Market Negative and 3 Stocks Bucking the Trend

The broader market is lower today as investors try to digest several different major news stories. First up we have the U.S. breaching the debt ceiling and Timothy Geithner telling Congress to raise the debt ceiling soon “to protect the full faith and credit of the United States and avoid catastrophic economic consequences for citizens.” The head of the IMF (International Monetary Fund) was arrested for an alleged sexual assault. This may also cause uncertainty in the European bailouts for Greece and other debt affected countries. The Nasdaq is being hit hardest today, while materials and financial stocks are helping keep the other indicies from going lower.

Primedia Inc. (NYSE:PRM) rose over 60 today after the company announced they were being bought by TPG Capital. TGP Capital bought PRM for $316 million which translates to $7.10 per share. PRM has is up on heavy volume with over 7 million shares traded today, well above its daily average of 60 thousand shares.

Top Image Systems Ltd. (NASDAQ:TISA) is up 36% with about an hour left in the trading day. TISA is currently trading at $2.80 with an intraday high of $3.25. TISA is up on huge volume after Top Image Systems Ltd. announced they were expanding its banking platform to include mobile remote capture. Over 4 million shares have been traded so far today, an increase of 400% of its daily average volume.

Orthovita Inc. (NASDAQ:VITA) is up 40% on big volume with over 36 million shares traded today. Earlier today the company announced that it was being bought by Stryker Corp for $316 million. VITA is up 40% today at $3.83 with an intraday high of $3.84.

Overall market conditions look like they are in the wait and see mode with the looming debt ceiling soap opera set to take stage. Also the IMF turmoil is sure to roil the bond markets in the eurozone, especially Greece. All that capped by the miss on the ISIM and the lackluster confidence coming out of the housing market. If this is a recovery, I would hate to see a renewed downturn.

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About EditorinChief

The owner of Active Investor, the Editor-in-Chief is the man in charge. With his expertise in the currency market, his political science background gives him the expertise to comment on the political wranglings effect on the broader market.

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