Genetic Technologies Ltd. (NASDAQ: GENE) is up 22.8% at $2.75.

Theravance Inc. (NASDAQ: THRX) is up 19.4% at $28.36.

Spar Group Inc. (NASDAQ: SGRP) is up 19.2% at $1.99.

Magal Security Systems Ltd. (NASDAQ: MAGS) is up 18.1% at $4.90.

China Information Technology Inc. (NASDAQ: CNIT) is up 17.8% at $1.59.

And here are today’s five biggest losing stocks at closing:

UniTek Global Services Inc. (NASDAQ: UNTK) is down 49.5% at $1.52.

Golden Star Resources Ltd. (NYSEMKT: GSS) is down 25.1% at $0.94.

Discovery Laboratories Inc. (NASDAQ: DSCO) is down 22.6% at $1.85.

Desarrolladora Homex (NYSE: HXM) is down 19.5% at $6.25.

Ecotality Inc. (NASDAQ: ECTY) is down 19.3% at $0.96.

Arch Coal Inc. (NYSE: ACI) cut to Neutral at J.P. Morgan.

Arena Pharmaceuticals Inc. (NASDAQ: ARNA) started as Outperform with $11 to $12 target at Leerink Swann.

Automatic Data Processing Inc. (NASDAQ: ADP) reiterated Buy and raised target to $68 at Argus, and maintained Outperform and raised target to $67 at Credit Suisse.

Bank of Ireland (NYSE: IRE) cut to Underperform at Credit Suisse.

Bank of Hawaii Corp. (NYSE: BOH) started as Underperform at Credit Suisse.

Dell Inc. (NASDAQ: DELL) cut to Sell from Neutral at Argus and raised to Neutral from Sell at Citi.

First Horizon National Corp. (NYSE: FHN) started as Outperform at Credit Suisse.

First Solar Inc. (NASDAQ: FSLR) started as Buy at Citi.

Fulton Financial Corp. (NASDAQ: FULT) started as Neutral at Credit Suisse.

Golden Star Resources Ltd. (NYSEMKT: GSS) raised to Neutral at Credit Suisse.

Hershey Co. (NYSE: HSY) reiterated Buy and raised target by $10 to $92 at Argus.

Intuit Inc. (NASDAQ: INTU) started as Buy with $80 target at Janney.

Itron Inc. (NASDAQ: ITRI) raised to Buy with $52 target at Argus.

J.C. Penney Co. Inc. (NYSE: JCP) stared as Sell at Maxim Group.

MEMC Electronic Materials Inc. (NYSE: WFR) started as Buy at Citi.

PNC Financial Services Group Inc. (NYSE: PNC) started as Buy at Nomura.

Regions Financial Corp. (NYSE: RF) started as Buy at Nomura.

SunPower Corp. (NASDAQ: SPWR) started as Buy with Top Pick rating at Citi.

Suntech Power Holding Co. Ltd. (NYSE: STP) started as Sell at Citi.

TCF Financial Corp. (NYSE: TCB) started as Neutral at Credit Suisse.

U.S. Bancorp (NYSE: USB) started as Buy at Nomura.

Viacom Inc. (NASDAQ: VIA) cut to Hold at Argus.

VIVUS Inc. (NASDAQ: VVUS) started as Outperform with $19 to $20 target at Leerink Swann.

Wells Fargo & Co. (NYSE: WFC) started as Buy at Nomura.

The leading gainer is Exeter Resource Corp. (AMEX: XRA) which is up 12.6% at $2.05 in a 52-week range of $1.69-$5.79. The exploration stage company looks for gold and copper and owns a 100% interest in a project in Chile. The Canadian-based company reported no revenue in 2010.

Timmins Gold Corp. (AMEX: TGD) is up 12.6% at $1.89 in a 52-week range of $1.45-$3.44. Another Canadian-based development stage company with properties in Mexico, Timmins posted about $91 million in revenues in 2011.

Alexco Resource Corp. (AMEX: AXU) is up 11.3% at $5.12 in a 52-week range of $4.23-$9.32. Another Canadian firm with operations in Canada, the company reported revenue of about $42 million in 2011.

International Tower Hill Mines Ltd. (AMEX: THM) is up 11.6% at $3.62 in a 52-week range of $2.40-$8.58. The Canadian-based company owns a 100% interest in an Alaskan gold project and reported no revenue in 2011.

Golden Star Resources Ltd. (AMEX: GSS) is up 10.4% at $1.17 in a 52-week range of $0.90-$3.12. Based in Colorado, the companies holds interest in African and South American mines and reported revenue of $471 million in 2011.

Avino Silver & Gold Mines Ltd. (AMEX: ASM) is up 10.5% at $1.36 in a 52-week range of $1.12-$3.36. The Canadian firm has interests in Canada and Mexico and reported no revenue in 2011.

Fortuna Silver Mines Inc. (NYSE: FSM) is up 10.6% at $4.29 in a 52-week range of $3.10-$7.67. The Peruvian-based firm owns gold and silver properties in Mexico and Peru. The company reported revenue of $110 million in 2011.

Golden Minerals Co. (AMEX: AUMN) is up 9.8% at $3.82 in a 52-week range of $3.24-$20.99. The Colorado-based company holds properties in Mexico and South America and reported revenue of about $1.8 million in 2011.

Keegan Resources Inc. (AMEX: KGN) is up 9.3% at $3.59 in a 52-week range of $2.35-$9.63. The Canadian firm explores for gold in West Africa and reported no revenue in 2011.

Some larger gold miners getting a good boost today are Agnico-Eagle Mines Ltd. (NYSE: AEM) up 8.9%, Goldcorp Inc. (NYSE: GG) up 9.6%, Iamgold Corp. (NYSE: IAG) up 9.2%, Randgold Resources Ltd. (NASDAQ: GOLD) up 9.3%, and Royal Gold Inc. (NASDAQ: RGLD) up 10.8%.

Virtually all the junior miners’ stocks are trading nearer to their 52-week lows than to the highs, emphasizing the speculative nature of these investments. That’s true of some of the larger miners as well. Only Royal Gold, which does no mining but instead takes shares of production in mines operated by many miners, is trading closer to its high than to its low. In that respect, it is more of a pure play on gold than on mining companies.

Speaking of gold plays, the SPDR Gold Shares ETF (AMEX: GLD) is up more than 4% at $157.81 in a 52-week range of $143.97-$185.85. The two mining company ETFs, Market Vectors Gold Miners ETF (AMEX: GDX) and Market Vectors Junior Gold Miners ETF (AMEX: GDXJ) are up 6.6% and 6.9%, respectively today.

Paul Ausick

In a story a couple of weeks ago, we included a chart of how far off 52-week highs Compania de Minas Buenaventura SA (NYSE: BVN), Golden Star Resources, Ltd. (AMEX: GSS), Northern Dynasty Minerals Ltd. (AMEX: NAK), and US Gold Corp. (NYSE: UXG) had fallen.  We also recently looked at larger miners like Newmont Mining Corp. (NYSE: NEM), Barrick Gold Corp. (NYSE: ABX), Goldcorp Inc. (NYSE: GG), and Yamana Gold, Inc. (NYSE: AUY) that were doing much better overall.

It seems that the stock market just wants to treat most gold stocks like regular stocks as many are just nowhere near highs like the shiny yellow stuff.  Here’s a chart of where these companies’ share prices stand as of mid-morning today:

Buenaventura has made up about 8% of its share price in the last two weeks, going from down -34.51% to down -26.59%. Golden Star has moved from down -59.90% to down -48.92%. Northern Dynasty has picked up a little as well, from down -53.91% to down -51.52%. US Gold has moved from down -37.39% to down -31.41%.

Except for Northern Dynasty, which is really a long-term play, the others have equaled or surpassed the rise in gold prices since the beginning of the month.

Among the larger companies, the widest differential a week ago was Barrick, down about -16%. Today, Barrick is down about -12% from 52-week highs. Yamana is almost even. Goldcorp evacuated employees and closed one of its Canadian mines because of nearby forest fires last Thursday and there is no word yet when the mine will reopen.

Because the big miners were closer to 52-week highs, their differentials closed less. Still, closing about a quarter of the gap in a week is an impressive performance.

The gap between current share prices and 52-week highs for the junior miners still has a long way to go before it is closed. But at least one of the larger miners could close the gap in another week if gold prices continue their upward march. And the others are within striking range as well.

Buenaventura shares are up more than 4%, to $41.99; Golden Star shares are up more than 3%, to $3.07; Northern Dynasty shares are up about 1%, to $10.55, and US Gold shares are up about 1.5%, to $6.77.

Newmont shares are up more than 2.5%, to $58.89; Barrick shares are up about 1.4%, to $48.99; Goldcorp shares are up about 1.5%, to $54.97; and Yamana shares are up more than 1.5%, to $13.32.

Paul Ausick

The individual mining stocks are even worse, which may be an opportunity. Can these guys come back?  The worst performers among miners with market caps greater than $500 million are Peru’s Compania de Minas Buenaventura SA (NYSE: BVN), Golden Star Resources, Ltd. (AMEX: GSS), Northern Dynasty Minerals Ltd. (AMEX: NAK), NovaGold Resources Inc. (AMEX: NG), Rubicon Minerals Corp. (AMEX: RBY), and US Gold Corp. (NYSE: UXG). Here’s a chart compiled from data at Yahoo! Finance and Morningstar:

Sometimes a chart as ugly as this indicates some value to be plucked. That does not appear to be the case this time.

Golden Star had a tough fourth quarter of 2010 and didn’t perform a lot better in the first quarter of this year. And with a trailing P/E of nearly 90, something has to give. The company is re-evaluating operations at one of its major mines and is struggling to keep cash costs under control. Even its very low price/book ratio and its low forward P/E make this a risky play. Golden Star has posted a loss for the last three consecutive quarters, and missed estimates on the quarter before that.

Northern Dynasty posted a 52-week high of more than $21/share in early February and it’s all been pretty consistently downhill since. The company is expected to post a loss in 2011 and again in 2012. The company was chose as a top undiscovered pick by Midas Fund manager Tom Winmill, provided an investor can wait until 2016 for the investment to pay off.  In the meantime, this stock could go lower still, as its price/book ratio indicates.

Rubicon posted a net loss of about US$82 million in 2010 according to US GAAP accounting. The loss under Canadian GAAP totaled CDN$24 million. The company’s former president also sold more than 45 million shares in Rubicon at $4.16/share in a secondary offering from which Rubicon took in not one dime. Shares soared to a record high over $6/share following an announcement in late November that Rubicon’s Phoenix project contained 4 million ounces of gold. When that number was cut to 2.8 million ounces in late June, the shares fell below $3.25. Rubicon’s forward P/E is still too high to justify this as a value stock.

NovaGold, like the others, has failed to keep pace with the price of gold. Investor George Soros dumped more than 9 million shares earlier this year, which didn’t help the stock at all. The company has pinned its hopes on a pre-feasibility study of its Galore Creek property. NovaGold, which also mines substantial amounts of copper, provided another pre-feasibility study on a copper property that was too good for many investors to believe. With no profits to show or to come, and a price/book ratio of 8.5, NovaGold looks like another wait-and-see gold stock.

US Gold completed a secondary offering of over 17 million shares in late February, and the stock actually rose to its 52-week high of $9.44 in early April. Since then the stock has tumbled nearly -40%, even though US Gold’s CEO and largest stockholder, Robert McEwen, proposed offering $626 million in US Gold stock to buy Mineras Andes, another company he controls. The deal would give McEwen a stake in the merged companies of about $358 million. McEwen was the Rubicon investor who also cleaned up on that company’s secondary offering. For a company with no profits to print its own money seems like the height of irrationality. The price/book ratio on US Gold is 3.1, a bit rich all things considered.

Peru’s Buenaventura, with a share price loss of -35% since its peak, is the best of the lot, which isn’t saying much. The company has posted real profits and even pays a dividend. Its dividend yield is a paltry 1.7%, but compared with the rest of this bunch that’s positively nosebleed territory. Buenaventura’s dividend yield is higher than any other gold miner’s, including the big ones like Barrick Gold Corp. (NYSE: ABX and Goldcorp Inc. (NYSE: GG).

The company’s share price suffers from the recent election of a left-leaning nationalist as Peru’s new president has raised a lot of uncertainty about the future of mining royalties and taxes in the country. This could be particularly hard on Buenaventura and the country in general, which is the world’s leading silver producer, its second leading copper producer, and the world’s sixth-largest producer of gold. Political uncertainty has hit Buenaventura hard and investors are apparently expecting more. Though its shares post a below average P/E ratio, the price/book ratio of 3.5 is still a bit rich.

Paul Ausick

Market Vectors Gold Miners ETF (NYSE: GDX) closed at $54.47 on Monday, up 0.5%, and the 52-week range is $45.88 to $64.62.  Shares are up 18.72% from the low and down 15.71% from the high. 
 
Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) closed at $34.70 on Monday, up only $0.01 on the day, and the 52-week range is $24.25 to $44.86.  Shares are still up about 40% from the low but shares are down 22.65% from its high.
 
When it comes to bullion as a last example, the biggest and best is the SPDR Gold Trust (NYSE: GLD).  It closed at $145.37 on Monday after losing 0.2%.  The 52-week range is $113.08 to $153.61.  The ETF is up 28.55% from the lows of the last year but is down only 5.36% from the highs.  Now you know why investors flocked to the real metal rather than in the players of the metal… No tracking risk, at least that is the hope.

Agnico-Eagle Mines Ltd. (NYSE: AEM) closed at $61.61, down $0.35 on Monday.  The consensus price target from Thomson Reuters is currently $85.23 and the 52-week range is $54.12 to $88.20.  The company is also still one of the larger gold players with a $10.4 billion market cap.  Shares are up almost 14% from the lows but still down about 30% from the highs.

Kinross Gold Corporation (NYSE: KGC) closed at $14.27, after a $0.03 gain on Monday. Thomson Reuters has a consensus price target of $22.68 and the 52-week range is $13.84 to $19.90.  This is also one of the larger gold players with a $16 billion market cap.  Shares are only about 3% off the 52-week lows and are down about 28% from the highs of the last year.

Compania de Minas Buenaventura SA (NYSE: BVN) in Peru closed at $39.16 on Monday, Thomson Reuters has an average analyst target of $52.68, and the 52-week range is $32.81 to $57.20.  With a market cap of just under $10 billion, shares are still up almost 20% from the lows and down over 31% from the highs. 

Golden Star Resources, Ltd. (NYSE: GSS) is one of the smaller companies in our universe of gold players with a $667 million market cap.  Shares closed at $2.58 Monday and the 52-week range is $2.58 to $6.01.  Thomson Reuters has an estimate of $4.05 although we’d treat that loosely due to its size.  Shares are basically at 52-week lows now, but the stock has fallen 57% from its highs.  This peaked last November and has been falling ever since.

Jaguar Mining Inc. (NYSE: JAG) closed at $4.31, up $0.04 on Monday, and this is also a much smaller player with a market cap of about $363 million.  Thomson Reuters has an average price target of $8.11 on this one and the 52-week range is $4.11 to $10.60.  Shares are only up 5% from its 52-week lows, but they are still down almost 60% from the peak.  Realistically, Jaguar has been dropping since the middle of last summer.

Exeter Resource Corporation (AMEX: XRA) closed at $4.53, up $0.03 on Monday.  The market cap is small at just under $400 million and its 52-week range is $4.50 to $7.92. The stock is right at 52-week lows and is down over 40% from the 52-week high. Exeter has been falling since early last summer.

Picking a bottom in some of these names is close to impossible because of the issues that have been driving them down individually plus the commodities markets having an impact.  In others, picking a bottom is simple if you know exactly where the bottom in gold (and silver) happens to be. 

If you think the move has been exaggerated in gold, the one in silver put it to shame.  Still, those shares have been far more volatile than gold shares and that is for another session.

JON C. OGG

Two gold ETFs, SPDR Gold Shares (NYSE:GLD) and Market Vectors Gold Miners (NYSE:GDX) both fell sharply as well, but both have recovered some as of yesterday’s close. Gold Shares invests in bullion and Gold Miners invests in mining stocks. Gold Shares is down about 5% as of yesterday’s close, while Gold Miners is down about 9%.

Miners, especially the smaller ones like Eldorado and Royal Gold, will continue to struggle with liquidity as the economy remains sour. Mining ETFs like Market Vectors Gold Miners will follow along because the large gold miners like Barrick Gold Corporation (NYSE:ABX) included in the fund are also struggling to lower costs and increase production.

Gold bullion investors, like SPDR Gold Shares, will follow the economic news. Bullion fell sharply yesterday to close just above $940/ounce, down from about $945/ounce the previous day. European and Asian markets are lower today, so gold has recovered a bit to about $958/ounce. When inflation fears rise, bullion rises sharply, as it did last week, when it closed above $1,000/ounce.

Paul Ausick
February 27, 2009

Jon C. Ogg
May 4, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.