Monday, November 16th, 2009
Market Wrap-Up for November 16, 2009
Crystallex International Corp. (KRY), Spherix Incorporated (SPEX), and SmartHeat Inc. (HEAT) are three featured story stocks as the market closed on a higher note.
Featured Story Stocks
- Crystallex International Corp. (KRY) – Shares of the Canadian gold producer rose more than 60% amid speculation about its Las Cristinas mine located in Venezuela. President Hugo Chavez denied the company rights to mine the property last year, but the company continues to hope for a reversal from Gold Reserve’s pending international arbitration. Notable, the company also released its financial results last week in a 10-Q filing.
- Spherix Incorporated (SPEX) – Shares of the biotechnology research company rose more than 10% after it raised more than $6.3 million in a registered direct offering. The company plans on using the $6 million in proceeds to provide critical support for the company’s ongoing development of D-tagatose as a treatment for Type 2 diabetes. The agreement included warrants priced at $3.25 per share with a five year expiration.
- SmartHeat Inc. (HEAT) – Shares of the plate heat exchanger manufacturer rose nearly 20% after reporting third quarter results that beat expectations. The company’s net income increased 105% to $8.9 million as its revenues increased 83% to $37.8 million. Meanwhile, the company reaffirmed its full-year guidance as positive signs of economic growth in China should lead to continued earnings growth momentum.
Market Summary
U.S. markets ended the day higher after retail sales data came in higher than expected and the dollar fell to a 15-month low. The Dow Jones closed up 1.33% or 136 points, the Nasdaq closed up 1.37% or 29 points, and the S&P 500 closed up 1.44% to 15 points. Broader indices like the Russell 2000 grew 2.79% or 16 points on the session.
Commodities moved higher as the U.S. dollar fell sharply during the session. Crude oil gained more than 4% during the session, while gold rallied to a new record high of $1,140 per ounce. Other metals like silver, platinum and copper also moved higher, while food-based commodities like corn and soybeans also moved sharply higher on the session.
Overseas markets moved higher during the session as well. In Europe, Britain’s FTSE 100 moved up 1.63%, Germany’s DAX moved up 2.07%, and France’s CAC moved up 1.5%. In the Americas, Canada’s TSX moved up 0.82%, Brazil’s Bovespa moved up 1.99%, and Agentina’s Merval moved up 2.74%.
Written by David Breen
