Schaeffer's Trading Floor Blog

Highs & Lows: Jazz Pharmaceuticals and OmniVision Technologies

JAZZ jumped to a new record high today, while OVTI fell to a fresh 52-week low

by 9/20/2011 3:08 PM
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Despite a generally positive day on Wall Street, new annual lows are still outnumbering annual highs. The NYSE reports 44 stocks at new 52-week peaks, along with 53 securities in annual-low territory. Meanwhile, the Nasdaq has racked up just 33 new highs, compared to 69 new lows. Among the bullish elite today is Jazz Pharmaceuticals, Inc. (JAZZ - 47.73), while OmniVision Technologies, Inc. (OVTI - 16.40) has joined the ranks of stocks exploring 52-week lows.

JAZZ price chartBeginning with JAZZ, the stock is up more than 9% this afternoon, after earlier climbing to an all-time best of $47.88. Now, JAZZ is trading well north of short-term support at its 10-day and 20-day moving averages. Today's gains simply continue a longer-term rise for JAZZ, which boasts an impressive 52-week gain of roughly 323%.

Judging by today's breakout price action, traders are pretty excited about JAZZ's plans to merge with Irish drug company Azur Pharma. Under the terms of the deal, JAZZ shareholders will own roughly 80% of the newly formed Jazz Pharmaceuticals PLC. The merger is expected to close during the first quarter of 2012.

OVTI price chartOn the other hand, OVTI has beaten a steady path lower throughout the session, having bottomed out at $16.37 just a few minutes ago. This represents the stock's lowest price since May 2010. Year-to-date, the struggling tech stock has shed 42.3% of its value, woefully underperforming the broader equities market.

Going forward, OVTI could be at risk of negative analyst notes. Despite the equity's recent nosedive on the charts, Zacks reports that eight out of 10 brokerage firms maintain a "buy" or better rating on the shares. Any downgrades from this group could send OVTI even deeper into annual-low territory.

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