Stocks On The Move - August 29

Stocks Rise on Heavy Volumn:

• CytRx Corp. (CYTR): shares of Los Angeles, CA based biopharmaceutical research company soared 22.41% to $1.42 per share after the company received $24.5 million of royalty for drug development. The stock is now back above 50 day and 200 day moving average with K line on top over D line showing buy signal. If MACD can rise back above 0 then we may see the stock back to $2 soon. The stock was the second biggest winner on Nasdaq with 6.9 million shares exchanged hands.
• Sirva Inc.(SIR): shares of Westmont, IL based relocation services provider jumped 26.81% to $2.98 per share as the stock bounce off from recent sell-off which send the stock from $8 in May to $2 recently. The bounce back was triggered by low ROC which was at oversold level. With K line now on top over D line we could probably see more upward movement. The stock was the biggest winner on NYSE today with 2.3 million shares traded.

Stock Drop on Heavy Volumn:

• Bookham Inc. (BKHM): shares of San Jose, CA based optical network component maker tumbled 12.85% to $3.46 per share. With ROC showing stock was overbought and KD dropping we may see more sell-off coming until it dropped back at 50 day moving average. The stock was the seven leading decliner on Nasdaq today with 3.47 million shares traded.
• Ocwen Financial Corp. (OCN): shares of West Palm Beach, Florida based residential mortgage service company lost 10.15% to $14.51 per share on analyst downgrade. The stock in general is still in the bull market but the current sell-off may took the stock back to $14 or the 50 day moving average. The stock was the biggest loser on NYSE today with 2.5 million shares traded.