TradingMarkets 7 Stocks You Need to Know for Wednesday: HRL, GIS, CHS, LOW, PCLN, GRMN, JACK
Food stocks were among the few stocks moving higher as traders returned to the markets on Tuesday. Internal tensions in the Middle East continue to provide opportunity for profit-taking in many sectors and panic-selling in others.
Telecommunications stocks, for example, continue to experience heavy selling, with ^AMT^ down again on Tuesday. AMT reports quarterly earnings before the bell on Wednesday and has closed in oversold territory for the past three consecutive trading days.
7 Stocks Update: Shares of ^HPQ^ plunged in after hours trading after reporting quarterly earnings. The stock was down more than 12% after the announcement Tuesday evening.
Here are 7 Stocks You Need to Know for Wednesday.
Food stocks were among the biggest winners in the S&P 500 on a day when the broader market indexes were lower. Leading the pack was ^HRL^ up more than 2% – though finishing the day well off its highs.
Also higher on the day were shares of ^GIS^. The stock closed back above its 200-day moving average after dipping back below that level in late January.
Down for a second day in a row and closing lower by more than 2% on Tuesday were shares of ^CHS^ (below).
CHS is scheduled to report quarterly earnings Wednesday morning before the market opens.
Also lower before their scheduled earnings announcement on Wednesday were shares of ^LOW^. The stock closed lower by more than 1% after closing higher for six days in a row, the last four in overbought territory.
Shares of ^PCLN^ (below) pulled back for a third day in a row going into trading on Wednesday. The company is scheduled to report earnings after the bell.
The pullback of more than 3% puts the stock even deeper into oversold territory above the 200-day moving average. Tuesday’s close marked the stock’s second day in a row in oversold territory.
Down two days in a row, shares of ^GRMN^ (below) continued to trade lower ahead of its scheduled earnings report on Wednesday.
GRMN has been trading above its 200-day moving average since early February.
Shares of ^JACK^ closed just outside of oversold territory above the 200-day ahead of its scheduled earnings announcement after the bell on Wednesday. JACK pulled back by more than 2% in Tuesday’s trading.
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David Penn is Editor in Chief of TradingMarkets.com