Cyprus Secures Bailout but Major Exchanges still Decline. Shares of BlackBerry
Take a Tumble after Downgrade
NEW YORK, March 26, 2013
NEW YORK, March 26, 2013 /PRNewswire/ --
Cyprus reached a deal to avoid financial meltdown on Monday but comments from
a top Euro Zone official Jeroen Dijsselbloem indicated that trouble in other
regions may not be over. After a disappointing launch of the Company's new
touchscreen in the U.S., shares of BlackBerry were downgraded by Goldman Sachs
on Monday. Simona Jankowski said in a research note that retail checks at over
20 store locations since March 22, including AT&T, Best Buy and Radio Shack,
revealed a surprising lack of marketing support and poor positioning of the
new Z10 touchscreen BlackBerry. Goldman Sachs downgraded BBRY to "neutral"
from "buy" and Jankowski lowered her 12-month target on the stock from $19 to
$17. Blackberry closed down 4.56% at $14.23.
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Veeco Instruments Inc. (Nasdaq: VECO) - Shares of VECO hit a new 52-week high
on Monday at $40.34. Trading volume yesterday was also significantly higher
than the stock's average of 598,121 shares. Together with its subsidiaries,
the Company designs, manufactures, and markets various equipments to make
light emitting diodes (LEDs) and hard-disk drives worldwide. Veeco announced
last week that the world record for energy efficiency of a commercial-ready
production solar cell by Solar Junction was achieved on its Dual GEN200®
Molecular Beam Epitaxy (MBE) System. VECO closed at $37.93, up 8.50%.
Many mid or large cap stocks once started off as Penny stocks!
Stereotaxis Inc. (Nasdaq: STXS) - Sterotaxis was one of the most active stocks
on the Nasdaq composite on Monday. The Company announced yesterday that it has
received regulatory approval of its Niobe(R) remote magnetic technology for
cardiac ablations in Japan. This is a critical milestone in securing full
market entry into the country. Approval by the Pharmaceuticals and Medical
Devices Agency, Japan's is equivalent to the U.S. Food and Drug
Administration. The company also received notice on March 20 from the Nasdaq
Stock Market that the company was not in compliance with the market's rule
that it must have $50 million in total assets and total revenues for the most
recently completed fiscal year or for two of the last three most recently
completed fiscal years. Shares of STXS closed up 33.52% at $2.39.
Apollo Group Inc. (Nasdaq: APOL) - Shares of APOL saw a boost on Monday
trading as high as $19.63 in intra-day trading - a premium to its 50-day
moving average of $18.10. The boost on Monday could have been contributed to
the Company's 2013 outlook. Excluding one-time items, calls for net revenue of
$3.65 billion to $3.75 billion on operating income of $500 million to $550
million. Analysts, on average, were expecting current-year revenues of $3.73
billion. Shares of APOL closed up 7.10% at $18.25. The stock has a 52-week
trading range of 15.98 - 43.80. Trading volume on Monday at roughly 15 million
shares traded was about five times higher than the stock's average of
2,734,290 shares. The Company, through its subsidiaries, provides online and
on-campus educational programs and services at the undergraduate, masters, and
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many investors in the market because of how much lower they trade than big cap
Idenix Pharmaceuticals Inc. (Nasdaq: IDIX) - IDIX was one of the biggest
decliners on the Nasdaq composite on Monday. The stock closed down 19.78% at
$3.69. In intra-day trading the stock even went as low as $3.40, just five
cents above its 52-week low. Shares tumbled after the Company released a PR
announcing that the U.S. Patent and Trademark Office determined a competitor
was the first to request a patent for a hepatitis therapy. The patent dispute
covers certain 2'-methyl-2' fluoro nucleoside compounds used in hepatitis-C
treatment and waas filed by Idenix last March. The U.S. Patent and Trademark
Office determined that Gilead (Nasdaq: GILD) is the senior party and that
Idenix is the junior party.
USG Corporation (NYSE: USG) - USG corporation shares sank on Monday on
significantly high trading volume. The stock traded roughly 7.6 million shares
yesterday in comparison to about 1.7 million shares. USG announced last Friday
that its Board of Directors amended the Corporation's existing stockholder
rights plan to lower the ownership threshold to a level that could provide
protection to USG's net operating loss carryforwards ("NOLs") and related
deferred tax assets. The Company through its subsidiaries engages in the
manufacture and distribution of building materials worldwide. Shares closed at
$26.91 down 8.53%.
Penny stocks due to their tiny share prices, allow online investors to buy
large numbers of shares which means they own a bigger chunk of the stock.
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