TradingMarkets 7 Stocks You Need to Know for Friday: S, FDX, WFMI, CSCO, AKAM, IFF, MSFT
A number of stocks soared to new highs on Thursday including both ^EBAY^ and Whole Foods Market (more on Whole Foods Market below). At the same time, a number of key technology stocks were sold aggressively, leading to closes below the 200-day moving average.
Buying in energies after short-term pullbacks has boosted shares of stocks like ^SLB^ and ^NOV^, up by more than 2% and 3%, respectively.
Here are 7 Stocks You Need to Know for Friday.
Shares of ^S^ rallied by more than 5% to close at its highest level since the beginning of the year. S has been oscillating above and below its 200-day moving average since November.
Also closing at new, albeit shorter-term, high on Thursday was ^FDX^. The stock had been rangebound in the days leading up to Thursday’s bounce.
Up by more than 11% going into trading on Friday, shares of ^WFMI^ (below).
Since mid-January the stock had been trading in a narrow, $3 range. Thursday’s close puts the stock at its most overbought since it entered that range more than a month ago.
Becoming increasingly overbought below the 200-day moving average last week, sellers have finally asserted themselves in the market for shares of ^CSCO^ (below).
CSCO plunged by more than 14% in trading on Thursday. The stock has traded below its 200-day moving average for the vast majority of the time since May 2010 when the stock fell below that level.
Also selling off and dropping below its 200-day moving average were shares of ^AKAM^. Unlike CSCO, AKAM has been trading above its 200-day moving average consistently for more than a year.
Down three days in a row and oversold above the 200-day moving average ahead of Friday’s open is ^IFF^ (below).
Shares of IFF closed at their lowest level since the first half of December 2010.
^MSFT^ pulled back by well over 1% in trading on Thursday. Just outside of oversold territory above the 200-day, shares of MSFT have closed lower for two consecutive trading days.
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David Penn is Editor in Chief of TradingMarkets.com