Retail continued to serve as a destination for buyers ahead of trading on Wednesday, with retailers like ^JCP^ closed higher for a third day in a row. Up more than 3% were both ^AMZN^ and ^M^. Both stocks are trading above their 200-day moving averages.
Signs of profit-taking in the energy patch remain on the horizon, with shares of ^HAL^ pulling back by well over 2% and ^RIG^ closing lower for a third day in a row. Note that neither stock is yet in oversold territory.
Here are 7 Stocks You Need to Know for Wednesday.
Reporting quarterly earnings Wednesday morning before the market opens is ^KO^. Shares of KO had pulled back for four consecutive trading days before bouncing modestly on Tuesday.
Strength in retail stocks helped send shares of ^FDO^ up by more than 5% in Tuesday’s trading. The rally brings the stock back above its 200-day moving average.
Plunging by nearly 3% after becoming overbought below the 200-day moving average on Tuesday were shares of ^AVP^.
^NVDA^ (below) pulled back for a second day in a row ahead of trading on Wednesday.
The stock was down nearly 3% and has closed lower for three out of the past four trading days.
^CSCO^ (below) is scheduled to report quarterly earnings after the bell on Wednesday.
Shares of the stock were pulling back for a second day on Tuesday, following Cisco’s climb into overbought territory below the 200-day moving average.
After closing higher for six consecutive trading days and becoming overbought above the 200-day moving average, shares of ^YHOO^ (below) pulled back by more than 1%.
Yahoo! had been moving higher in the wake of the stock’s last oversold close in late January.
^WFMI^ failed to hold on to intraday highs in trading on Tuesday. The stock has been rangebound since mid-January, oscillating between 54 and 51 cents. The company is scheduled to report quarterly earnings after the market closes on Wednesday.
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David Penn is Editor in Chief of TradingMarkets.com