Schaeffer's Trading Floor Blog
Stocks quoted in this article:

Around midday, three of the top market movers are mining issue First Majestic Silver Corp (NYSE:AG), online retailer E-Commerce China Dangdang Inc (ADR) (NYSE:DANG), and IT solutions provider Riverbed Technology, Inc. (NASDAQ:RVBD). Here's a quick roundup of how this trio of names is performing on the charts so far.

  • AG has tumbled 6.8% to trade at $10.20, due to this morning's downturn in precious metal prices. This, despite the firm reporting record second-quarter silver production, and a planned spinoff of its non-core exploration properties. Today's downturn bucks a recent trend for First Majestic Silver Corp, which has outperformed the broader S&P 500 Index (SPX) by 14.4 percentage points during the past two months. Elsewhere, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open 6,937 calls during the past two weeks, compared to just 21 puts. The resultant 10-day call/put volume ratio on those three exchanges stands at 330.33 -- or 4 percentage points from a 12-month bullish peak.

  • Meanwhile, DANG is again surging, up 5.4% at $13.02 -- and bringing the equity's year-to-date gain north of 36%. Helping the shares higher has been their 20-day moving average, which is acting as a springboard today. Despite E-Commerce China Dangdang Inc's (ADR) technical tenacity, option traders have walked a decidedly bearish path of late. In fact, the security's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.57 is higher than 95% of all other readings taken in the last year. Should these option bears capitulate in light of DANG's longer-term outperformance on the charts, the shares could get an additional lift.

  • Finally, RVBD has shed 4.7% around midday, and currently hovers near $19.40. Sparking the losses was the company's reduced second-quarter adjusted revenue forecast, issued earlier this morning. This fundamental news was met with intensified buyout overtures from Elliott Management Corporation, as well, which called on Riverbed Technology, Inc.'s board to consider strategic alternatives, rather than betting on improved execution. Also hurting the shares was a price-target cut to $20 from $21 at FBN Securities. This is just more of the same from the Street, which has struck a negative tone toward RVBD. In fact, 22 out of 26 covering analysts have doled out "hold" or "sell" ratings on the stock, and the equity's consensus 12-month price target sits at $20.59 -- just 6.1% away from the current share price.


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