Commodities, Stocks Sell-Off, Cisco Beats, Retail Earnings on Deck: 7 Stocks You Need to Know for Thursday
An afterhours earnings and revenue beat by Cisco Systems and continued buying in retail were some of the only bullish notes on a trading day otherwise dominated by heavy selling in commodities and energy.
Oil and gas stocks like ^HAL^ and ^NOV^ were met with some of the most aggressive selling, though no other sector was spared the selling.
Here are 7 Stocks You Need to Know for Thursday.
Retail earnings will be center stage on Thursday, with both ^JWN^ and ^KSS^ scheduled to make quarterly announcements. Both stocks were higher on Wednesday despite the strong selling in the overall market, closing in overbought territory above the 200-day moving average.
Falling crude oil and gasoline prices are bringing out the sellers in energies. Among the biggest pullbacks among oil and gas stocks are the drops of more than 3% in ^BHI^ and ^APA^ (below).
Shares of APA have reversed back to the downside after a three-day rally from recent oversold lows.
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^CSCO^ (below) reported quarterly earnings and revenues after the bell on Wednesday that were higher than analysts had expected.
The stock, which had become increasingly overbought below the 200-day moving average in the days leading up to Wednesday’s earnings news, was higher in after hours trading immediately after the announcement.
Down more than 6% on Wednesday, shares of ^FCX^ plunged below their 200-day moving average. It was the the first time the stock had traded below its 200-day since September 2010.
Profit-taking ahead of Thursday’s trading wasn’t just for energy and commodity stocks. Sellers sent shares of ^YHOO^ (below) lower by more than 7% on Wednesday.
YHOO closed lower for a third day in a row and is now oversold above the 200-day.
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David Penn is Editor in Chief of TradingMarkets.com