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Hewlett-Packard (NYSE:HPQ - News) was informed that the Justice Dept. and SEC have expanded their inquiry into alleged kickbacks HP paid in Russia and Germany, a SEC filing said. HP rose 1 cent to 41.96.
Alpha Natural Resources (NYSE:ANR - News) and Patriot Coal (NYSE:PCX - News) stocks fell 3.7% and 4.6%, respectively, after Citigroup downgraded them. Meanwhile, rival Puda (AMEX:PUDA - News) plunged 17.5% to 12.04 after it announced plans to offer 7.85 mil more shares at $12 each. The sale will raise $94 mil, but significantly dilutes per-share profit of existing shareholders. Although Citi raised its rating on Peabody (NYSE:BTU - News), the largest U.S. coal producer, it still fell 1.3%. IBD's coal group had surged 67% since July 1 due to strong demand from China.
Solar stocks plunged for a second day after Credit Suisse downgraded the sector on oversupply fears. Industry stocks fell hard Tue. after Axiom Capital warned that solar panel makers will be hurt by overcapacity and a decline in gov't-based subsidies that had fueled earlier demand. Credit Suisse cut GT Solar (NMS:SOLR), First Solar (NMS:FSLR), Trina Solar (NYSE:TSL - News), ReneSola (NYSE:SOL - News) and Suntech Power (NYSE:STP - News). Those stocks all tumbled on Wed.
Chairwoman Mary Shapiro said the SEC must address the use of algorithms, software used in quick, automated stock trading, to prevent precipitous drops in share prices like the kind seen during the "flash crash" in May, when $1 tril in market capital was wiped out before recovering in minutes. The SEC on Mon. also adopted a plan to eliminate so-called stub quotes, which are often priced well off a stock's current trading price and can contribute to market volatility.
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