Against the Grain: Mid-Day Movers (RUSS, SJL, PVFC, MATS, GR, SHIP)
At mid-morning, the DJIA is down more than -300 points on concern that the global economy is once again heading for a recession. There are few winners today, and most of those are ETFs that rise on a bearish market.…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
The Direxion Daily Russia Bear 3X ETF (NYSE: RUSS) is today’s biggest gainer so far, up nearly 18% at $64.93 after posting 52-week higher earlier this morning of $65.05. This 3x leveraged fund has recovered nicely since the downgrade of US debt in early August, which sent shares to a 52-week low. As with all triple leveraged funds, this one is not for the faint of heart.
The ProShares UltraShort Russell MidCap Value Fund (NYSE: SJL) is up nearly 15%, at $66.78, in a 52-week range of $47.31-$79.36. This fund is a 2x leveraged bet against the daily performance of the Russell MidCap Value Index. Another good bet today, but like other leveraged funds, tomorrow could be a different story.
The Direxion Daily Basic Materials Bear 3x Shares ETF (NYSE: MATS) is up more than 14.5%, at $58.06 in a 52-week range of $32.35-$61.24. We noted earlier this morning the collapse [https://247wallst.com/2011/09/22/gold-miners-outshine-copper-miners-rio-bhp-vale-fcx-scco-nem-abx-auy-slw-gld-gdx-slv-sil/] in metals and mining, and this 3x leveraged bear fund is reflecting that decline.
PVF Capital Corp. (NASDAQ: PVFC) is the leading equity gainer today, up more than 14%, at $1.75, in a 52-week range of $1.27-$2.23. Average daily volume on this stock is just over 13,000 shares. The company is bank holding company for a northeast-Ohio bank with 17 branches.
Goodrich Corp. (NYSE: GR) finally got the acquisition offer everyone expected from United Technologies Corp. (NYSE: UTX). Goodrich shares posted a new 52-week high this morning of $120.93, following United’s $127.50/share all-cash offer. The deal is valued at $18.4 billion, including $1.9 billion of Goodrich debt that United will assume.
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is up more than 13%, at $4.00, in a 52-week range of $2.71-$20.25. The company is a dry-bulk shipper and this move is counter-intuitive given the expected weakness in iron ore and coal demand. The recent purchase of OceanFreight, Inc. (NASDAQ: OCNFD) by DryShips Inc. (NASDAQ: DRYS) has pushed up speculation that other M&A activity might be coming in the shipping industry. Seanergy has a market cap of around $30 million and a decent-sized fleet, making it a prime suspect for a takeover.
Paul Ausick
Contact [email protected] for any questions or corrections.
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.