Fed Shows Confidence in Market with Cut in Bond Buying Stimulus
LONDON, May 1, 2014
LONDON, May 1, 2014 /PRNewswire/ --
Top Five Stocks Focus List: Avanir Pharmaceuticals, Inc. Ins Pro Technologies
Corp, Elite Pharmaceuticals, Inc. Nuvilex, Inc. Tranzbyte Corporation
Although the volume remained light in trading to close the markets yesterday
there was positive news in the form of the Fed reducing its bond buying
stimulus on the back of a poor first quarter's results. It goes to show the
confidence the Fed have in the current market as the major indexes all closed
higher for the day. All eyes will be on the upcoming earnings quarter as we
look to see if that confidence is backed up by corporate America.
Avanir Pharmaceuticals (NASDAQ: AVNR) was the strongest upside stock within
the index to close trading yesterday up 48% on the day with more than 10
million shares traded. Investors reacted positively to news about an upcoming
trial and the stock was heavily traded throughout the day. With the 52 week
high within 20% of the closing price and the volume more than five times the
normal average it looks like there could be continued heavy trading in today's
session on the NASDAQ.
Ins Pro Technologies (OTCMKTS: ITCC) was certainly the most talked about stock
in the OTC markets as the daily trading range was more than 500% in a stock
that traded more than $2.4 million in a volatile day. The upside was huge in
the morning with shares opening around $0.06 and climbing to a high of $0.49.
The afternoon session however did bring some apparent profit taking in such a
big move higher and Ins Pro was trading around $0.15 by the closing bell.
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Tranzbyte Corp (OTCMKTS: ERBB) traded more than 100 million shares in an
active day for the stock to close trading on Wednesday. Tranzbyte closed just
below the high of the day and was higher by 8% on the trading day. Traders
have flocked to this name over the last couple of months with shares rising to
a yearly high of $0.216. Currently just under $0.04 the stock is looking to
push through resistance to stand a chance of moving back to higher ground.
Elite Pharmaceuticals (OTCMKTS: ELTP) was another double digit gainer in
Wednesdays trading with shares up over 14% and heavy action trading in the
stock. Shares were higher in the morning session with a slight pullback in
the afternoon. The 52 week high is within striking distance at $0.635 as
traders continue to push this stock higher.
Nuvilex (OTCMKTS: NVLX) was lower by just a couple of percentage points in a
lower than normal volume day for the stock that has an average of around 12
million shares. Nuvilex is trading around the midpoint of its yearly trading
range and after sliding around 20% over the last week it looks like shares
could be at a low entry point for a move higher.
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