5 Stocks for the Next 5 Days: Hot Topic Fizzles, Perrigo Pulls Back
What’s down on an up day? Heading into the final trading day of the week after a +300 point rally in the Dow, here are a few Nasdaq markets where the sellers have not yet thrown in the towel.
Heading for its third lower in a row on Thursday were shares of Cerner Corporation (CERN). The stock slipped into oversold territory on an intraday basis and will likely trade at oversold levels on Friday on any significant follow-through selling. Shares of CERN were down more than 2% late in trading on Thursday before rallying to finish off by less than 1%.
Shares of Celgene (CELG) have finished lower for two out of the past three sessions, dropping by more than 1% on Thursday. CELG has responded strongly to deep pullbacks in recent weeks, gaining more than 6% in two days following a pullback that took the stock lower for three out of four days in early October.
A trading range has characterized price action in the market for shares of Activision Blizzard (ATVI). The stock, which has traded sideways for the past five sessions, has finished lower for three days in a row. The sideways trading comes as ATVI has rallied to its highest levels of the year.
Among some of the smaller stocks of the Nasdaq, shares of Hot Topic (HOTT) sold off aggressively on Thursday, closing lower for a third day in a row and pulling back by more than 5%. HOTT’s sell-off puts the stock at its lowest closing level since the beginning of October, its first oversold close since that time.
Down more than 8% ahead of trading on Friday, shares of Perrigo Co (PRGO) have finished lower for the second day out of the past three. Like the pullback in Hot Topic, Perrigo’s retreat has sent the stock to its lowest close in a month and into technically oversold territory above the 200-day.
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David Penn is Editor in Chief of TradingMarkets.com