Schaeffer's Trading Floor Blog
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 yesterday'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 by clicking here.

Company Yesterday's
Percent of Float
Sold Short
Cell Therapeutics, Inc. (CTIC) 8.6 26.5 10.49 -1.81
Greg Manning Auctions, Inc. (GMAI) 7.3 36.1 11.80 -1.28
UTStarcom, Inc. (UTSI) 7.1 15.2 13.38 1.27
Geron Corporation (GERN) 7.1 13.6 7.41 -1.49
Inter Parfums, Inc. (IPAR) 7.0 12.2 15.10 0.93
Chiron Corporation (CHIR) 6.4 10.0 37.69 0.27
Wild Oats Markets, Inc. (OATS) 4.9 13.1 7.23 -0.55
Papa John's International, Inc. (PZZA) 4.7 22.7 36.30 -0.33
Novatel Wireless, Inc. (NVTL) 4.4 17.6 10.41 1.63
Delta Petroleum Corporation (DPTR) 4.3 16.2 15.86 0.69

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At the Open

by 3/3/2005 9:41 AM
Stocks quoted in this article:

The exchanges are alive, with the sound of buying... the indices open inline with the small upside bias we saw in pre-open stock futures. Last night we saw that semis and housing were the biggest decliners. Today we see some minor weakness in semis on while housing bounces back.

There is some divergence on the commodity front as oil/gas stock pop while gold lags.


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Why I Should Win!

by 3/3/2005 9:30 AM
Stocks quoted in this article:

Want another shot at winning one of our new Schaeffer's Gold T-shirts? Well, here you go...

Just in case the market continues its frenetic-whipsaw-yo-yo-run-this-way-no-wait-run-the-other-way action, I thought you might like a quick distraction. (I speak from experience when I say that it is very important to have small diversions to the trading day in order to keep your perspective. Some of my worse decisions have been made after non-stop relentless staring/focusing at a screen.)

Unlike last week, where the T-shirt winner was based on picking from a hat, this week will have a qualitative basis. To take your shot at winning, click on the "Email Nick Perry about this post" link below and tell me why you should get the shirt.

Given all the great emails that everyone sends me, I don't think I would be able to pick one winner and since I only have a limited allotment of shirts to give out, I will have to draft an impartial third-party. (I haven't asked him yet, but I have someone in mind that I fondly call the sponge. Just don't tell him I said that!)

How you approach this is completely up to you, but I suspect that humor will take the shirt...And since I will be making someone else pick, overt flattery won't get you anywhere (though I reserve the right to award a bonus shirt to anyone who makes me blush). Also you can enter more than once as long as you send a separate email. I will take submissions until 10:00 A.M. Monday morning.

Good luck!

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by 3/3/2005 8:47 AM
Stocks quoted in this article:

As we wait for tomorrow's "big" employment report...The Labor Department said non-farm business productivity grew at an adjusted annual rate of 2.1 percent and unit labor costs rose 1.3 percent. (According to Dow Jones Newswires estimates were for a 1.5 percent increase in productivity and a 1.6 percent increase in unit labor costs.) The Labor Department also told us that initial jobless claims dropped by 1,000 to 310,000 against expectations of no change.

Chart Courtesy of Thomson/ILX

This gave a small bounce to S&P futures which now sit three points above fair value...

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News Views

by 3/3/2005 8:20 AM
Stocks quoted in this article:

The news headlines are a mix of stories...Of particular interest is that Merrill Lynch cut their earnings forecasts for Micron Tech (MU). We have been watching the action in semis as the group trades below resistance despite a couple of sector upgrades earlier this week.

Outside that, same-store sales data has been rolling out since last night. The table below shows a select list of reports along with yesterday's scorecard reading...


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