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US stocks finished lower ahead of trading on Thursday, with the Dow industrials losing 27 points, the Nasdaq pulling back by more than 15 points, and the S&P 500 selling off by four and a half percent.
Wednesday’s selling has put the Dow industrials and S&P 500 inton neutral territory. But the Nasdaq Composite (though not the Nasdaq 100) is set to open oversold when trading begins on Thursday.
Here are 7 Stocks You Need to Know for 4/2/12
1. Dell Inc.
(DELL |
PowerRating)
Last % Change: (5.82%) Edge: +1.5% RSI(2): 6.15
Days Down: 2 out of 3 New Lows: 5-day: yes 2-week: yes
Notes: Shares of Dell sold off dramatically on Wednesday as traders took advantage of a disappointing quarterly earnings announcement to take profits. Although closing at their lowest levels of the month, DELL did manage to end trading on Wednesday off session lows.
2. Walmart Inc.
(WMT |
PowerRating)
Last % Change: (2.45%) Edge: +1.0% RSI(2): 5.58
Days Down: 2 in a row New Lows: 5-day: yes 2-week: yes
Notes: The two-day pullback in Walmart comes in the wake of the stock’s recent rally to new, 52-week highs. WMT has been trading in bull market territory since the first half of October.
3. Advanced Micro Devices
(AMD |
PowerRating)
Last % Change: (1.9%) Edge: +1.2% RSI(2): 13.96
Days Down: 3 in a row New Lows: 5-day: no 2-week: no
Notes: Only trading in bull market territory since late January, Advanced Micro Devices has begun to pullback toward technically oversold territory less than a month later. Shares of AMD are trading at their highest level since late July.
4. MGM Resorts International
(MGM |
PowerRating)
Last % Change: (2.96%) Edge: +1.7% RSI(2): 4.53
Days Down: 3 in a row New Lows: 5-day: yes 2-week: yes
Notes: Shares of MGM have also begun to pullback shortly after crossing into bull market territory above the 200-day moving average. The stock was trading at its highest levels in six months just a week ago, likely prompting the profit-taking of late.
5. Toll Brothers
(TOL |
PowerRating)
Last % Change: (5.15%) Edge: +1.3% RSI(2): 8.45
Days Down: 2 in a row New Lows: 5-day: yes 2-week: yes
Notes: Toll Brothers has finished lower for five out of the past six trading days en route to oversold territory above the 200-day moving average. The selling in TOL is indicative of the profit-taking in the homebuilding sector, where a number of stocks have begun to retreat from significant, long-term highs.
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6. JetBlue Airways Corp
(JBLU |
PowerRating)
Last % Change: (3.02%) Edge: +3.3% RSI(2): 2.68
Days Down: 3 in a row New Lows: 5-day: yes 2-week: yes
Notes: After rallying to their highest levels since the summer of 2011, shares of JetBlue have begun to pullback significantly, along with many fellow airlines stocks. The correction in JBLU has taken the stock to its lowest levels in nearly a month.
7. Cheesecake Factory
(CAKE |
PowerRating)
Last % Change: (6.97%) Edge: +1.7% RSI(2): 7.08
Days Down: 2 in a row New Lows: 5-day: yes 2-week: yes
Notes: Retreating sharply from new, intermediate-term highs, shares of Cheesecake Factory have pulled back and are now trading in oversold territory for the first time since climbing back into bull market territory in late December.
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David Penn is Editor in Chief of TradingMarkets.com, home of PowerRatings and The Machine.