Stocks On The Move - August 31
Stocks Rise on Heavy Volumn:
- Joy Global Inc. (JOYG): shares of the Milwaukee, WI based mining equipment manufacturer is on a joy ride today soaring 21.52% to $43.54 per shares after the company posted strong third quarter earning which toped World Street estimates and also issued bullish outlook. Since the stock is still weak with MACD below 0 and 50 day moving average below 200 day moving average, we could see profit taking tomorrow. The stock was the fourth leading gainer and the fifteenth heaviest traded on Nasdaq today with 15.8 million shares traded.
- Glamis Gold Ltd. (GLG): shares of Reno, Nevada based gold mining company surged 18.68% to $46.12 per share as Goldcorp agreed to buy the company for $8.6 billion. With ROC now showing the stock is overbought, there's chance of profit taking. Yet with 50 day and 200 day moving average still rising, this is a good stock to hold for long. The stock was the second leading gainer on NYSE today with 12 million shares traded.
Stocks Drop on Heavy Volumn:
- Genta Inc. (GNTA): shares of the Berkeley Heights, NJ based biopharmaceutical firm were down 15.56% to $1.52 today on uncertainty over a vote by federal regulators. If the stock break below 50 day moving average, we could see more sell-off coming. The stock was the fourth leading decliner on Nasdaq today with 13 million shares traded.
- ADVO Inc. (AD): sahres of Windsor, Connecticut based printed advertising company plunged 22.31% to $28.59 after Valassis filed lawsuit to kill the merger announced in early July. ROC is showing the stock is being oversold so do expect bounce back very soon. The stock was the biggest loser on NYSE today with 11 million shares exchanged hands.
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