Buyers Bid Retail Higher, Sell Drug Stocks and Stores: 7 Stocks You Need to Know for Friday
Retail stocks found favor ahead of trading on Friday. Leading the sector were stocks like ^TIF^, up more than 8% and closing higher for a third day in a row, and ^CHS^. CHS rallied by nearly 5% after a modest two-day pullback above the 200-day moving average.
Sellers remained active in drug stocks, sending shares of ^ABT^ and ^MRK^ deeper into oversold territory above the 200-day moving average.
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Here are 7 Stocks You Need to Know for Friday
Up more than 3% was a stock featured in our special Subscribers’ Only section in yesterday’s 7 Stocks You Need to Know daily newsletter: ^LTD^ (below).
Shares of Limited Brands had closed lower for four out of the previous five trading days leading into Thursday’s session.
Hedge fund manager David Einhorn is calling for the departure of ^MSFT^ CEO Steve Ballmer. The stock, which was recently oversold below the 200-day moving average, gained almost 2% in Thursday’s session.
Following through to the upside and rallying into strength above the 5-day moving average were shares of ^WFM^ (below).
WFM had pulled back for four days in a row heading into midweek. But buying over the past two days – mostly on Thursday – has sent the stock higher by well over 1%.
Pulling back above the 200-day moving average for a third day in a row were shares of ^WAG^ (below).
One of the few areas of weakness in the retail sector, WAG is back in oversold territory for the first time since mid-March.
Up more than 1% after a four-day pullback were shares of ^AMZN^. AMZN had closed in oversold territory for two consecutive sessions before Thursday’s bounce.
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Closing higher for the sixth session out of the past seven, shares of ^NFLX^ continue to climb deeper into overbought territory – to the distress of traders on the short side of the stock.
Up more than 5% and rallying to new short term highs ahead of trading on Friday were shares of ^COH^.
David Penn is Editor in Chief of TradingMarkets.com