Spanish Prime Minister Mariano Rajoy denied the Spanish government will seek bailout this week. The European debt problems are constantly stirring the sensitive nerve of the market. Tuesday the three major U.S. stock indexes opened higher but moved down with the Dow 0.24% while the Nasdaq Composite index up 0.09% and the S&P 500 index up 0.21%. Sectors generally rose with Healthcare sector leading the gains while basic materials sector leading the losers today.
Today is a big day for IMPAC Mortgage Holdings, Inc (IMH), a mortgage company focused on the mortgage and real estate fee-based business activities conducted by IRES and the long-term mortgage portfolio. IMH shares ballooned up 24.20%, or $1.89, to $9.70, on a volume of 582,233 shares, much more than the average daily trading volume of 161,9778 shares. The stock hit a 52-week high of $9.79 in the trading session. We have found no news which could explain this rise in the shares. IMPAC Mortgage Holdings has a market cap of $76.10 million.
Oak Valley Bancorp(NDA) (OVLY), operates through its subsidiary, Oak Valley Community Bank, offers a range of commercial banking services to both individuals and small to medium-sized businesses. OVLY stock price surged 20.44%, or $1.38, to $8.13, on a volume of 19,372 shares, well above the average daily trading volume of 2,086 shares. The company submitted a Form 8-K/A for matters to a vote of security holders at the annual meeting of stockholders held on June 5, 2012. Oak Valley Bancorp has a market cap of $64.15 million.
MetroPCS Communications, Inc. (PCS) stock price hit a 52-week new high of $14.51 not long after the market openning on Tuesday. A report from Bloomberg came out that the company which provides a variety of wireless broadband mobile communications services is in talks with Deutsche Telekom over a possible merger with T-Mobile USA. Finally, PCS stock finished at $13.57, with an increase of $17.80%, or $2.05, to $13.57, being ranked as the number-two of the top stocks today. The stock kept the upward momentum by rising 1.99% in the after-hours trading. The intraday day volume reached 37.70 million shares, more than five times its heavy average daily trading volume of 7.20 million shares. MetroPCS Communications has a market cap of $4.93 billion.
Annapolis Bancorp, Inc. (ANNB), among the top stocks today, also jumped without any big news. The stock closed at its 52-week new high of $8.25, representing an increase of 17.02%, or $1.20. The intraday volume was light at 2,068 shares, but relatively much more than the average daily trading volume of 794 shares. Annapolis Bancorp, has a market cap of $32.80 million. Another big gainer on back of no catalyst harvested a lot today was Kingsway Financial Services Inc. (KFS), a holding company engaged in the property and casualty insurance business through its subsidiaries. KFS stock price boomed up 16.97%, or $0.37, to $2.55 with 45,082 shares traded, much more than the average daily trading volume of 17,215 shares. The company has a market cap of $33.53 million.