Schaeffer's Trading Floor Blog

New Annual Lows: GEVO, DECK, and CIM

Gevo, Deckers Outdoor, and Chimera Investment dropped to new annual lows today

by 6/29/2012 2:35 PM
Stocks quoted in this article:

After yesterday's wild ride, the major market indexes are marching decidedly higher today, as welcome news from the European Union (EU) summit has amplified the bullish sentiment on Wall Street. With that in mind, the number of stocks reaching new annual highs is outshining the number of stocks at new lows. The NYSE has seen only 10 equities at fresh lows, while the Nasdaq reports 18 annual lows. Among the equities marking technical milestones in today's action are Gevo, Inc. (NASDAQ:GEVO - 4.80), Deckers Outdoor Corp (NASDAQ:DECK - 44.20), and Chimera Investment Corporation (NYSE:CIM - 2.30). Here's a review of the notable stocks that marked new annual lows.

  • GEVO this morning announced a stock offering of 12.5 million shares at $4.95 each – matching yesterday's closing price, and knocking the shares to an all-time low of $4.76. Indeed, the stock has nothing to cheer about on the charts, slipping more than 69% over the past year, and lagging the broader S&P 500 Index (SPX) by more than 44% throughout the past 60 sessions. However, analysts appear to be blissfully unaware of GEVO's technical predicament, as the alternative fuels company boasts eight "strong buys," one "buy," and zero bearish ratings.

  • DECK backpedaled to a two-year worst of $42.16 earlier today, adding to the stock's bleak technical backdrop. During the past three months, the security has underperformed the broader SPX by more than 26%, and has hacked off 50% over the past 52 weeks. If this downward momentum continues to plague DECK, the upbeat brokerage bunch could jump ship. Currently, there are seven "strong buys" and one "buy," versus five "holds" and not a single "sell." At last check, though, DECK has rebounded about 2%, and its attempting to close the week above the $44 mark.

  • Just after lunchtime, CIM declined more than 2.8% to $2.27 -- its lowest price since November 2008. Over the past 12 months, the stock has lost nearly 34%, but its Relative Strength Index (RSI) arrives at a slim 26, suggesting the shares are approaching oversold territory. Bearish sentiment is the norm among the brokerage bunch, as all 10 analysts following CIM have slapped it with a "hold" or worse recommendation.

Click here to read the new highs list, including D.R. Horton, Inc.'s (NYSE:DHI) sector-related tailwinds.

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