TradingMarkets 7 Stocks You Need to Know for Thursday (COST, T, VZ, AMZN, CTXS, RHT, ERTS)
Quick profit-taking on the heels of Tuesday’s bounce characterized trading at midweek. Both the ^SPY^ and the ^QQQQ^ pulled back on Wednesday, with the QQQQ retracing most of the previous session’s advance.
Stocks like ^HOG^ fell back by more than 3% and ^WYNN^ pulled back by more than 2% as short term traders locked in gains in a number of stocks that have rallied from short-term pullbacks.
Here are 7 Stocks You Need to Know for Thursday.
Shares of ^COST^ gapped down at the open but rallied over the course of the trading day to close up more than 1%.
Also pulling back on Wednesday were telecommunications stocks like ^VZ^ and ^T^ (below).
Both stocks closed lower above the 200-day moving average, with AT&T off by more than 2% and closing at its lowest level in more than a week.
Off more than 3% on Wednesday were shares of ^AMZN^. The stock had closed higher for the past two days, reaching a new year-to-date closing high on Tuesday.
Shares of ^CTXS^ fell by more than 14% on Wednesday. Any follow-through selling in the stock is likely to put CTXS in oversold territory above the 200-day moving average.
Also pulling back deeply after reaching year-to-date highs this week were shares of ^RHT^ (below). RHT was down nearly 8% before buyers trimmed losses going into the close.
Despite pulling back by more than 2% on Wednesday, shares of ^ERTS^ closed above the 200-day moving average for a second consecutive trading day. The stock had been trading below the 200-day moving average since early May.
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David Penn is Editor in Chief at TradingMarkets.com.