Stocks to Watch for Friday DOGO, AREM

NWS, CYS, DOGO, JPM, AREM, MCP

News Corp (NWS:NYSE) NWS had a monster reversal today on earnings and a buyback program. However, today’s move in NWS might just have been a function of short covering. There is still a large amount of headline risk in NWS, so be careful if you have a long bias.

Cypress Sharpridge (CYS:NYSE) This high yielding name is trading like a champ and is one of the few names that really hasn’t been impacted by the market’s recent decline. But CYS has done spot secondary offerings more often than most, and this name is often shorted by hedge funds who are looking for a quick pop on the dilution.

Digagogo Ventures (DOGO:OB) Not so long ago there was chatter in the penny stock community that DOGO was going to launch a massive promo program. Shares were active for a little more than a week, but seem to be dead money now. I’d still keep an eye on it because there is often a second move after the initial drop. Add DOGO to your penny stock list on a just in case basis.

JP Morgan (JPM:NYSE) Traders and investors often try to get too cute when the go long financials. They buy beaten up stocks with questionable fundamentals and hope for moves like we witnessed today. However, the solid, less risky way to play this group has been in JPM. The stock led the group out of the Lehman crash and could do the same if we have actually bottomed. There are a couple of gaps to fill on the upside as well.With the highest one being at $39.90.

American Rare Earth Materials (AREM.OB) This is a super speculative rare earth penny stock. The shares has been a non event recently and is trading near 52 week lows. However, Molycorp’s (MCP:NYSE) CEO Mark Smith made some positive comments on the industry on CNBC after the close, so it’s possible that some sympathy plays might develop in lesser names like AREM. So add AREM to your rare earth penny stock list, despite it’s lack of fundamentals.

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