Schaeffer's Trading Floor Blog

Highs & Lows: Aware, Jazz Pharmaceuticals, and InterMune

AIG, AWRE, and JAZZ hit new annual highs, while MDRX, ITMN, and MXWL fell to new annual lows

by 4/27/2012 2:24 PM
Stocks quoted in this article:

Stocks are trekking steadily higher as the session continues, with the major equity indexes preparing to end the week up roughly 2%. Against this bullish backdrop, 179 securities on the NYSE have touched new annual highs today, compared to only nine names at fresh 52-week lows. Likewise, the Nasdaq has tallied 110 new highs, along with just 23 annual lows. Among the stocks hitting notable technical milestones in today's trading are Aware, Inc. (AWRE), Jazz Pharmaceuticals plc (JAZZ), and InterMune, Inc. (ITMN).

Notable Stocks at Annual Highs

  • American International Group, Inc. (AIG - 34.60) peaked at $34.63 after Atlantic Equities resumed coverage of the stock with an "overweight" rating. AIG is up 6% over the past year, but a strong technical showing in 2012 has pushed its Relative Strength Index (RSI) to a relatively elevated 64. Atlantic is in the minority with its bullish rating, as only 40% of analysts have deemed the bailout recipient worthy of a "buy."
  • Aware, Inc. (AWRE - 6.05) rocketed as far north as $6.54 -- a new four-year high -- on news that it will sell a patent portfolio to Intel (INTC) for $75 million. The stock is up well over 60% today, adding to its year-over-year advance of about 13%. AWRE's RSI stands at 49, and not a single analyst is currently tracking the shares.
  • Jazz Pharmaceuticals plc (JAZZ - 52.69) topped out at an all-time high of $54.50, with traders cheering the company's newly announced plan to acquire EUSA Pharma for approximately $700 million. JAZZ has jumped 40.5% over the past year, but its RSI currently checks in at a middling 45. All six brokerage firms covering the drug stock have doled out a "buy" recommendation.

Notable Stocks at Annual Lows

  • Allscripts Healthcare Solutions, Inc. (MDRX - 10.09) touched a session low of $8.99, pressured by a bleak earnings report and the ouster of Chairman Philip Pead. The shares have slumped about 37% today, deepening their 52-week loss of 22.3%. MDRX sports a slim RSI of 37, and the stock has attracted 68% "buy" ratings from brokers -- but those bulls are jumping ship fast. So far today, MDRX has been hit with no fewer than nine downgrades.
  • InterMune, Inc. (ITMN - 10.31) has recovered slightly from its annual low of $9.66, but the stock is still down more than 17% after confessing to a wider-than-expected first-quarter loss. The shares have already plummeted about 73% over the past 12 months, and its RSI arrives at 44. Despite the long-term downtrend, 75% of analysts have issued a "buy" recommendation on ITMN.
  • Maxwell Technologies, Inc. (MXWL - 9.81) tumbled all the way down to $8.81 on the heels of last night's earnings report, hitting its lowest price since May 2009. Heading into today's session, the shares had endured a 52-week decline of nearly 14%, with MXWL's RSI of 33 verging on oversold territory. Ten analysts out of 12 call the stock a "buy," so there's plenty of room for future downgrades.

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