Two Big Winners: Apple Inc. (NASDAQ:AAPL) & Arena Pharmaceuticals (NASDAQ:ARNA)

Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) was the biggest gainer in the biotech space as the stock soared over 14% to close at $8.26 on hefty volume of 26.75 million shares. The stock started to move higher in the mid day session after a report from Marketwatch that the company could be a buyout. The company won FDA’s approval for its new diet drug lorcaserin, also known as Belviq in June. Just after the FDA’ approval, the stock made a new 52-week high of $13.50. However, the stock has lost 40% from its high in just about one and half month.

How Should Investors Trade ARNA Now, Find Out

Apple Inc.(NASDAQ:AAPL) saw high volatility during the session and made an intraday high of $638.61 before closing at $631.69. The stock closed at 4-month high and just 2% away from its life time high of $644. Amid continuous speculation that the company’s iPhone5 should hit the market this September, shares of AAPL are expected to see limited downside risk from here on with a resistance of $618. Just after the disappointing earnings, the stock quickly fell to $570 level, but rebounded in a week on optimism over the company’s upcoming new generation iPhone.

Don’t Miss Our In Depth technical Analysis on AAPL Here

You have read this article with the title Two Big Winners: Apple Inc. (NASDAQ:AAPL) & Arena Pharmaceuticals (NASDAQ:ARNA). You can bookmark this page URL http://calliecountrychatter.blogspot.com/2012/08/two-big-winners-apple-inc-nasdaqaapl.html. Thanks!