TradingMarkets’ 7 Stocks You Need To Know About For Monday
Stocks gained ground on this
expiration Friday, but were down on the week.
The Dow was lifted by two component upgrades: ExxonMobil
(
XOM |
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Chart |
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PowerRating) was upgraded to Buy
at Deutsche Bank. Intel
(
INTC |
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PowerRating)
was upgraded at CSFB, to Neutral. Also, crude oil prices fell after
OPEC said it is considering a production
increase; crude is trading near $64. Bush’s pledge to rebuild the Gulf Coast
after Katrina gave traders optimism about the economy and corporate profits.
Consumer confidence plunged after Katrina,
to the lowest level since 1992. The University of Michigan consumer sentiment
index for September was 76.9 vs. 89.1 in August. It was also the biggest drop
since December 1980–larger than the drop after 9/11. The current account
deficit narrowed by 1.5% in Q2, but still was the second highest on record.
Gold futures hit a 17-year high in
overseas trading.
The CBOT boosted its IPO range, from $33 –
$36 to $45 -$49. The launch date has not been specified, although insiders are
looking to October.
Now, here are 7 stocks to watch on Monday:
Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) is scheduled to
report earnings Monday before the open, and estimates are 0.67. The stock has
pulled back to the 70.7% Fib level and Friday’s bar was on very high volume,
which could indicated a short-term bottom.
Carnival Cruise Lines
(
CCL |
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Chart |
News |
PowerRating) is also
due to report earnings before the open. Look for $1.35. Notice the
positive RSI divergence here.
Owens Illinois
(
OI |
Quote |
Chart |
News |
PowerRating) has really tanked
recently; the company warned on Friday. I’m showing you this chart again because
of the chart pattern. In the candlestick world, this is called a "hammer" and it
can signify the end of a downtrend. Keep in mind, though, that the company has
asbestos-related issues and faces many lawsuits. Maybe not a long-term keeper,
but a possible short-term bounce play.
Nike
(
NKE |
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Chart |
News |
PowerRating) is the last big name to
report on Monday before the open. On this one, the consensus is $1.42.
Gold has been hot, no question. On this
weekly chart of
(
GLD |
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PowerRating), you can see some potential resistance at the old
highs.
The board at executive search firm Heidrick &
Struggles
(
HSII |
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Chart |
News |
PowerRating) OK’d a new $50 million stock buyback program.
This stock could quite easily reach the recent highs, which isn’t much, you
might say, but for daytraders who trade large size, that would be a decent day.
Marvell
(
MRVL |
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Chart |
News |
PowerRating) could also touch the
recent highs.
Brice Wightman