The broader market is rallying into the afternoon as investors are encouraged by the Fed’s comments. The Fed said after its latest meeting yesterday, that it remains prepared to take action if the economy needs it. While commodities investors were disappointed that another round of QE wasn’t announced, the Fed is not ruling that out if it is needed.
Economic news was mixed today as pending home sales rose in March. New claims for unemployment fell to a seasonally adjusted 388,000 last week. Analysts are concerned though as the four week moving average jumped to 381,750, the highest it has been since April.
Penny stocks are having a rough day today as multiple pumps are seeing big dumps today including SNPK and SEFE.
Sunpeaks Ventures, Inc. (OTC:SNPK) is down 35.29% today at $0.55. SNPK hit an intraday low of $0.48 in morning trading as the stock has traded 30.4 million shares so far today. SNPK typically trades 23.2 million shares a day on average. SNPK shares have dropped about $1.50 in the past couple of weeks.
SEFE, Inc. (OTC:SEFE) is down 17.48% today at $1.70. SEFE has traded 9.4 million shares this afternoon, above its normal volume of 1.9 million shares. SEFE shares have dropped more than $1 a share in the past two days.
Liquidmetal Technologies Inc. (OTC:LQMT) is up 26.71% today at $0.38. LQMT hit an intraday high of $0.39 earlier today on 7.3 million shares in volume. LQMT shares are bouncing back today after the fell about 50% in this week.
Uni Core Holdings Corporation (OTC:UCHC) is up 23.81% this afternoon at $0.0078. UCHC hit an intraday high of $0.0120 shortly after market open today. The stock has traded 26.4 million shares so far today.
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