TradingMarkets 7 Stocks You Need to Know for Friday: GE, MOT, MCD, HD, YHOO, C, GOOG
Profit-taking in the equities market helped relieve overbought conditions that had been building over the past few days. Large cap stocks in general outpaced small caps to the downside, and additional selling on Friday may be enough to drive both markets into oversold territory.
After closing lower for five out of the past six trading days, shares of ^VZ^ bounced higher by more than 1% early in trading on Thursday before pulling back into the close. Casino and gaming stocks in general pulled back sharply, with the 4% pullback in ^MGM^ leading the sector toward oversold territory ahead of Friday’s open.
Here are 7 Stocks You Need to Know for Friday.
Pulling back ahead of its scheduled quarterly earnings announcement, ^GE^ was only recently trading at its highest levels since mid-May.
Shares of ^MOT^ (below) pulled back for a fifth straight session on Thursday.
Motorola had rallied to new year-to-date highs in the second half of September. The current pullback in the stock comes as MOT breaks down from a two-week trading range.
Shares of ^MCD^ closed higher for a second session on Wednesday, gaining more than 1% and continuing to follow-through to the upside after a two-day pullback at the beginning of the week.
Closing lower for a fourth consecutive trading day on Thursday was ^HD^ (below).
Shares of Home Depot crossed below their 200-day moving average intraday early in the session. The stock is at its most oversold since the first half of August.
Soaring by more than 4%, ^YHOO^ gapped up to open above its 200-day moving average Thursday morning. The stock had been trading below its 200-day moving average since mid-May.
Profit-taking in financial stocks was widespread on Thursday, with stocks like ^C^ (below) pulling back by more than 4%.
Citigroup, unlike a number of other financial stocks, is trading above its 200-day moving average. Additional weakness in the stock is likely to attract the attention of traders looking for opportunities to buy weakness in the current market.
Google ^GOOG^ beat earnings expectations Wednesday after the market closed. The stock closed lower on the day, but was up as much as 6% immediately after its earnings announcement.
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David Penn is Editor-in-Chief at TradingMarkets.com.