Stocks in general continued to pullback on Tuesday, setting up oversold or near oversold conditions in a variety of stocks trading above their 200-day moving averages.
Acquisition news boosted shares of ^JCG^, a stock that was noted in yesterday’s 7 Stocks You Need to Know for Tuesday. Joining JCG on the upswing were shares of Dollar General ^DG^, up more than 4% and closing higher for a sixth straight trading day, and retailer ^ARO^, which closed above its 200-day moving average for the first time since early August.
Here are 7 Stocks You Need to Know for Wednesday.
The gain of well over 1% in shares of ^ANF^ is a testatment to the continued strength in retail. ANF has closed higher for the past three days in a row.
Pulling back by well over 3% ahead of trading on Wednesday, shares of ^ORCL^ (below) have closed lower for three days in a row.
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ORCL has been trending lower since making a new year-to-date high at the beginning of the month.
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Profit-taking in ^TIF^ has the retailer pulling back by more than 2% ahead of the company’s scheduled quarterly earnings annoucement on Wednesday.
Shares of ^MA^ (below) pulled back by more than 2% on Tuesday, closing lower for a second consecutive trading session.
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The stock’s current pullback comes just days after an even larger pullback that took the stock to its most oversold levels in several months.
Also trading lower into its scheduled earnings announcement on Wednesday is ^DE^. Shares of DE pulled back for a second day in a row in Tuesday’s trading.
Sellers moved into energy stocks, leading stocks like ^NBR^ (below) to pull back by more than 5% above the 200-day moving average on Tuesday.
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Shares of NBR had closed higher for four straight days before Tuesday’s sell-off.
Down more than 3% above the 200-day moving average in trading on Tuesday was ^HNT^. The stock has closed down for the past three days in a row.
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David Penn is Editor in Chief of TradingMarkets.com