Five Popular Penny Stocks to Sell Now

ICO Global Communications Holdings (ICOG): ICO Global Communications Holdings (ICOG) is a development-stage mobile satellite service operator with one medium earth orbit satellite currently functioning. ICOG also has 10 additional satellites in various stages of completion. While this penny stock is up 52.8% since January, it has started to decline in recent weeks, and is down 3% since July 8. Interestingly, ICO has not made progress on any of its satellites since 2004, due to a disagreement with the satellites' producer, Boeing. That's not a very encouraging sign and tells me investors should steer clear of this penny stock.

Antares Pharma Inc. (AIS): Focusing on self-injection pharmaceutical technology and gel-based products, Antares Pharma has seen a 21.5% decrease over the past month. That's much worse than the broader markets, as the Down Jones Industrial Average and Nasdaq are down 2.9% and 5.1% over the past month, respectively. The New Jersey based AIS has a multi-product deal with Teva Pharmaceutical Industries (TEVA), and is involved with the production of various disposable and reusable auto injectors. That's a plus, however, experts have predicted and earnings decrease over the next two quarters for this penny stock. That has turned me off Antares.

Axcelis Technologies Inc. (ACLS): Penny stock Axcelis Technologies designs, manufactures and services semiconductor chips, while also providing service, support, equipment upgrades, spare parts and customer training. ACLS works with some notable technology companies including Intel (INTC), IBM (IBM), Texas Instruments (TXN) and Samsung. While Axcelis was up 68.8% from January to May, the stock has fallen sharply since then, and is down 25.9% over the past three months. Additionally, this penny stock has underperformed earnings estimates three of the last four quarters.

Tower Semiconductor (TSEM): Tower is an independent specialty foundry that manufactures semiconductors. This penny stock's products are used in a wide range of consumer electronics including personal computers, medical device products and automotive products. With a 12.5% decrease over the last months Tower's stock is currently trading at $1.39 per share and has slightly underperformed the broader markets. Also counting against TSEM is that Tower has missed analysts' earnings estimate three of the last four quarters.

RAM Energy Resources Inc. (RAME): Working primarily in Texas, Louisiana and Oklahoma, RAM Energy is an independent oil and natural gas company involved in the exploration, acquisition, development and production of oil and natural gas properties. RAM has seen a decrease of 19.6% in the last month, and is down 9.8% for 2010. With a current stock price of $1.84, this penny stock has underperformed analysts' earnings estimates two of the last four quarters.

As of this writing, Louis Navellier did not own a position in any of the companies named here. Read more about Navellier's investing strategy.