Sector Trends: Oil & Gas

Two more IPOs hit the market today. Mistras Group (NYSE:MG) opened at $12.30 a share and made a little headway. The company provides technology-enabled solutions that evaluate critical energy, industrial and public infrastructure. This is interesting, especially since we expect government stimulus spending on infrastructure to pick up next year.

The other IPO was biotech Omeris (Nasdaq:OMER). It opened at $10 a share and quickly dropped 10%. I can't say I'm surprised. Biotechs move on news. And the bigger biotechs with products on the market, like Celgene (NYSE:CELG), Amgen (Nasdaq:AMGN) and even Gilead Sciences (Nasdaq:GILD), will follow the general trend. Small biotechs are a crapshoot.

Our old friend Tri-Valley (AMEX:TIV) was back on the Top Gainers list with a 13% gain. There was no news to account for the move, so I suspect it was related to the technical bull flag pattern we noted on the chart in the September 30 issue of SmallCapInvestor Daily...

For access to the full article, you must be a registered member - it's FREE.

Already a member? Please log in below