Three stocks that have been on the move recently are Juniper Networks Inc. (JNPR), Biogen Idec Inc. (BIIB), and Cree, Inc. (CREE). I have touched on each of these recently and wanted to offer a quick update.
Juniper, which I profiled last month, staged a successful bounce off the support near 30 and overtook that August peak. The stock has now pulled back to that recent top and it testing that as short-term support (red line). According to Zacks, only 8 of 22 analysts (36 percent) rank the stock with a "buy" rating.
Biogen, which I have been following for some time and touched on earlier this month, has continued its recent uptrend. The steady trend makes it more difficult to identify short-term support zones but the area near 65 looks like at least a near-term level to watch. According to Zacks, only 4 of 18 analysts (22 percent) rank the stock with a "buy" rating.
Cree, which I discussed yesterday, is back on the move again today. Yesterday I noted that there was some options activity but said that looked to be part of a combination trade involving both calls and puts. The stock is hitting a new high again today and the options are once again active. However, the option activity today seems to be centered mostly on the calls. The stock has popped 25% since I started discussing it earlier this month. The action is starting to get volatile now but, as we discussed yesterday, the Street is still on the sidelines.
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