Stock to Sell #5 – QLogic Corp. (QLGC)
QLogic Corp. (NASDAQ:QLGC) designs and supplies network infrastructure products that provide and manage computer data communication. Earnings fell in three of the past four quarters from comparable year-ago periods, and analysts’ estimates for next year are mixed.
Technically, the stock is in a bear market with resistance at just over its bearish resistance line at $12. In early October, it broke a temporary support line at $11 as distribution increased. MACD flashed a sell signal in mid-September. Sell QLGC with a downside target of $8.50.