TradingMarkets 7 Stocks You Need to Know for Thursday: AMZN, FCX, DO, WFC, S, KFT, RL
Selling in energy and basic materials, including mining, helped send a number of stocks lower ahead of trading on Thursday. Down well over 2% and closing lower for a second day in a row was ^X^, while ^HAL^ closed in oversold territory above the 200-day moving average on Wednesday.
Among those stocks pulling back for a third day in a row and moving closer to oversold territory above the 200-day moving average are a pair of Nasdaq 100 stocks: ^AMAT^ and ^BRCM^.
Here are 7 Stocks You Need to Know for Thursday.
^AMZN^ rallied by more than 1% on Wednesday to close in overbought territory above the 200-day moving average for a second session. Wednesday’s close also marked the stock’s seventh consecutive higher close.
Closing lower for the third session out of the past four on Wednesday were shares of ^FCX^ (below).
Shares of FCX pulled back by nearly 3% in Wednesday’s session, closing in oversold territory above the 200-day moving average for the first time since November 2010.
Also oversold above the 200-day are shares of ^DO^. DO has closed lower for two days in a row, and was down by well over 3% on Wednesday.
^WFC^ (below) pulled back by more than 2% in Wednesday’s session.
Along with lighter selling in other financials like ^KEY^, the selling in Wells Fargo could be the beginning of a broader profit-taking in the sector.
Among a number of companies reporting quarterly earnings Thursday are ^S^, scheduled before the market opens and ^KFT^ scheduled to report after the close.
Up more than 8% and closing higher for a fifth day in a row were shares of ^RL^ on Wednesday.
Note that all five consecutive higher closes in RL have been in overbought territory above the 200-day moving average.
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David Penn is Editor in Chief of TradingMarkets.com