The markets are reeling again this morning, all but completely dashing any hopes for a pre-holiday rally. Most stocks are falling with the broad market today, while only a select few names are fighting the trend and rallying.
Unfortunately for the bulls, a majority of our market movers are going in the wrong direction today, including one hyped IPO that never could find its footing…
Groupon Inc. (NASDAQ:GRPN): We�ve been telling you to avoid this stock since its initial public offering earlier this month � and if you�ve glanced at a chart this week, you already know why.
GRPN has been on crash-alert since Monday morning. The stock is down 26% in only 24 hours with no bottom in sight. I�m actually surprised this stock bit the bullet so quickly, even though I was never bullish on the name. With very few shares available to short, and rumors of brokers charging outrageous interest to borrow the stock, I thought it would be months before the big drop.
After briefly touching $30 the day it went public, Groupon stock is below $18 as I type:
TiVo Inc. (NASDAQ:TIVO): TiVo, the popular maker of digital video recorders, is one of the few stocks that�s showing some green on my screen today. Shares are up more than 6% after the company posted a smaller than expected third quarter loss. Despite the improved financials, I wouldn�t fall in love with this stock just yet. The market dismantled this stock�s relatively new uptrend late last week, so I have a feeling that shares won�t have the buying power to rise higher than $11 anytime soon:
Acceler8 Technology Corp. (AMEX: AXK): AXK was one of the hottest small stocks on the market earlier this year. Now, it looks like this tiny biotech can�t catch a bid. The stock is falling below $2 this morning for the first time since February. Don�t try to catch this falling knife � it probably has more to give back before it finds a bottom:
Penny Promotions
[Editor�s note: In this section of Market Movers, we expose stocks that are currently the subject of promotional material. If you�re unfamiliar with promotions, pumps and dumps, or other penny stock scams, please take the time to read this column before continuing. Unless you are an experienced trader, we recommend that you avoid these stocks at any price.]
HKN Inc. (AMEX:HKN): HKN is one of the few stocks that is posting gains so far this morning � but don�t be fooled into buying shares. I�ve spotted several suspicious articles around the web touting this stock, which explains the sudden surge in volume over the past three days:
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