Schaeffer's Trading Floor Blog

Checking Back on ZMH

by 4/1/2005 11:51 AM
Stocks quoted in this article:

Yesterday morning I noted the downgrades on Zimmer Holdings (ZMH) and provided a link to this commentary - "Reader Requested Stock Analysis - Three Points of Interest You Should Be Aware Of". While that commentary focused on the longer-term picture, the chart below highlights the recent activity...


Created with SuperCharts by Omega Research

The shares were able to bounce from their intraday lows yesterday but have given that bounce back in today's action. Interestingly enough, yesterday's close brought the shares back to former support which should now serve as resistance.

Even after yesterday's downgrades, a check of Zacks shows that 14 of the 20 analysts (70 percent) still rank the stock with a "buy" rating...

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Index Check

by 4/1/2005 11:07 AM
Stocks quoted in this article:

Selling has taken hold so I want to update my indices graph so you could see where momentum had shifted the most...

At the open we saw nearly unanimous gains and now see a major shift in the broad market indices along with the tech sub groups. Housing is still clinging to gains as the group continues to flirt with retaking support. Oil and gas are still holding the bulk of their gains.

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For What It Is Worth...

by 4/1/2005 10:28 AM
Stocks quoted in this article:

The major indices have now drifted back to breakeven or below....I have to believe that a lower close today would be a blow to the psychology of the bulls...

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ISM?

by 4/1/2005 10:17 AM
Stocks quoted in this article:

The ISM data is out...well sort of. There appears to be confusion about the release and whether it was correct. What I do know is that stocks have pulled back a bit...


Chart Courtesy of Thomson/ILX

As you can see below, the major indices are still holding gains, but they aren't quite the blockbuster moves that futures were indicating...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1185.5 4.9 points 0.41 percent
Dow Jones Industrial Average (DJIA) 10533.4 30 points 0.3 percent
Nasdaq Composite (COMP) 2006.5 7.3 points 0.37 percent
Russell 2000 (RUT) 617.9 2.8 points 0.46 percent
CBOE Market Volatility Index (VXO) 13.37 -0.25 points -1.8 percent

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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 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
Gain
Percent of Float
Sold Short
Yesterday's
Close
Today's
Return
Cyberonics, Inc. (CYBX) 11.1 18.9 44.17 -2.72
Conn's, Inc. (CONN) 6.0 28.0 18.80 1.07
Netflix, Inc. (NFLX) 5.9 40.6 10.85 0.56
Plug Power, Inc. (PLUG) 4.8 10.3 6.60 1.37
Oxford Industries, Inc. (OXM) 4.8 16.5 36.59 1.31
Wild Oats Markets, Inc. (OATS) 4.6 16.3 10.63 -0.56
Navarre Corporation (NAVR) 4.6 34.9 7.95 1.64
First Horizon Pharmaceutical Corporation (FHRX) 4.5 23.1 16.88 1.36
CMS Energy Corporation (CMS) 4.3 10.3 13.04 1.46
Quicksilver Resources Inc. (KWK) 4.0 10.7 48.73 1.07
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