The market is wavering back and forth this morning and currently down across all indexes. The Dow is down 13 points while the Nasdaq has fallen nearly 9 points. The S&P 500 has dropped 3 points and both oil and gold are both down dropping $1 and $4 respectively. One reason for the meager start to the day is that existing home sales dipped in April, revealing the housing market is still struggling to recover. On a positive note for the market the number of people applying for unemployment dropped for the second consecutive week. Despite the sluggish start to the trading day there are a few stocks that are fighting the trend.
Thermo Fisher Scientific Inc.(NYSE:TMO) shares are up $2.57 to $65.31 per share. Nearly 2.8 million shares have been traded this morning well on its way to topping the average daily traded volume of 3 million shares. The rise in Thermo Fisher shares comes as the Scientific Instrument maker plans to buyout privately owned Phadia. Phadia makes blood testing systems to test for allergy and auto-immune diseases. The deal for the Swedish based Phadia is estimated at $3.5 billion. Thermo Fisher stated the deal add to its adjusted earnings for the year and could add $.26-$.30 per share next year.
PURE Bioscience Inc. (Nasdaq:PURE) shares have risen $.18 to $1.21 per share this morning. Volume has been extremely heavy as 5.3 million shares have been traded heading into midday trading. This is a stark increase in activity as average daily traded volume is 350K shares. The movement in PURE is warranted though as the company announced preliminary laboratory test results involving its patented Silver Dihydrogen Citrate (SDC). The testing showed the effectiveness of SDC’s against single species biofilms. Biofilms play a role in the development of such diseases as Periodontitis, infective endocarditis, and cystic fibrosis.
Harris & Harris Group, Inc. (Nasdaq:TINY) has climbed up $.41 to $5.42 with an intrady high of $5.63. Volume has nearly doubled as more than 300K shares have been traded heading into midday trading. The Jump comes in conjunction with a letter to shareholders from Harris & Harris. The letter outlines and updates some of the companies investments and future plans. the letter also mentions the small portion ownership the company has in Solazyme (Less than 5%). Solazyme plans to have its IPO next week and is expected to debut between $15-$17. The Solazyme IPO will increase the value of the Harris &Harris investment and shows the companies knack for investing companies with potential for strong growth.