Jobless Data
Stocks are trading higher this morning as jobless data showed the labor market continues to slowly recover. Initial claims came in at 351,000 and were unchanged from last week’s revised numbers. Most economists were expecting initial claims to rise to 354,000. The improving jobs market is seen as a win for President Obama as he begins to ramp up his reelection campaign. Voters have stressed in poll after poll that jobs are the most important issue to them in the November election.
Gas Prices On The Rise
Oil prices continue to rise today and are over $106/barrel and will soon be reflected at the gas pump. Some people contribute this rise to oil speculators which is somewhat true, but it is also the ongoing tensions between Iran and Western countries that are fueling this price increase. Analysts expect gas prices to rise to over $4 this spring and may even hit $5 a gallon by summer. One plus for consumers is the relatively mild winter has kept natural gas prices low.
Positive news from the jobs data has sent the Dow up 48 points, the Nasdaq up 20 points and the S&P 500 up 3 points.
Sears Holdings Corporation (NASDAQ:SHLD) is up 19.78% today at $62.41. Sears shares are rallying today even after the company missed earnings. Investors were encouraged though as the company moves to cut costs and inventory. Sears plans to sell 11 stores and raise $270 million. SHLD is up on large volume with 3.6 million shares traded, well above its daily average of 2 million shares. The company has a market cap of 6.70 billion.
Angie’s List, Inc. (NASDAQ:ANGI) is rallying 16.25% today at $16.81. Angie’s List is seeing a big bounce today thanks to fourth quarter revenue that beat analysts’ expectations. Revenue increased 70% to $27.4 million in the fourth quarter. Analysts were expecting $25.4 million in revenune. Paid memberships for the site increased 78% from a year ago to 1.07 million. The company has a market cap of 819.61 million.
MELA Sciences, Inc. (NASDAQ:MELA) is up 13.46% today at $4.89. MELA shares jumped this morning after a study of 179 dermatologists show that MelaFind shown to improve melanoma detection. MELA has traded 1.5 million shares so far today, nearly 4 times its average volume. The company has a market cap of 125.68 million.
Discovery Laboratories, Inc. (NASDAQ:DSCO) is up 10.18% today at $3.1070. DSCO has traded 1.4 million shares so far today, 7 times its daily average volume. DSCO shares are rallying today as trades buy the stock ahead of its March 6 PDUFA (drug approval) date. The company has a market cap of 74.97 million.
DryShips Inc. (NASDAQ:DRYS) is up 8.11% today at $3.72. DRYS is up on heavy volume today with 18.7 million shares traded so far, twice its average volume. DRYS shares are rallying after releasing fourth quarter results late yesterday. EPS missed by $0.01, but revenue beat analysts expectations. The company has a market cap of 1.51 billion.
Clearwire Corporation (NASDAQ:CLWR) is up 5.12% today at $2.2285. CLWR has traded 12.2 million shares so far today and trades 13.6 million shares a day on average. CLWR shares are up more than $0.40 this month. The company has a market cap of 999.39 million.
About Kyle Pinder
