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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject6/7/2001 11:41:21 AM
From: besttrader   of 37746
 
11:36 ET Nasdaq Composite : -- Technical -- Solid reversal off the low fails for the second day in a row to take out resistance at the Jan/May trendline (2250). The weak posture of the intraday readings, the extent of the slide thus far and follow through beyond 2226 would raise the possibility of a run back to the 2205/2200 area.




11:32 ET Torch Offshore (TORC) 17.91 +1.91: -- Update -- IPO opens for trading at $18.10.




11:19 ET Callaway Golf (ELY) 19.40 -1.87: A number of reasons being cited for weakness in ELY: company was scheduled to present at the Bear Stearns Leisure conference on June 12 but cancelled (Callaway Investor Relations told Briefing.com that there is "a lot going on at the company" and noted that with a new President/CEO recently named, it was all hands on deck); also, WF Van Kasper downgraded the stock to MARKET PERFORM from Buy due to concerns about the golf market. Finally, a SVP/board member resigned last night, though this does not appear to be a major factor.




11:10 ET Stem Cell Stocks : Rally in stem cell sector names StemCells (STEM 3.98 +0.70, +21.3%) and Aastrom Biosciences (ASTM 1.94 +0.24, +14%) today. Contributing to advance is report researchers have discovered that damaged hearts can repair themselves by generating new muscle cells. According to an MSNBC story, heart attack patients in a matter of just a few years might routinely be given injections of their own laboratory-grown stem cells to stimulate the growth of new heart muscle.
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