Tuesday, November 24th, 2009
Market Wrap-Up for November 24, 2009
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Iowa Telecommunications Services, Inc. (IWA), Sequenom, Inc. (SQNM), and Dataram Corporation (DRAM) are today’s featured story stocks as the market was mixed on the day.
Featured Story Stocks
- Iowa Telecommunications Services, Inc. (IWA) – Shares of the provider of wireline local exchange telecommunication services jumped more than 25% after a law firm commenced an investigation on behalf of shareholders of the company for possible breaches of fiduciary duty and other violations in connection with an agreement by the board to sell of all the company’s stock for $16.04 per share.
- Sequenom, Inc. (SQNM) – Shares of the diagnostic testing and genetics analysis company rose sharply higher after a short-squeeze-driven breakout. The news comes after the company reported third quarter revenues of $9.2 million and a net loss of $14.9 million, or $0.24 per share, earlier this month. Since then, short sellers have pushed the stock lower until the pop higher during Tuesday’s session.
- Dataram Corporation (DRAM) – Shares of the memory products manufacturer jumped higher after apparently moving higher on technicals as volume and momentum increased as the stock moved past the $5 per share level. Since August, the company’s shares have soared more than 250%.
Market Summary
U.S. markets ended the day marginally lower after a lackluster GDP report and a somewhat overlooked consumer confidence report. The Dow Jones Industrial Average rose 26 points, or 0.25%, to close at 10,431, the Nasdaq moved down 4.75 points, or 0.27%, to 1,786.50, and the S&P 500 moved down 0.7 points, or 0.06%, to 1,103.10.
Commodities ended the session largely lower, as the dollar gained ground against other currencies. Light crude oil moved down $1.54 to $76.02 and unleaded gas moved down $0.04 to $1.94 per gallon. Meanwhile, gold prices bucked the trend with a $1.90 increase to $1,166.60 per ounce, while copper moved down $0.02, to $3.14 per pound.
Overseas markets moved largely lower during their last sessions as well. Britain’s FTSE 100 moved down 31.54 points, or 0.59%, to 5,323.96, France’s CAC 40 moved down 28.55 points, or 0.75%, to 3,784.62, and Germany’s DAX moved down 32.17 points, or 0.55%, to 5,769.31. Meanwhile, Canada’s TSE 300 moved down 84.39 points, or 0.73%, to 11,539.63.
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-- Written by David Breen
