LONDON, April 22, 2013 /PRNewswire/ --
Market futures are indicating a higher open on Wall Street this morning as the commodities market slump continues. Investors are moving away and even selling out of commodity rich portfolios and hedged positions. We are starting to see a change at the pump and many people are wondering how long this will take to bring down the cost of food a little which has been on the rise a lot over the last couple of years with the increased cost of transportation. To transpire into real savings can sometimes take a few months but make no mistake reduced costs are on the way for these sectors.
AMR Corp was once again the heaviest traded stock on the entire OTC market having traded $8 million to close Friday's session. This volume however was half that of the previous day's trading and the stock was also flat, leading us to believe that the speculation may be gone form this trade with the upcoming merger with US Airways seemingly set. AMR Corp closed just under $4.00 on the week's trading and in the week ahead will struggle to break through that level.
Shares in Goff Corporation have been heavily traded for a number of weeks now and the volume was heavier to close once again yesterday. The volume was less than $5 million which is considerably lower than we have seen recently; shares were lower on the day by 13%. It does seem at this point that any potential trading upside will be tough from this point on in shares of GOFF Corporation.
Harbor Island Development traded to close Friday lower by 14%, making it three down days in a row for the stock, however we believe there could be a big turn to the upside in shares this coming week. The volume has died down and the performance has been weak over the last few trading sessions which is similar to trading we saw in GOFF Corporation last month before it went considerably higher. We could potentially see a similar thing happen with Harbor Island this week as much hype and email activity has been floating around and more of this may be waiting in the wings.
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Shares in Vertex Pharmaceuticals (NASDAQ: VRTX) were the top performing shares in the US to close the week as they received extremely positive news on one of their phase 2 treatments being accepted and improvements. Shares were traded heavily to the upside by more than 60% as the stock was compared to Gilead Sciences (NASDAQ: GILD). We will watch the stock as it reacts this week and right now shares are around $2.00 lower ahead of the bell in pre-market action.
Fannie Mae shares were higher on the day in trading to close as we looked at the possibility of the stock surpassing the $1.00 mark once again. Remember we first started covering Fannie Mae at 0.30 cents before it went to $1.50, on the second time around we have been covering since 0.50 cents and has moved almost 100% in less than a month. The stock is currently around the 0.80 cent mark and we will keep an eye on the decreased volume which Friday was around the $7 million with the stock trading higher by 1% on the trading day.
Recently we have seen bankrupt companies like AMR Corp, Eastman Kodak, Fannie Mae, and GOFF Corp deliver profits from distressed levels that have been substantial for our readers, it just goes to show you that there are plenty of profits to made by trading the OTC market if you are a prudent investor, or you're a member of our free service http://www.clubpennystock.com
Regardless of what's going on in the mainstream we will always keep you updated and look to be value added. We hope you have enjoyed our coverage; we will be back to you tomorrow with our daily look at the small cap markets. Remember you can also view the daily Top Five Stocks on our website under archives.
We track the volume and keep in touch with any increasing trends to the upside or downside. We also cover the top stocks on the OTCQB, OTCQX, and the Pink Sheet markets.
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