Schaeffer's Trading Floor Blog
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Software and services provider Novell (NOVL: scorecard, quote, chart) is the big mover on the Nasdaq-100 in after-hours trading. The stock ended today's regular session at 6.28 but is now trading at 5.75 after releasing second-quarter earnings results. The company reported a gain excluding special items of a penny per share, lower than last year's second-quarter gain of three cents per share. The reason for the hit it's taking after hours? Analysts had expected NOVL to report a profit of three cents per share. Revenue was also lower-then-expected. The stock had rallied sharply late last week before falling in each of this week's sessions. <

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I know Nick has talked about net ticks here a good bit. Today's intraday chart of net ticks illustrates how close to breakeven and in how narrow a range the markets traded. .NTN – the net ticks on the New York Stock Exchange, had only three bars that surpassed a plus 600 net ticks. Only 11 fell below negative 600 net ticks. The S&P 500 Index (SPX – 1194.07) traded between down 0.07 and down 0.68 percent all day. In my opinion, this is constructive for the market in the near term. After the run the market has had over the past week or so, it could easily be expected that the market would pull back more. Now we get to see if the market continues its upswing. That's what makes the markets fun and exciting – you never know what's going to happen tomorrow!


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Earlier in the blog, I wrote about energy traders waiting for the EIA (Energy Information Administration) to report the weekly crude oil inventory number. As it turns out, crude oil inventory actually declined 1.69 million barrels versus an expected rise of 1.5 million barrels. This number sparked a rally in the Oil Service HOLDRS Trust (OIH: scorecard, quote, chart) . The OIH was trading around $89.50 before the report and has since rallied more than two points and is currently trading at $91.55. The OIH staged an impressive rally in 2004 but has been trending lower since early March 2005. Traders should keep a close eye on the exchange-traded fund to see if the inventory number can help OIH break out of its recent pattern of lower highs and lower lows. <

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Star Wars Flu

by 5/25/2005 3:26 PM
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I found this article from the Dow Wire to be very interesting.

The Dark Force Of 'Star Wars Flu' The force is a powerful thing, but it probably didn't help business networks around the country when the new "Star Wars" movie, "Revenge of the Sith," opened Thursday. Analysts had warned that hardcore fans taking vacation or "sick days" to catch the early viewing probably resulted in the lack of tech support. The estimates were based on the audience for the prior film - "Attack of the Clones" - but the new movie drew an even wider audience. Best Buy's (BBY) tech support arm, Geek Squad, knowing that the Star Wars movie is likely to attract a large number of IT workers, auctioned off its services as emergency IT replacements in major tech markets.
Let me say at this time that I have never seen a Star Wars movie in its entirety.

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The chatter according to Briefing.com is that biotechnology firm SuperGen (SUPG: scorecard, quote, chart) may be purchased by Amgen (AMGN: scorecard, quote, chart) . SUPG buys rights to drugs in advanced stages of development and tries to bring them to market. It specializes in cancer treatments. Since the early-afternoon SUPG has gained more than eight on sharply higher volume. Meanwhile, AMGN dipped briefly but recovered and is trading near breakeven on the day. SUPG has fallen nearly 38 percent since hitting a three-year high of 7.99 in early December. Its recent low of 4.00 was its lowest point since May 2003, meaning that the company is considerably cheaper than just a few months ago. The news has spurred the stock higher but even without a takeover, SUPG may be moving higher. Pessimism could fuel the move. SUPG's short interest ratio and short interest as a percentage of float are big at 11.3 days and 8.3 percent, respectively.


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