Stocks Heading South Today: CTIC, PCYC, SPPI, PEIX, IVR

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While the stock market is rallying on the euro zone agreement, there are some stocks not doing well today.

Cell Therapeutics, Inc. (NASDAQ:CTIC) has fallen 15.22% today to $1.17. CTIC is down on heavy volume with 2.6 million shares traded so far. The company announced its agreement to sell $20 million in preferred stock shares and warrants at a conversion price of $1.15. The company has a market cap of 225.53 million.

Pharmacyclics Inc. (NASDAQ:PCYC) is down 14.16% today at $12.55. PCYC is falling today after the stock was downgraded by Global Hunter Securities. PCYC has traded 2.4 million shares so far today, nearly 4 times its daily average. The company has a market cap of 875.92 million.

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) is down 8.85% today at $13.29. SPPI has traded 2.98 million shares this morning, well above its daily average of 1.48 million shares. Spectrum has a market cap of 763.52 million.

Pacific Ethanol Inc. (NASDAQ:PEIX) is down 7.12% at $1.20 today. PEIX announced $8 million in private placement his morning as well as agreeing to increase ownership. PEIX has traded 10.8 million shares so far today, 2 million more than its daily average. The company has a market cap of 91.75 million.

Invesco Mortgage Capital Inc. (NYSE:IVR) is down 6.86% so far today at $14.66. IVR has traded 4.7 million shares this morning, more than double its daily average. IVR was downgraded today by FBR Capital. The company has a market cap of 1.70 billion.