Stocks Lose Most Of Their Early Gains as Investors Await Word From EU Ministers

The stock market has lost most of its early gains today and the Nasdaq has turned negative in late day trading. Investors are waiting for EU ministers to conclude their meeting on the region’s debt crisis. There’s a lot of rumors going around about how Europe will fix their situation, but there won’t be any concrete information until the EU ministers come out and talk about what they discussed at the meeting.

“It’s still all about Europe, Europe, Europe. There are rumors and hope again that the policy makers in Europe are going to solve their problems, and there’s talk of our Fed stepping in to buy European sovereign debt,” said Nick Raich, director of research at Key Private Bank.

Italy had a successful bond auction today, but there yields were above 7% which according to most economists is unsustainable. While the major indexes got off to a decent start in morning trading, they have since gave up most of those early gains. The Dow is up 47 points, the Nasdaq is down 12 points and the S&P is up 3 points.

Let’s take a look at some stocks posting decent gains as well as stocks posting big losses.

Inhibitex, Inc. (NASDAQ:INHX) is up 21.32% in afternoon trading at $13.83. INHX has traded 7.2 million shares so far today, 4 times its daily average volume. Inhibitex jumped today after the company announced it will be asking the FDA for authorization to expand testing for its drug INX-189. Inhibitex has a current market value of 1.08 billion.

YM Biosciences, Inc. (AMEX:YMI) is up 12.61% in afternoon trading at $1.27. YMI has traded 2.9 million shares so far today, nearly triple its daily average volume. YMI is trending back up after dropping to $1.05 yesterday.

Canadian Solar Inc. (NASDAQ:CSIQ) is up 7.59% in afternoon trading at $2.55. CSIQ has traded 1.2 million shares so far today, 200 thousand more shares than its daily average. Canadian Solar announced it has supplied solar modules for an 8.5 MW power plant in Lindenhof near Neubrandenburg in the German state of Mecklenburg-Vorpommern. Canadian Solar has a current market cap of 110.99 million.

Savient Pharmaceuticals Inc. (NASDAQ:SVNT) is up 7.49% in afternoon trading at $2.44. SVNT has traded just over a million shares so far and trades on average 1.7 million shares. SVNT is coming off its high of day at $2.49. Savient Pharmaceuticals has a current market cap of 169.17 million.

Radian Group Inc. (NYSE:RDN) is down 14.44% today at $2.0450 in afternoon trading. RDN has traded 6.5 million shares so far today, more than a million shares more than its daily average. RDN started the day off alright but started seeing heavy selling at around 11am that has lasted throughout the day. Radain Group has a current market cap of 272.39 million.

Corning Inc. (NYSE:GLW) is down 12.21% in afternoon trading at $12.98. GLW has traded 55.8 million shares so far today, well above its daily average of 21 million shares. GLW shares fell today after the company cut its fourth-quarter earnings forecast. Corning Inc. has a current market cap of 20.43 billion.

Pacific Ethanol Inc. (NASDAQ:PEIX) is down 10.48% at $1.11 in afternoon trading. PEIX has traded 6.8 million shares so far today, about 600 thousand shares short of its daily average. PEIX has been trending lower the past few trading sessions after it nearly doubled this month. Pacific Ethanol has a current market cap of 84.81 million.

Nokia Corporation (NYSE:NOK) is down 2.76% at $5.45 in afternoon trading. NOK has traded 23.8 million shares so far today, and trades on average 28.5 million shares daily. NOK is continuing its downward trend from last week after it gaped up yesterday along with the rest of the market. Nokia has a current market cap of 20.18 billion.

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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