TradingMarkets’ 7 Stocks You Need To Know About For Wednesday
Stocks rallied off their lows but still recorded a
losing session on Tuesday. A larger-than-expected fall in existing
home sales sent the averages down early in the day.
The National Association of Realtors said existing home sales fell 2.6%
in July. (click
here for the full story) In addition, higher crude prices pressured stocks.
After the close, Ivax
(
IVX |
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PowerRating), Alopharma
(
ALO |
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PowerRating) and
Teva
(
TEVA |
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PowerRating) said a court ruled in its favor on a patent infringement
case. (Get
the full story here) Applebees
(
APPB |
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News |
PowerRating) said August comps
were below expectations.
Crude Oil was little changed today, still holding near $66 per
barrel. With the end of the summer driving season in sight and the assumption
that higher prices will curtail demand, gasoline prices seem unable to move
higher. Despite that view, the markets have failed to selloff and remain near
all-time highs.
The American Petroleum Institute reported that 9.28 Mln
barrels per day were consumed in the US during July. That figure is expected to
decline after the Labor Day holiday. Iraqi exports resumed today after the
temporary halt shut down. The cause of yesterday’s power outage was sabotage but
the news failed to ignite a rally.
Here are a few stocks to watch for Wednesday:
Baidu.com
(
BIDU |
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PowerRating)
may be coming back to life. It rallied on big volume. That’s a 10-point trading
range you see there.
SeaChange
(
SEAC |
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News |
PowerRating)
reports earnings on Wednesday. Judging by today’s bar and the volume, someone
thinks the report will be a good one.
Cintas
(
CTAS |
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PowerRating)
may have some support at the confluence of the 50-day moving average and this
trendline.
OmniVision
(
OVTI |
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News |
PowerRating)
looks like it may test the lows again.
Shire Pharmaceuticals
(
SHPGY |
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PowerRating) is trading in a flag. A flag is simply narrowing
volatility, and a breakout from a flag can be a nice trade.
Carnival
(
CCL |
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PowerRating)
rallied on decreasing volume, plus it has resistance up ahead.
Finally, Toll Brothers
(
TOL |
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Chart |
News |
PowerRating) reports
on Thursday. Depending on what you feel the earnings will be (and what the
market reaction will be as well) you can position yourself accordingly.
Brice Wightman