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On Page B2 in the Friday 18 February issue of Investor's Business Daily, there is an article with the headline, "Top Funds Sell Lucent, AT&T, Applied Micro Circuits." The article goes on to say, "Applied Micro Circuits, a sensational performer that's made a fivefold move in just six months, was sold by a majority of the funds that traded it recently. . . IBD spotted 36 top funds selling Applied Micro Circuits, while only 19 bought. The selling could be a timely warning. The stock, a leader had a big churning day last Friday (Feb 11), when it traded 3.4 million shares, triple normal, and closed down 28 7/32 to 230. It went as high as 261 5/8 during the day. The stock is extended and more than 200% above its rising 200-day moving average line. So, technically it looks vulnerable. However, earnings for the maker of high-bandwidth integrated circuits remain strong. Analysts see net for the fiscal first quarter increasing 150%. That is an acceleration in growth from the 71%, 78% and 133% gains the prior three quarters." - David |
