FRD

Markets Gaining This Morning as Greece’s Austerity Plans Inch Closer

The markets are up across the board this morning with the Nasdaq posting the highest percentage gain at 1% heading into midday trading. The Dow has posted a .92% gain while the S&P 500 has posted a .84% gain. This mornings market rally comes as optimism is growing in anticipation that the Greek Parliament may be close to adopting the austerity plan that could ease concerns about a credit default. Currently Greece is said to owe over $340 billion euros to creditors. Another factor that has helped the markets this morning is the slight rise in home prices in 13 of 20 cities. The rise in prices of .7% marks the first time home prices have increased in eight months. With these factors driving the markets lets look at a few of the top performing stocks this morning.

SGOCO Group, Ltd (Nasdaq:SGOC) has risen this morning 36% to $3.65 per share. Volume has increased this morning as investors are awaiting a report of SGOC’s first quarter results. SGOCO is expected to report it earnings this afternoon after the markets close. SGOC will hold a conference call on Wednesday, June 29 at 10:00 am EST to discuss these results and answer any shareholders questions.

Friedman Industries Inc. (AMEX:FRD) shares are on the move this morning climbing nearly 12% to $10.97 with an intraday high of $11.76. Volume has increased ten times as FRD reported its fourth quarter and fiscal year results. For the fourth quarter Friedman recorded net earnings of $3.2 million or $.47 per share up from the previous year of slightly over $1 million or 4.16 per share. Yearly results included net earnings of $8.155 million or $1.20 per share the previous year concluded with net earnings of $.10 per share.

LinkedIn Corporation (NYSE:LNKD) shares have jumped up this morning 10% to $84.23 per share with an intraday high of $85.60. Volume is also on the move as nearly 1.5 million shares have exchanged hands. Underwriters of LinkedIn have recently released updated price targets for the professional social networking site. LNKD’s lead underwriter Morgan Stanley rated the company Overweight with a target of $88 per share. JPMorgan also rated the company overweight with its price target set at $85. The most bullish price target belongs to UBS that rated the company with a buy rating and a $90 target.

Real Time Web Analytics