Stocks Finish Deep In The Red As Tomorrow Is A Make Or Break Day In The Market

Stocks were down big today as all eyes are on Europe. Investors want to see meaningful action at the EU summit tomorrow and if they don’t we could see an even sharper sell off. The trading day started off well enough after the ECB cut its interest rates 25 basis points to 1% and traders were feeling confident a solution was coming.

That all changed after ECB President Mario Draghi said the ECB will not be doing any large scale government bond purchasing programs. “It’s all about Europe right now,” says Todd Schoenberger, managing director at LandColt Trading. “The debt concerns, everything that’s happening just in those PIIGS – Portugal, Ireland, Italy Greece, and Spain; that’s impacting the European countries and their governments, but it also impacts our U.S. banks here.”

Stocks took a big hit after this with U.S. financial stocks taking the brunt. Bank of America (NYSE:BAC) lost 5.9% and closed the day at $5.59, erasing much of its gains from last week. Citigroup (NYSE:C) took an even bigger hit and lost 6.97% today closing at $27.75. Other U.S. bank losers included JP Morgan Chase & Co. (NYSE:JPM) losing 5.24% closing at $32.22 and Morgan Stanley (NYSE:MS) losing 8.42% closing at $8.42.

Winners were few and far between and had to have news of their own to overcome the down market. DemandTec, Inc. (NASDAQ:DMAN) shot up 55.99% closing at $13.15 after IBM said it will acquire the company for $440 million. Affymax, Inc. (NASDAQ:AFFY) rose 36.22% closing at $7.98 after a government panel voted 15-1 in favor, recommending the company’s drug gets FDA approval. G-III Apparel Group Ltd. (NASDAQ:GIII) finished the day up 17.98% at $24.02. G-III reported third quarter profits that beat analysts expectations and signed an agreement with Calvin Klein to open women’s clothing stores in the U.S. and China.

It looks tomorrow will be the day we know for sure one way or the other what exactly is going on in Europe. Hopefully they find a solution or uncertainty will send the markets in a tailspin.

Stocks In The Green This Morning: DMAN, AFFY, CEDC, PSUN, DANG, PEIX

The stock market is lower this morning as investors keep a close eye on Europe ahead of their EU summit on Friday. Today the ECB cut a key interest rate down to 1%, but said there is no plan for large scale government bond purchases. Some good news from the jobs market has helped the markets not sell off as much. Jobless claims fell to a 9-month low last week as weekly applications dropped by 23,000 to a seasonally adjusted 381,000.

The Dow is down 66.72 points today, the Nasdaq is down 16.64 points and the S&P is down 10.30 points. Here’s six stocks well into the green so far this morning.

DemandTec, Inc. (NASDAQ:DMAN) is up 55.28% this morning at $13.09. DMAN has traded 13.6 million shares so far today, well above its daily average of just 265 thousand shares. DMAN is up today after IBM said it plans to buy DMAN for $440 million in cash. DemandTec has a market cap of 436.03 million.

Affymax, Inc. (NASDAQ:AFFY) is up 35.03% this morning at $7.91. AFFY has traded 8.2 million shares so far today, more than 10 times its daily average. AFFY stock is soaring this morning after a government panel voted 15-1 to recommend U.S. approval for the company’s anemia drug. AFFY has jumped more than $2.50 a share over the past five trading days. The company has a market cap of 274.05 million.

Central European Distribution Corp. (NASDAQ:CEDC) is up 17.03% today at $5.98. CEDC has traded 1.7 million shares so far this morning and trades 2.5 million shares a day on average. CEDC is up today after Russian Standard Vodka offered to buy another 19.9% stake in the company. Central European Distribution has a market cap of 422.63 million.

Pacific Sunwear of California Inc. (NASDAQ:PSUN) is up 25.19% this morning at $1.69. PSUN has traded 2.2 million shares so far today, more than 4 times its daily average. PSUN announced it will be closing up to 200 under performing stores across the U.S. The company also announced it will get a five year, $60 million secured-term loan from Golden Gate Capital. Pacific Sunwear has a market cap of 107.48 million.

E Commerce China Dangdang Inc. (NYSE:DANG) is up 10.75% at $5.14 this morning. DANG has traded 985 thousand shares so far today and trades 1.9 million shares on average. The company has a current market cap of 400.31 million.

Pacific Ethanol Inc. (NASDAQ:PEIX) is up 5.51% today at $1.34. PEIX has traded 2.2 million shares so far today and trades 8.3 million shares a day on average. Over the past four trading days, PEIX has fallen from $1.60 to below $1.25. Pacific Ethanol has a market cap of 102.08 million.

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