TradingMarkets 7 Stocks You Need to Know for Thursday: IBM, LRCX, XLNX, MU, SLB, WFC, NSM
Sellers remained aggressive in the market for semiconductor stocks, with a number of key names from the sector, such as ^KLAC^ and ^AMAT^ closing lower by more than 4% and 3% respectively. Of the two, AMAT is now oversold above the 200-day moving average.
Heading into trading on Thursday, traders should be alert for neutral conditions in the S&P 500, but increasingly oversold conditions in tech-heavy markets like the Nasdaq 100.
Here are 7 Stocks You Need to Know for Thursday.
Despite widespread selling in other parts of technology, shares of ^IBM^ rallied by more than 2% in trading on Wednesday. Follow-through selling to the upside on Thursday will likely put the stock in overbought territory above the 200-day.
Pulling back by more than 6% and closing lower for the third day out of the past four, shares of ^LRCX^ (below) retreated to their most oversold levels in weeks.
The selling in LRCX was typical of the weakness in semiconductor stocks, including pullbacks of more than 5% in ^XLNX^ and ^MU^.
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Sellers have also remained on the offensive in energy shares. Down more than 1% and closing lower for a fourth day in a row on Wednesday were shares of ^SLB^ (below).
SLB last traded in oversold territory early in the second half of February.
While sellers were working overtime in the semiconductor and energy sectors, buyers bid financial shares higher for a second day in a row. Among these stocks up again ahead of trading on Thursday were bank stocks such as ^WFC^.
Scheduled to report quarterly earnings on Thursday, ^NSM^ (below) saw its shares decline for a fourth day in a row in Wednesday’s trading.
Part of the broad-based sell-off in semiconductor stocks in recent days, the Wednesday pullback in NSM marks the stock’s second consecutive close in oversold territory.
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David Penn is Editor in Chief of TradingMarkets.com