Following the lead of several techs, the S&P 500 Index faded by more than 0.2% on Wednesday to 1,334 after China announced an interest rate hike and as traders awaited job reports.
Micron Technology (NYSE: MU) continued its downward trajectory by about 3.25% to trade around $7.50 after recent disappointing numbers. Micron is trading well beneath its 20-, 50- and 200-day moving averages. With a relative strength index of 34.85, Micron Technology is close to the 30 floor for a stock to be considered oversold. The short float for Micron Technology is over 6%, and the share price is almost 40% below its year high.
Another tech down by more than 3% was Allegheny Technologies (NYSE: ATI), losing almost $2 per share to trade around $60.80. Allegheny is selling below its 20- and 50-day moving averages, but above its 200-day moving average. The short float for Allegheny Technologies is 10.92%. It is about 17% below its high for the year, with a relative strength index of 44.40.
MEMC Electronic Materials (NYSE: WFR) was down by more than 3% at around $8.10, about a loss of 25 cents per share, after it announced the termination of a deal with Suntech Power Holdings. While MEMC will receive a $120 million breakup fee from Suntech for ending the agreement, the stock still is trading beneath is 20-, 50- and 200-day moving averages. The relative strength index for MEMC is at 34.24, and the stock still is up for the week.
Up almost 4%, about 75 cents, in the morning session was Tesoro (NYSE: TSO), to around $23.90. The oil refiner is trading almost 18% above its 200-day moving average, and also higher than its 20- and 50-day moving averages. The relative strength index for Tesoro is 60.93, with 70 the standard for a stock to be considered overbought. Tesoro is almost 18% below its year high of $28.74.
Cablevision Systems (NYSE: CVC) was up close to 3%, trading over $27 for a gain of about 65 cents in the morning session. Cablevision is going for more than its year high of $26.82. The relative strength index is over 70, at 70.82. The short float for Cablevision is at 2.42%, and it is trading above its 20-, 50-and 200-day moving averages.
Up almost 2% was Boston Scientific (NYSE: BSX), gaining around 15 cents to almost $7.30 in early action. Boston Scientific is trading above its 20-, 50- and 200-day moving averages. It is about 8.5% lower than its year high of $7.96. The relative strength index for Boston Scientific is 57.37.
As of this writing, Johnathan Yates did not own a position in any of the stocks named here.
