All about housing this week. A host of data points are expected and analysts are looking for this sector to join the rest in the recovery. So far, the pace of housing has been slow and that’s being diplomatic. Any miss here may halt the rally, while good news may keep the train moving down the tracks.
One thing that may hold housing in check is the fact the middle class is still getting pummeled. Sure the jobs numbers look good on paper, but temp jobs do not turn into an accepted mortgage application. Maybe they did in 2006, but not in this new normal. The low rates though have enticed homeowners into refinancing so the number sin applications may get heavily skewed by that.
Outside of housing, China will come into focus with its banking reports. Investors will be paying close attention to any slip in profits or under-performance.
Cheap Stocks to Watch
Frontline Ltd. (NYSE:FRO) closed Friday up 23.79% at $7.65. Frontline saw a nice jump last week as it rose more than $2 from last Monday. Volume was high on Friday with over 13 million shares traded, about 6 times its average volume. The company has a market cap of 595.61 million.
Himax Technologies, Inc. (NASDAQ:HIMX) ended last week up 14.94% at $2.00. HIMX traded heavy volume on Friday with 1.5 million shares traded, more than double its average volume. Himax Technologies stock has doubled since the start of the year. The company has a market cap of 349.28 million.
Renesola Ltd. (NYSE:SOL) shot up 14.23% on Friday and closed at $2.81. SOL jumped on above average volume with 4.6 million shares traded. SOL shares rose on Friday after the company announced it will see higher shipments this year. Renesola also posted quarterly results and did post a fourth quarter loss of $0.21 per share. The company has a market cap of 243.95 million.
Galena Biopharma, Inc. (NASDAQ:GALE) ended Friday up more than 11% at $1.61. GALE traded slightly above average volume with 1.5 million shares traded. Galena shares jumped more than $0.30 last week. The company has a market cap of 69.21 million.
Cytori Therapeutics Inc. (NASDAQ:CYTX) closed Friday up 10.60% at $3.13. CYTX traded over 3 million shares on Friday, well above its daily average of 572 thousand shares. Cytori shares rose on news the FDA gave the go ahead for its fat graft device. The company has a market cap of 181.31 million.
Silicon Image, Inc. (NASDAQ:SIMG) closed Friday up 10.29% at $6.00. SIMG traded more than 3 times its average volume on Friday with 3.5 million shares. SIMG shares rose nearly $1 a share on Thursday and Friday. The company has a market cap of 498.42 million.
Neomedia Technologies Inc. (OTC:NEOM) from the OTC market has jumped more than 400% in the past two days. Rumors are swirling on possible promotions or big company news. This stock is only for those traders who love penny stocks and gambling. NEOM closed the week at $0.0560 up 162.91%. It started its move around $0.0013 on Thursday and quickly shot up from there. Over 287.7 million shares of NEOM were traded on Friday.
Discovery Laboratories, Inc. (NASDAQ:DSCO) fell nearly 20% on Friday and closed at $2.85. DSCO shares fell after the company priced a $45 million public stock offering at $2.80 per share. DSCO fell on heavy volume with 11.5 million shares traded, well above its daily average of 1.5 million shares. The company has a market cap of 69.82 million.
Nokia Corporation (NYSE:NOK) closed Friday up 2.11% at $5.33. Nokia climbed late last week on reports it was entering into the tablet market. NOK traded 62.1 million shares on Friday, double its usual trading volume. NOK shares have climbed $0.40 since last Wednesday. The company has a market cap of 19.78 billion.
Primo Water Corporation (NASDAQ:PRMW) ended last week down 29.45% at $2.06. PRMW shares fell after the company missed EPS estimates for its fourth quarter by $0.02. Primo Water also lowered its 2012 guidance. PRMW traded 4.1 million shares on Friday, well above its daily average 391 thousand shares. The company has a market cap of 48.85 million.
About Martin Stephenson
