Schaeffer's Trading Floor Blog

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by 5/19/2005 11:19 AM
Stocks quoted in this article:

I was just going through the High/Low Equity Scorecards filter to see what some of the top rated stocks are...One of the symbols that caught my eye was Itron (ITRI).

I don't follow this stock closely but the symbol stood out because I know one of my colleagues, Richard Sparks, wrote a column about this stock yesterday - "Getting Emotional over Itron".

I hadn't had a chance to check out his column until now and I must say it is a great look at how trading psychology can impact you. If you haven't seen his article yet, make sure you check it out...


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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
Photronics, Inc. (PLAB) 25.3 10.6 21.91 2.05
AirTran Holdings, Inc. (AAI) 13.8 19.7 9.50 -0.95
Salix Pharmaceuticals, Ltd. (SLXP) 11.7 13.9 17.77 1.86
Panera Bread Company (PNRA) 10.9 19.2 59.43 0.50
AK Steel Holding Corporation (AKS) 10.6 13.4 7.82 -1.92
AMR Corporation (AMR) 9.7 31.1 12.09 -0.83
Jupitermedia Corporation (JUPM) 9.2 16.4 19.04 2.30
Fleetwood Enterprises, Inc. (FLE) 9.0 27.5 9.10 1.10
NitroMed, Inc. (NTMD) 8.6 21.7 16.75 6.94
Wabash National Corporation (WNC) 8.4 11.8 26.33 -0.53
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At the Open

by 5/19/2005 9:59 AM
Stocks quoted in this article:

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

For the most part I see flat action as the major indices mull around the positive side of breakeven while the bottom half the graph is showing mixed action. The exception is the strength in networkers and to a lesser degree internet and semis...

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Into the Open

by 5/19/2005 9:21 AM
Stocks quoted in this article:

We head into the open with S&P futures pointing to a mild upside bias as they sit roughly a point and a half above fair value...Gold is down one point and oil is flat.

Following up on my comments below about NFLX, I now see some comments from an analyst who says investors may want to sell into this strength...

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NFLX

by 5/19/2005 8:58 AM
Stocks quoted in this article:

One of the stock stories that is getting some attention is a press release from Netflix (NFLX) that says the company has joint promotional agreement with Walmart.com. NFLX is currently indicated up 15 to 20 percent...depending on when you look at the quote.

If NFLX seems familiar it might be because it was one of the "underloved" stocks that made the scan I featured yesterday as short interest is nearly 40 percent of the stock's float and the Street is on the sidelines.

While the sentiment profile is interesting, I started to dig into this story and found a second release on the company's site that says the agreement would not have a material impact their financial performance and they were not upping their guidance.

To be honest I am not entirely sure what to make of that. I would much prefer to see an announcement that showed a strong fundamental impact to scare skeptics, but I am not one to argue with price action. It might be worthwhile to keep an eye on the first hour of trading to see how much of this strength holds. A quick reversal may hint to a head-fake rally but if the stock holds its gains it might mean that a sentiment shift is underway. /p>

This also highlights how it doesn't take much of a news announcement to get a stock moving when expectation are so low...

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