Schaeffer's Trading Floor Blog

Highs & Lows: GameStop, Baidu, and Intel

GME, BIDU, and INTC are among a number of stocks recording technical milestones today

by 11/21/2012 1:33 PM
Stocks quoted in this article:

After sitting in the red in early trading, major market indexes have muscled their way back above breakeven, with traders choosing to take today's mixed bag of economic data in an optimistic light. Against this backdrop -- and amid a low-volume session -- the NYSE has 70 stocks that have rallied to new heights, compared to 26 that have fallen to new lows. Meanwhile, 22 equities at the Nasdaq have recorded fresh 52-week peaks, while the same number has found new bottoms. Among the securities tagging technical milestones today are GameStop Corp. (NYSE-GME - 27.05), Baidu, Inc. (NASDAQ:BIDU - 91.30), and Intel Corporation (NASDAQ:INTC - 19.38).

  • Continuing to ride an earnings-induced wave higher, GME hit the $27.15 mark today -- it's loftiest perch since July 2011. This recent bout of positive price action is just more of the same for a stock that's outperformed the broader S&P 500 Index (SPX) by more than 46 percentage points during the past 60 sessions. Additionally, GME is sporting a respectable 20.5% year-over-year advance. Option players have paid no mind to these technical triumphs, though. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call volume ratio of 2.05 ranks in the 95th percentile of its annual range. In other words, puts have been bought to open over calls at a near annual-high clip in recent weeks.

  • Having a decidedly different day is BIDU, who wallowed to a two-year low of $90.55 in today's session. The stock was down roughly 3% at last check, adding to its already dismal 24.3% year-over-year deficit. The equity's recent technical trials have been highlighted by BIDU's descending 10-day moving average, which has ushered the security lower since late October. Additional headwinds may be in store, considering 11 out of 15 analysts still maintain a "buy" or "strong buy" suggestion toward the stock, despite its trouble on the charts. A round of downgrades from this upbeat bunch could apply additional pressure on struggling BIDU.

  • It's a pretty gloomy day for INTC, as well. The equity was hit with a barrage of bearish brokerage notes yesterday, after reports surfaced on Monday that the company's current CEO will be hitting the bricks in May. INTC continues to be pressured lower, and reached a fresh 52-week bottom of $19.23 in today's trading. Short-term option players should be pleased, though. The stock's Schaeffer's put/call open interest ratio (SOIR) of 1.03 ranks higher than 78% of other such readings taken in the past year, indicating traders are more put-heavy than usual among options expiring over the next three months.

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