Schaeffer's Trading Floor Blog

One to Watch - PLAB

by 5/18/2005 10:18 AM
Stocks quoted in this article:

While AMAT and HPQ take the bulk of the earnings spotlight, another story is a bit more interesting...Photronics (PLAB) reported better-than-expected earnings and is up 16 percent. This gain has pushed the shares over intermediate-term resistance...


Created with SuperCharts by Omega Research

And a check of the sentiment shows that heading into today there was a skew towards skepticism...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 21%
  • Number of analysts tracked by Zacks: 14
  • Short interest as a percent of float: 10.6%
  • Short interest ratio: 6.935
  • Put/call ratio percent rank: 12.3%

The Street is still on the sidelines and short-sellers represent potential buying pressure. The put/call ratio is low, but open interest on the shares is so light that I wouldn't put too much weight on that.

If the shares hold this morning's gap, some of the skeptics may be convinced the trend has shifted and put in a bid under this stock...


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Stocks quoted in this article:

As usual, this table lists stocks that have at least 10 percent of their float sold short and then shows the top ten based on the previous day's gain. The last field shows how the stock is performing in today's session. This can be a useful tool for finding situations where stocks with heavy short interest have begun to move. All returns are shown in percentages.

Note - more information on short interest can be found by clicking here.

Company Yesterday's
Gain
Percent of Float
Sold Short
Yesterday's
Close
Today's
Return
AK Steel Holding Corporation (AKS) 7.3 13.4 7.07 1.13
Fairfax Financial Holdings Ltd (FFH) 5.6 19.0 145.02 -0.07
99 CENTS ONLY STORES (NDN) 5.4 12.3 11.29 1.86
K2 Inc. (KTO) 5.3 14.5 11.94 1.76
Titanium Metals Corporation (TIE) 5.3 13.6 39.40 0.76
Ryerson Tull, Inc. (RT) 5.2 19.5 14.09 1.28
Dick's Sporting Goods Inc (DKS) 5.2 20.8 35.87 2.04
Red Robin Gourmet Burgers, Inc. (RRGB) 4.5 23.9 50.46 3.06
Take-Two Interactive Software, Inc. (TTWO) 4.1 26.5 26.84 1.08
DHB INDUSTRIES INC (DHB) 4.0 12.3 7.26 1.52

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At the Open

by 5/18/2005 9:55 AM
Stocks quoted in this article:

Stocks are open and here is what I see...

The major indices did open with an upward bias but there is little follow-through...at least yet. Semis are struggling a bit but they are the only group to show much of a decline...housing stocks continue to bounce as the group is pushing above its high from earlier this month....gold stocks also continue to bounce.


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Into the Open

by 5/18/2005 9:26 AM
Stocks quoted in this article:

We head into the open with S&P futures sitting four points above fair value and pointing to a strong open....Last night I noted that both Applied Materials (AMAT) and Hewlett-Packard (HPQ) reported earnings. AMAT appears to indicated down slightly while it appears that HPQ will open just above 22...Gold is up 70 cents and oil is up 17 cents.

I also promised that I would update the daily index charts and I held off due to the pop in futures. I want to give the indices a chance to open and shake off the opening "noise" and then I will update those charts to see where the indices stand in terms of the resistance we have been tracking...

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Readers Respond - Oil

by 5/18/2005 9:01 AM
Stocks quoted in this article:

In response to my post about today's event John says - "A third report that's slowly making its way to the front "burners" is the weekly oil inventory reports. Although, in my opinion, these are given entirely too much weight."

My response - I agree on all accounts....thanks!

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