Three Semiconductor Names Give A Negative Signal Analog Devices (ADI), Linear Technologies (LLTC) and Intersil (ISIL) all gave negative signals after the close on Monday with their 13 day moving averages crossing below their 50 day moving averages. The Semiconductor sector is one of the first to recover in a normal economic rebound, but the fundamentals are still very weak as the companies have little to no pricing power.
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Gold Rallies on Economic Uncertainty
SPDR Gold Shares (GLD) rallied to a three month high today on fear the economy will get worse before it gets better. The ETF which strives to stay inline with the price of Gold Bullion moved from $73.45 a share to an intra-day high of $98.99 share over the past three months as investors seek security.
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Huntington Bancshares Inc (HBAN) Tumble Huntington Bancshares fell dramatically today to near $1.30 a share from a high of $13.58 during the previous year. This prices the company at $479 million in market cap. Quite a demise for the mid-west bank known for assisting companies and metropolitans across the regions it operates in with numerous projects and expansions.
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Strong Call Volume for Wellpoint Inc (NYSE:WLP) Friday Wellpoint Inc (NYSE:WLP) saw strong Call Option buying on Friday with 17,535 contracts traded for the month of February at the strike price of $45. The stock itself finished the day up slightly at $43.75. These options expire at the end of the week prior to the company’s February 22nd earnings announcement. The managed care company could continue to move higher prior to the release of their earnings announcement but beating the current $1.24 estimate is not a given.
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Myriad Genetics, Inc. (Nasdaq: MYGN) Myriad Genetics is a medical diagnostic company that produces a number of molecular diagnostic and therapeutic products for the health care sector. The company reached a new 52 week high today with the market falling close to 5%.
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National Semiconductor Corp. (NSM) Options Activity National Semiconductor rallied 4.5% on Friday but underneath the decent stock performance remains weak fundamentals and strong Put Option buying in a number of months going forward. Not a whole lot of news no the day but the overall market was rallying and some beaten down stocks moved higher on hopes that the economy will begin to recover.
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Solid Week for the Markets With the Obama administration sworn into office and their stimulus bill already past one house of congress and close to passing in the Senate, the US stock markets rebounded nicely off relative lows this past week. If the markets can break higher the first part of this coming week, a bottom formation will be in and the markets could rally for a longer period of time.
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