Stock Trading: Traders Take Profits in Biotech as Stocks Surge Higher
Starting this month, 7 Stocks You Need to Know will include a Stock of the Day. The Stock of the Day will be one of the top-rated stocks based on our proprietary stock rating system, PowerRatings. Learn more about PowerRatings here.
As early as a week ago, shares of today’s Stock of the Day were trading with some of our lowest PowerRatings. Days later, this stock has begun to pullback in earnest, earning PowerRatings upgrades from 2 to 5 and from 5 to, most recently 7. Should the stock continue to pullback, higher PowerRatings, including a potential upgrade into the “consider buying” range could follow.
Read more about our Stock of the Day below.
Here are 7 Stocks You Need to Know for Friday:
Shares of retailers from ^GPS^ to ^TGT^ were some of the biggest gainers in the S&P 500 ahead of trading on Friday. Also higher by more than 5% were ^M^ and ^URBN^.
After rallying to new highs, a number of consumer staples and health care stocks like ^DPS^ and ^HUM^ were experiencing significant profit-taking. Both stocks were down more than 2% in Thursday’s trading.
The highest rated stock in the S&P 500 based on our proprietary stock rating system PowerRatings, is ^BIIB^. The stock has closed lower for three days in a row, four out of the past five and is trading just outside of oversold territory above the 200-day moving average.
Remember, Short Term Trading Strategies That Work: A Quantified Guide to Trading Stocks and ETFs is still available for free. Click here to get your copy.
David Penn is Editor in Chief of TradingMarkets