Buyers Rush in to Bid Oversold Shares Higher; Intel, Yahoo! Gain: 7 Stocks You Need to Know for Thursday
Traders took full advantage of dramatically oversold conditions in a number of markets, including the market for technology and Nasdaq stocks. Buoyed by Intel’s big earnings surprise after the bell on Tuesday, traders bid stocks like ^MU^ and ^KLAC^ up by more than 8% and 6%, respectively.
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Here are 7 Stocks You Need to Know for Thursday.
Announcing quarterly earnings after the bell on Wednesday that more than exceeded analyst expectations, ^AAPL^ was up more than 3%, after the bell, having closed higher for a third consecutive trading day on Wednesday.
Also announcing earnings on Wednesday after the market close was ^AXP^. Like Apple, American Express also beat analyst expectations.
Up more than 4% on Wednesday were shares of ^YHOO^ (below). The stock had closed lower for three days in a row heading into Wednesday’s big oversold bounce higher.
The close in Yahoo! was the stock’s highest in more than two weeks. Despite the rally – and the close above the 5-day moving average – YHOO is not yet overbought above the 200-day.
Among the companies scheduled to announce quarterly earnings on Thursday are ^MCD^ (below).
… and ^COF^ (below).
McDonald’s rallied by more than 2% on Wednesday, the gains coming after a two-day pullback in the stock. Shares of COF reversed lower on the day, after a strong gap higher to begin trading. The stock nevertheless closed above its 5-day moving average, following through to the upside after a four-day pullback took the stock into deeply oversold territory above the 200-day moving average.
^AMD^ is scheduled to report quarterly earnings on Thursday. The stock was up more than 4% in trading on Wednesday. Shares of rival ^INTC^ soared by more than 7% on Wednsday after reporting profit and revenue numbers that were far better than expected after the close.
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David Penn is Editor in Chief of TradingMarkets.com