Selling Intensifies as Oil Stocks Closer Lower for a Third Day: 7 Stocks You Need to Know for Wednesday
The selling that appeared late in trading on Monday picked up steam on Tuesday, sending indicies like the S&P 500 and the Nasdaq 100 into oversold territory. Energies continue to be a major attraction for sellers, who sent stocks like ^NOV^ and ^HAL^ lower for a third day in a row.
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Here are 7 Stocks You Need to Know for Wednesday.
Bouncing higher by more than 2% to close back above its 5-day moving average on Tuesday were shares of ^DELL^.
Shares of ^PFE^ pulled back on Tuesday despite reporting quarterly profits that were better than analysts had expected. The stock sold off by more than 2%.
Also reporting earnings on Tuesday was ^MA^. The stock ended trading on Tuesday up by more than 2%.
Tumbling for five out of the past seven trading days, ^WFMI^ (below).
WFMI is scheduled to report quarterly earnings on Wednesday. The stock is trading at its lowest levels in more than a month.
Down more than 1% and pulling back for a second day out of the past three are shares of ^EXPD^ (below).
EXPD has not traded in oversold territory since a dip below its 200-day moving average two months ago took the stock into oversold territory for two days in a row.
^M^ gained more than 3% ahead of trading on Wednesday. The stock closed at its highest level in more than two trading weeks.
Overbought conditions below the 200-day moving average have brought out sellers in shares of ^GOOG^ (below).
GOOG had closed in overbought territory for three days in a row before profit-taking set-in on Monday. Tuesday’s follow-through to the downside took the stock lower by nearly 1%.
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David Penn is Editor in Chief of TradingMarkets.com