The stock market got hit hard today by poor economic news with all the major indices down over 1%. Private employers added only 38,000 jobs in May, the lowest since September 2009 and a major index for national factory activity fell to 53.5 from 60.4 a month before. Penny stocks haven’t fared much better with only a handful of stocks posting decent gains.
Washington Mutual Inc. (OTC:WAMUQ) is up 6% today at $0.1921 with an intraday high of $0.2350. WAMUQ has been trending higher since May 24 when it announced a settlement with creditors and equity committee. WAMUQ is having a great volume day with over 57 million shares traded so far, well above its daily average of 7.5 million shares.
Lehman Brothers Holdings Inc. (OTC:LEHMQ) shares are up 14% at $0.0661 and were as high as $0.0888 earlier today. Today, Lehman Brothers accused Goldman Sachs of intentionally delaying handover of probe documents. LEHMQ has traded over 21 times its average volume with over 21 million shares traded today.
Elite Pharmaceuticals Inc. (OTCBB:ELTP) is up 7% today at $0.15 with an intraday high of $0.16. ELTP has traded about 4 million shares today, about half its usual daily volume of 9 million shares.
The overall market is looking very red today and there are hardly any stocks posting gains. Will this trend continue for the rest of the week, or will the market bounce back tomorrow? Stay tuned.
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