Worries Over U.S. Economy Drag Market Lower: Chesapeake Energy Corporation,Generex Biotechnology Corp.


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OTC:BB:GNBT / NYSE:CHK
01/31/2013 [ACCESSWIRE]

January has been a month of impressive gains for both the Dow and S&P 500 but the rally came to a halt yesterday after a report revealed that the U.S. Economy contracted in the fourth quarter. The major indexes are still up for the year. The Dow Jones has gained 6.2% since the start of January and has almost touched its record level of 14,000. The S&P 500 has seen gains of 5.3% and is near its highest level in more than five years. The Federal Reserve announced yesterday that it would continue a bond-buying program to try and boost the economy.

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Chesapeake Energy Corporation (NYSE: CHK) -CHK was one of the biggest movers in the NYSE yesterday with the stock seeing a tremendous surge in volume. By the close on Wednesday, Chesapeake volume traded was 73,616,194. This is in comparison to average daily volume of 14,451,000. The stock hit an intra-day high of $21.20 on Wednesday, the biggest intra-day gain in almost 9 months. Earlier this week it was announced that Chesapeake’s CEO Aubrey McClendon has agreed to resign effective April 1. McClendon has been given scrutiny for using stakes in company wells to take out personal loans.

Facebook, Inc. (Nasdaq: FB) – Facebook exceeded fourth-quarter earnings expectations when they announced earnings yesterday, but the stock saw a big drop in after-hours trading. Although the Company has increased its user base and saw higher revenues in advertising, expenses also grew sharply. Advertising revenue grew 41 percent to $1.33 billion in the fourth quarter compared to when it climbed 36 percent to $1.09 billion in the third. The fourth quarter was the strongest quarterly advertising growth for all of 2012. The stock fell a little over $1.00 in after-hours trading. FB is the world's largest social media company.

Generex Biotechnology Corp. (OTCBB: GNBT) – GNBT saw a breakout yesterday and closed up nearly 60% at its high of the day at $0.06. The stock’s trading volume was over 15 times higher than its daily average of 2,666,740. On Wednesday the Company provided an overview on the early breast cancer competitive status of the lead cancer immunotherapy product, AE37, under development at its wholly-owned subsidiary, Antigen Express, Inc. Generex is engaged in the research, development, and commercialization of drug delivery systems and technologies. Shares of GNBT were trading as low as $0.02 on December 28th.

Medisafe 1 Technologies Corp. (OTCBB: MFTH) – MFTH was one of the most actively traded stocks in the OTCBB market yesterday. Shares closed in the green up a little over 44%, on trading volume that was six times higher than usual. The Company intends to issue a one-time special dividend to all existing shareholders on April 30 2013, record date on May 3 2013 and the payment date on May 6 2013. The stock closed at $0.0042 on Wednesday, an increase of 200% compared to a January 2nd low of $0.0014. Medisafe 1 Technologies is a developer of patented technologies that physically prevent unauthorized administration of prescription medications.

AMR Corporation (OTC: AAMRQ) – AMR Corp. has been trading on significant volume for the last few days as a possible merger betweenAmerican Airlines (the parent company of AMR Corp.) and US Airways Group could be in the final stages. Shares slid yesterday into the 90 cent range. Up until Wednesday, the stock hasn’t traded under $1.00. Shares managed to climb back to close at $1.08, but the stock still closed in the red down roughly 5%. Volume on Wednesday was 18,052,044 compared to a daily average of 7,254,310. 

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