDAQ:XRIT) is up 38.75% today at $5.55. XRIT has traded 2.3 million shares so far today, way above its daily average of 59 thousand shares. XRIT shares are rallying today after Danaher agrees to buy X-Rite for $477.9 million. The company has a market cap of 477.05 million.
Guanwei Recycling Corp. (NASDAQ:GPRC) is up 38.71% this morning at $1.72. GPRC has traded 3.3 million shares so far today, 30 times its average volume. GPRC shares have rallied more than 100% in the past week. The company has a market cap of 33.80 million.
Penn Virginia Resource Partners LP (NYSE:PVR) is up 12.02% today at $25.05. PVR has traded 802 thousand shares this morning, double its daily average volume. Penn Virginia announced this morning it will acquire Chief Gathering for $1 billion. The company has a market cap of 1.91 billion.
SuperValu Inc. (NYSE:SVU) is up 10.90% in early trading at $5.90. SVU has traded 20.4 million shares so far today, 3 times its average volume. SuperValu posted a quarterly loss, but outlined plans to turnaround including job cuts and closing stores. The company has a market cap of 1.25 billion.
Fushi Copperweld, Inc. (NASDAQ:FSIN) is up 5.70% today at $6.12. FSIN has traded 676 thousand shares so far today, well above its daily average of 371 thousand shares. FSIN shares dropped nearly $2 a share over the past week before trading higher today. The company has a market cap of 239 million.
Extreme Networks Inc. (NASDAQ:EXTR) is up 8.95% this morning at $4.14. EXTR has traded 2.1 million shares this morning, nearly 3 times its average volume. EXTR hit a new 52 week high of $4.24 earlier today. The company has a market cap of 386.78 million.
Renren Inc. (NYSE:RENN) is up 5.42% in early trading at $5.84. RENN has traded 20.8 million shares so far today, double its average volume. SnapDish, a food photo app in Japan, announced a partnership with Renren earlier today. The company has a market cap of 2.35 billion.
Openwave Systems Inc. (NASDAQ:OPWV) is up 8.37% today at $2.46. OPWV has traded 1.2 million shares so far today, above its daily average of 708 thousand shares. OPWV shares have rallied nearly $0.40 a share this week. The company has a market cap of 211.42 million.