Markets Waver After President Obama’s Press Conference

Today’s markets are trying to rebound this morning and have begun posting small gains across the boards. The Dow is up 8 points at this juncture this morning. The Nasdaq and S&P 500 are both posting small gains as well with a 20 and 4 point increase respectively. President Obama announced in a press conference today that Congress has the “unique opportunity to do something big” and stave economic disaster by raising the debt limit before August 2. Republican lawmakers have been opposed to tax increases to businesses and their wealthy owners but President Obama said a failure to raise the debt limit would mean “effectively a tax increase for everybody”, leading to an increase in interest rates. Despite the markets overall lack of movement some stocks are posting strong individual results lets see who they are.

Petrohawk Energy Corporation (NYSE:HK) shares have more than doubled this morning rising 62.5% to 38.17 per share. Volume has been extremely heavy and 260 million shares have exchanged hands on news that BHP Billiton Limited (NYSE:BHP) has agreed to purchase the company for $12.1 billion. BHP will pay 38.75 per share which is a 61% premium over the average closing price over the past 20 days. The buyout will also include nearly $3 billion in Petrohawk debt.

Google Inc. (Nasdaq:GOOG) Shares have soared skyward this morning climbing 12.8% to $596.75 per share a rise of $67.81. Volume is trading five times normal after Google announced its second quarter results. Google posted a profit of $8.74 per share besting Wall Street estimates of $7.86 per share. While posting better than forecast results several analyst have raised expectations or price targets for GOOG. UBS repeated their buy rating with a new price target of $800, while Barclays repeated an overweight rating raising its price target to $730 from $675.

Microvision, Inc. (Nasdaq:MVIS) shares have made a move up this morning gaining 7.8% to $1.24 per share. Volume has more than doubled on two bits of information. Microvision unveiled its newest addition to its family of laser pico projectors. Dubbed the SHOWWX+HDMI the newest projector allows a user with a an HDMI output on a smartphone or tablet to share video and pictures virtually anywhere on a screen up to 100 inches. MVIS also announced today that they have scheduled a conference call for second quarter results for next Thursday July 21 at 8:30.

written by

An avid market watcher, Martin enjoys the tech arena the most with the Nasdaq being his main area of focus. A finance major, Martin is working to the goal of one day ringing the bell at the NYSE.
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