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  • Stocks to Watch Today | ARNA | WIBC | HITK |

    Hot stocks
    Friday July 2nd, 2010, 02:56 am EST

    Hot Stocks to Watch Friday 07/02/2010 -  ARNA, WIBC, HITK

    Dear Traders,

    Hot stocks to watch on Friday 07/02/2010  are
    ARNA - Arena Pharmaceuticals, Inc.
    WIBC - Wilshire Bancorp, Inc.
    HITK - Hi-Tech Pharmacal Co.

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    ARNA - Arena Pharmaceuticals, Inc.(NASDAQ:ARNA)
    Arena Pharmaceuticals announced Thursday that Japan-based Eisai will market the obesity and weight management drug lorcaserin in the US once it receives FDA approval. ARNA stock gained 16% on the news on Thursday. Investors welcomed the news with heavy volume. Arena will continue to manufacture the drug, but Eisai will have exclusive US rights to commercialize it. Arena will get upfront payment of $50 million, and an additional $90 million in  upon approval. If this drug is approved, it will be the first weight loss drug approved in about a decade.

    WIBC - Wilshire Bancorp, Inc.(NASDAQ:WIBC)
    Wilshire Bancorp, Inc. (NASDAQ:WIBC) shares fell 14.97% in after hours. The company this afternoon said it will report a Q2 net loss on July 27th as a result of higher reserves for loan losses and an increase in net loan charge-offs, and that it will suspend its dividend. This stock can see an over-selling in pre market which can be a good entry point.

    HITK - Hi-Tech Pharmacal Co.
    Hi-Tech Pharmacal Co., Inc. (HITK) announced today it received a warning letter from the FDA. The FDA stated in the letter that some products mfg by Hi-Tech need FDA approval and manufacturing practices. The Company intends to meet with FDA to determine how best to resolve these issues. Hi-Tech is suspending sales of these products until the issue is resolved. This can be a good buying opportunity at low entry points.

    Work Smart Today to Enjoy your Tomorrow.

    God Bless,
    Be Rich.

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