13:04 ET QLogic (QLGC) 60.20 +6.08 (+11.2%): -- Technical -- Races to a solid resistance barrier at 60 (Dec/Jan low, Mid-Feb high,
bottom of sizeable Feb gap) amid stronger than average volume (upgraded by Robbie Stehpens to Buy prior to the open). Although
overextended on a short term basis, momentum is strong with a breach of the above level pointing initially to resistance near 62/62.50.
12:39 ET Procter & Gamble (PG) 64.86 -2.63 (-3.9%): -- Update -- Banc of America Sec. downgrades MKT PERFORM from Buy in
afternoon note; feels that Clairol acquisition shows a lack of focus; concerned that price paid was too high; acquisition could result in
employee morale issues.
12:19 ET Tellabs (TLAB) 42.50 +3.95 (+10.2%): -- Update -- Technical -- Able to stage bull breakout today (highlighted in Morning
Movers story) and is now working on resistance at 42.5 area (62% off March high). While volume is not exceptionally heavy thus far,
momentum and patterns bode well. Chart congestion provides next resistance near 43.5 with a secondary ceiling at 45/46. Takes losses
through support at 40 to inflict any damage.
12:12 ET Tellium (TELM) 24.97 +3.17: Recent IPO surges to new all-time high. TELM shares came to market May 17 at $15 per share.
Company is a designer of optical switches, competing in the same space as Ciena (CIEN).
11:55 ET Sector Watch: Semiconductor : Another sector (SOX at 691) on the move today which is in position to retest its April recovery
high. Next resistance on a breakout for the SOX index is in the 720/725 area. Leadership provided by NSM (+7.3%), MU (+6.8%), TER
(+6.6%), LSCC (+5.5%) and LSI (+5.3%).
11:55 ET BioSource Int'l (BIOI) 7.35 -2.91 (-28.3%): Plunges after life sciences company announces the resignation of its CEO and
COO, both for personal reasons.
11:50 ET Sun Microsystems (SUNW) 21.94 +1.97 (+9.9%): -- Update -- There had been some talk on trading floors that Merrill Lynch
made positive comments on SUNW; Merrill says that it has not made any new incremental comments today. Merrill still believes that
inventories, UltraSparc-3 availability, and demand will slightly improve, and maintains NT ACCUMULATE/LT BUY ratings. |
