Dow Loses Second Week Straight
Markets continued to drift downward as the Dow finished lower for the second week in a row. This week, the Dow lost 168 points and closed under 18,000 for the first time since early May. The NASDAQ and S&P 500 followed it up with losses of their own, although the NASDAQ turned a couple of down days into winners thanks to movement in the tech sector.
The week was just as hard on Europe and the UK, with their markets posting losses consistently across 5-days, and nearly all ending the week down. In Asia, China's Shanghai index finished the week up 9%. The characteristically bumpy Hang Seng finished the week flat, and Japan's Nikkei did the same.
Ignyta (RXDX) Doubles in Value this Week
Small-cap biotech company Ignyta (RXDX
) made the most of the American Society of Clinical Oncology's yearly meeting.
Their presentation was received so well that Ignyta more than doubled in value over the course of the conference. Ignyta started the week at $9, and was up to $11 in premarket trading on Monday, and by the closing bell on Friday shares of Ignyta were trading for $18.49.
5 Hot Penny Stocks
With the ASCO meeting being held, this week was all about healthcare -- and specifically biotech. Nearly all of the hot penny stocks this week were in that particular segment. The exception is Ian Kun Group Holding (IKGH
), a gaming company that had a very good week. Shares of Ian Kun were up 50% over 5 days, climbing from $1.81 to $2.69.
Galena Biopharma (GALE
) moved from $1.61 to $2.23 over the course of the week. They lead the pack when it comes to gainers in the health services sector. Nanoviricides (NNVC
) also did well this week, opening the week at $1.55 and closing it at $2.14. Synthetic Biologics (SYN
) and DS Healthcare Group (DSKX
) round out the top 5. Synthetic Biologics was up 0.60 points on the week, moving from $1.95 to $2.55. DS Healthcare rose from lows on Monday of $1.84 to close on Friday at $2.86.
Puma Biotech (PBYI) is This Week's Loser
A class action lawsuit and resulting 29% decline make Puma Biotech (PBYI
) the big loser this week. The company, which was one of the early leaders in the emerging biotech segment, is now down 50% year over year and falling like a rock. Puma lost over 50 points this week alone, opening Monday at $191.95 and closing Friday at $138.79 per share.
Report Announces 280k new jobs, 5.5% Unemployment
The Bureau of Labor Statistics released their May jobs report
this week. The news was better than expected, but unemployment still rose slightly. 280,000 new jobs were created and the labor force rose by 397,000. Factory overtime is up, and the length of the average workweek is unchanged.
Tough Week for Vices
Alcohol and tobacco companies fell just like the rest of the market this week. Molson Coors Brewing (TAP
) and Philip Morris (PM
) were especially hard hit on Friday. Molson fell 3%, down 2.25 points, to close the day at $72.61 per share. Philip Morris lost just over 2.50% and closed out at $79.70. A Canadian court ordered Philip Morris to pay further fines to smokers there.
T-Mobile (TMUS) and Dish (DISH) Merger Talks Start Up
Talks between cell phone carrier T-Mobile (TMUS
) and Dish Network (DISH
) are reportedly underway
. The subject is a merger between the two companies. According to reports, the talks are still very preliminary and no deal structure has been put on the table by either party. The merger, if it went forward, could lead to a company that would provide phone, internet, and television service to over 50 million customers in 11 countries.
Published on Jun 6, 2015
By Aaron Phillips