Stocks ended the day mixed as investors took a wait and see approach towards Europe. Later this week, European leaders will meet at a summit to discuss ways to fix the debt crisis. Leaders in France and Germany have already agreed on a plan that they believe will fix the problem and prevent future ones from occurring. This plan requires changes to the EU treaty which could come as early as the summit later this week. An interesting note on the treaty changes is France and Germany may be able to avoid a vote on the changes by invoking an obscure part of the Lisbon Treaty. That is sure to go over well with the general populations of EU countries.
On the commodities front, gold prices and oil finished the day lower while silver went up slightly. Gold is down only $1.40 and oil stayed above $100 at $100.94. Silver prices went up slightly finished the day at $32.40.
The Dow closed Tuesday up 52 points, the Nasdaq was down 6 points and the S&P closed up 1 point.
Let’s take a look at the top performing stocks today.
AMR Corporation (NYSE:AMR) closed the day up 67.02% at $0.7040. AMR traded 174 million shares today, way above its daily average of 19.3 million shares. AMR announced earlier today they have named Treasurer Beverly Goulet as chief restructuring officer. AMR has recently filed for bankruptcy and the stock is at risk of delisting from the NYSE as it does not meet the $1 a share minimum requirement. AMR Corp has a market cap of 236 million.
Frontline Ltd. (NYSE:FRO) closed Tuesday up 18.64% at $4.20. FRO traded 8.4 million shares today, well above its daily average of 2.6 million shares. Frontline closed higher today after the company’s board of directors gave the go ahead for restructuring. FRO stock has jumped over $1 in the past two trading sessions. The company has a market cap of 327 million.
Cell Therapeutics Inc. (NASDAQ:CTIC) closed up 13.04% at $1.30. CTIC has traded 3.2 million shares today, nearly triple its daily average volume. The company’s PDUFA goal date is now set for April 24, 2012 for Pixantrone. Cell Therapeutics has a market cap of 250.59 million.
Clearwire Corporation (NASDAQ:CLWR) closed the day up 11.11% at $2.50. CLWR rose today after MetroPCS Communications said it would consider the company in heavy traffic areas. CLWR traded 27.5 million shares today, well above its daily average of 8.5 million shares. The company has a market cap of 624.26 million.
Ion Geophysical Corporation (NYSE:IO) finished Tuesday up 10.74% at $6.70. IO traded 3.8 million shares today and trades 2 million shares a day on average. Over the past five trading sessions, IO has jumped up nearly $1 a share. Ion Geophysical has a market cap of 1.04 billion.
Eastman Kodak Co. (NYSE:EK) closed up 5.71% at $1.11. EK traded 7.4 million shares today and trades 12.2 million shares a day on average. The company shuffled its restructuring advisers today in a bid to shore up finances and avoid bankruptcy. EK stock is up $0.10 a share since Monday. The company has a market cap of 299.65 million.
Oncothyreon Inc. (NASDAQ:ONTY) finished Tuesday up 14.29% at $8.16. ONTY traded 1.9 million shares today, nearly 4 times its daily average. Since the start of the week, ONTY is up more than $1 a share. Phase 3 trials of the company’s cancer immunotherapy treatment and it looks like investors are hoping for positive results. Oncothyreon has a market cap of 348.29 million.