Fossil Digs Up New 52-Week High, as Do Orsus and Quidel

After spending six-days in the red, yesterday stocks snapped their longest losing streak in over a year.

However, today, trader optimism seems quelled, with mixed economic news from China causing all three major indexes to drop this morning — though a handful of stocks like Fossil (NASDAQ:FOSL), Orsus Xelent Technologies (NYSE:ORS) and Quidel Corp. (NASDAQ:QDEL):

China — the world’s largest exporter and second-biggest economy — posted a smaller-than-expected $13.1 billion trade surplus in May, due to weaker global demand, combined with increased import costs. Chinese sales to the U.S. and EU fell to their lowest level over two years.

As a result, a number of Chinese stocks are making headlines today, hitting either new 52-week highs or lows. A full synopsis is provided below.

Stocks hitting new 52-week highs

Orsus Xelent Technologies (NYSE:ORS): The Chinese designer of cell phones and mobile communications equipment is up about 30% so far today. The stock appears to be recovering from a hit it took earlier this week after Interactive Brokers Group (NASDAQ:IBKR) banned money lending on the stock, due to fear of an accounting scandal within the company.

Quidel Corp. (NASDAQ:QDEL): The U.S. developer of diagnostic testing solutions for infectious diseases and women�s reproductive health has gained about 3.5% so far this morning. Earlier in the week William Blair investment firm upgraded the stock to �market perform�, citing the company�s strong timing for its product pipeline.

Fossil (NASDAQ:FOSL): The fashion accessory company, best known for its Diesel, DKNY and Armani brands, is trading about 0.5% higher so far today. Earlier in the week investment firm ISI Group initiated the stock with a �buy� rating and set a $120 price target on the stock. FOSL is currently trading around $106.

Stocks hitting new 52-week lows

China Natural Gas (NASDAQ:CHNG): The Chinese distributor of natural gas and gasoline products is off about -10% so far this morning. The stock has been falling sharply all week and seems to be experiencing technical vulnerability.

Akamai Technologies (NASDAQ:AKAM): The U.S. tech company, which delivers services to improve the speed, content and delivery of applications over mobile and Internet devices, has slipped around-2.3% so far today. Traders seem to be reacting negatively to a comment made by Akamai�s President, David Kenny, in which he urged companies to be more aware of Internet security, following a recent wave of hacker attacks on Sony (NYSE: SNE) �and Lockheed Martin (NYSE: LMT).

Staples (NASDAQ:SPLS): The global office products company has dropped about -2.3% this morning. Reduced business spending and lower consumers purchasing is causing perceived weakness in the office supplies sector.

As of this writing, Deborah O’Malley did not own a position in any of the stocks named here.