Market Boosted by Strong Tech Earnings: Bank of America Corp., MAP Pharmaceuticals Inc., Swingplane Ventures Inc., World Moto, Inc., Organovo Holdings, Inc.
NEW YORK, January 24, 2013 /PRNewswire/ --
Fourth-quarter revenues reported by tech giants IBM and AMD gave the markets a boost yesterday. IBM rallied more than 4% to hit $204.72 as their profit forecast beat analyst estimates. AMD, the second-biggest maker of processors for personal computers, also beat analyst estimates and rose more than 10% to hit $2.73. Apple reported weaker than expected first-quarter sales, dragging the stock down more than 10% after hours.
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Bank of America Corp. (NYSE: BAC) - BAC led the NYSE in volume yesterday and traded over 120 million shares. On November 16th 2012, BAC shares were trading as low as $8.92 which represents a gain of nearly 30% at Wednesday's closing price of $11.42. Bank of America said Wednesday that it has named two new members to its board of directors. BAC's CEO and CFO purchased a combined total of 27,516 shares on January 15th.
MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) - MAPP saw a surge in trading volume yesterday and traded over 45 million shares. The stock hit a new 52-week high of $24.77 on Wednesday and closed a hair below it at $24.71. Allergan Inc. has agreed to buy Mountain View's MAP Pharmaceuticals for a valued $958 million.
Swingplane Ventures Inc. (OTCBB: SWVI) - SWVI came out through the gates at full speed yesterday and kept going until the close. The stock closed in the green up over 70% with more than $20mil in volume traded. Average volume is 263,521 and volume traded on Wednesday was nearly 90 million. Last year SWVI entered into an assignment agreement to acquire certain mining concessions in the country of Chile.
World Moto, Inc. (OTCBB: FARE) - FARE shares saw an incredible bounce yesterday coming back from a low of $0.036 on Tuesday, January 22nd. The stock closed at $0.1091 on Wednesday representing a gain of over 200% since Tuesday. World Moto, Inc. announced that they have been selected as the potential participant in an upcoming documentary on Business Technology for CNN, which will be hosted by Martin Sheen.
Organovo Holdings, Inc. (OTC: ONVO) - Organovo Holdings traded at levels yesterday that the stock hasn't seen since June 2012. ONVO shares hit a high of $6.35 on Wednesday before retracing. The stock ended up closing in the red at $4.55, down over 23% since Tuesday's close. Volume traded on Wednesday was more than 10 times higher than the stock's average volume of 628,255.
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