Notable 52-Week Highs and Lows of the Day 06/13: (ARNA) (FDO) (VZ) High; (SMG) (PCX) (DECK) Low
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This report is an intraday check of some of the more notable stocks that have hit a 52-week high or low so far today.
- Arena Pharmaceuticals (Nasdaq: ARNA) high of $8.65. Arena made some serious gains early into the session Wednesday, rising as much as 9.9 percent to the new 52-week high.
Traders are trying to position ahead of Arena's PDUFA meeting for lorcaserin on June 27th. Shares have more than doubled since getting a positive FDA panel nod on May 10th.
- Family Dollar Stores (NYSE: FDO) high of $71.07. Family Dollar and other discount stores trading higher, possibly on the anticipation of more easing by the Fed. Recent economic data showing a wider than expected drop in PPI along with a drop in retail sales (excluding autos) are adding fuel to the fire.
- Verizon Communications (NYSE: VZ) high of $43.25. Verizon moving modestly higher following the Apple (Nasdaq: AAPL) WWDC keynote on Monday, hinting at new features available on Apple devices which will be able to be utilized on carrier networks, instead of being limited to WiFi. The increase in data consumption should widen margins for the carriers as ARPU increases.
- Patriot Coal Corp. (NYSE: PCX) low of $1.23. Patriot Coal moving lower on the session as shares are now officially in free fall mode. Over the last 10 sessions, Patriot has closed lower during eight of them. Today would mark the ninth in 11, or 82 percent of the time.
Trouble really started on May 22nd, when the company said it would be talking with restructuring advisors.
- The Scotts Miracle-Gro Company (NYSE: SMG) low of $35.50. Scotts falling 17.5 percent to its new low Wednesday after cutting its outlook for 2012. The Company said consumer purchases of its products at its largest retail partners in the U.S. are up 3 percent on a year-to-date basis, compared with 8 percent entering May.
- Deckers Outdoor Corp. (Nasdaq: DECK) low of $48.76. Deckers breaking below the $50 support level today as shares have shown weakness over the last several sessions. Shares tried to regain some momentum after getting slammed on first-quarter results, issued in April, but the market just wasn't having it.
Notably, big brother Nike (NYSE: NKE) has also shown somewhat of a downtrend since the early part of May. Investors are still keeping an eye on Greece, Spain, et al, for more signs of weakness.
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