TradingMarkets 7 Stocks You Need to Know for Thursday: WFMI, MXIM, NKE, AAPL, ORCL, FDX, QCOM
Sellers regained the offensive at midweek, sending stocks to new short-term lows and creating oversold conditions in a variety of sectors. The pullbacks were especially sharp in technology, where stocks like ^GOOG^ closed lower for a sixth day in a row – 5 in oversold territory – and ^AAPL^ pulled back by well over 4% (more on Apple below).
Gainers ahead of trading on Thursday included mostly energy companies like ^BTU^, up more than 3%, and ^RRC^. Shares of RRC closed higher by more than 3% to close higher – and overbought – for a fourth consecutive trading day.
Here are 7 Stocks You Need to Know for Thursday.
Among the few, non-energy stocks making significant gains during Wednesday’s selling was ^WFMI^. Shares of WFMI gained well over 1% to close higher for a fourth day in a row.
One of the areas where sellers have returned in force is the semiconductor sector. Closing down more than 4% on Wednesday were shares of ^MXIM^ (below).
Down three days in a row, MXIM has closed in oversold territory for the past two consecutive trading days.
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Shares of ^NKE^ pulled back for a fifth day in a row on Wednesday. Nike is scheduled to report quarterly earnings after the market closes on Thursday.
As noted above, shares of ^AAPL^ (below) pulled back by more than 4% in trading on Wednesday.
The pullback in AAPL took the stock into oversold territory above the 200-day moving average for the fifth time in 2011. Apple was last in oversold territory during a three-day pullback early in the second half of February.
Also lower heading into Thursday’s session is ^ORCL^ (below).
Shares of Oracle have pulled back for the past three straight sessions – the past two in oversold territory above the 200-day. The current pullback in Oracle puts the stock at its most oversold level since November 2011.
Down for a third day in a row and closing below its 200-day moving average ahead of its scheduled earnings announcement on Thursday were shares of ^FDX^. FDX closed lower by well over 2% on Wednesday.
Sellers continue to dominate the market for shares of ^QCOM^. QCOM has closed lower for nine days in a row and has closed in oversold territory above the 200-day moving average for the past six.
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David Penn is Editor in Chief of TradingMarkets.com