Monday, June 11, 2012
Stocks Fade Early Gain after Spain's Bailout Boost (WCG, AGP, PNSN, ASTI, STXS, NAV)
U.S. stocks pared early gains on Monday as Spain's request for a bailout for its banks represents yet another mixed success for the US in its two-year-long effort to press Europe to get on top of its debt crisis.
The surprisingly large amount of aid removes a huge cloud that has been hanging over financial markets, with investors fearing that a banking crisis in euro zone's fourth-largest economy could have compounded the currency bloc's troubles with Greece.Though the exact amount to be lent will be decided in just over a week, striking a deal now means Spain has added support in case Greece's June 17 elections throw financial markets into a tailspin.
In the first Greek poll, a large number of voters voted for parties opposed to the country's international bailout. The re-run of Greek elections on June 17 could decide whether the country stays in the euro zone.
The Dow Jones Industrial Average was down 9.08(-0.07%) to 12,545.12, and the Standard & Poor's 500-stock index gained 0.23(0.02%) at 1,325.89. The Nasdaq Composite fell 4.03 (-0.14%) at 2,854.39
WellCare Health Plans Inc (NYSE:WCG) decreased 7.78% to $52.60. WellCare Health Plans will bid to win contracts to supervise the coverage of some of the 1.2 million Florida Medicaid patients being shifted to managed care programs to comply with state law passed in 2011.
AMERIGROUP Corporation (NYSE:AGP) slipped 7.04% to $58.09. The Company was selected by the Center for Medicare and Medicaid Services to take part in the Comprehensive Primary Care Initiative. The selected payers demonstrated a commitment to support primary care to produce better health, better care and lower costs for patients through comprehensive primary care.
Penson Worldwide Inc (NASDAQ:PNSN) jumped up 10.19% to $0.238. Grace Financial Group LLC has filed a petition against a unit of Penson Worldwide Inc. Grace Financial based filed a petition in New York state Supreme Court in Manhattan asking a judge to force Penson Financial Services Inc to continue servicing trades under an agreement between the companies.
Ascent Solar Technologies Inc (NASDAQ:ASTI) decreased 1.39% to $0.710. The Company is introducing a case for Apple Inc’s iPhone that will charge the phone using a thin solar panel. The case is designed to allow longer use of the iPhone than its own battery would allow.
Stereotaxis Inc (NASDAQ:STXS) soared 35.44% to $0.366 on a traded volume of 1.55 million shares. So far this year, the stock is down over 53%. The 52-week range for the stock is $0.2 and $3.70.
Navistar International Corp (NYSE:NAV) is up 0.56% to $28.52. Carl Icahn has increased his stake in Navistar International Corp. This reflects his renewed interest in the Company as it attempts to recover from two-straight quarterly losses with a revamped management team. Mr. Icahn and his affiliated investment units added 883,200 shares of Navistar. Currently he holds in the Company to 8.1 million shares or about 12%.