I love short squeezes in these big float stocks.
11:33 ET NXTL Nextel back for another try at resistance (6.61 +0.38) -- Technical --
Issue is in the midst of its best advance on a percentage basis in two years (one benefit of dropping to $3.50). Ran to and temporarily through its 200 day sma (6.87) yesterday (also roughly March high at 6.94) and is back for another try today. If a sustained break is seen, next resistances are at 7.36 (Wednesday high) and 7.66 (50 wk sma). Failure argues for at least a corrective pullback with initial support at 5.98/5.79
11:33 ET Percentage Gainers of Note
PCS +17%, Q +16%, CLS +15%, PPDI +12%, V +9%, AWE +8%, RSAS +8%, MOVI +7.5%, RSTN +8%, MSO +6%, DTE +6%, FTE +6%, IBM +4%.
11:16 ET ICOS ICOS sells off, despite Lilly reaffirming Cialis launch (15.02 -1.79)
Stock is getting slammed (-10.6%) on news of continuing manufacturing problems at LLY; however, Dow Jones reports that LLY says manufacturing issues will not hurt the co's impotence drug Cialis (jointly-developed with ICOS), which is expected to launch in 2H03.
11:09 ET Nasdaq Composite Intraday -- Technical --
Choppy activity at modestly lower levels has dominated thus far today. Index has worked off the low with a sustained penetration of intraday resistance at 1385 opening the door for at least some follow through gains. Next minor ceilings are at 1392 and the 1401/1404 area. More important resistance is between 1417 (20 day ema) and 1423 (yesterday's high). Supports are at 1375, 1370 (Wednesday's low) and the 1360/1357 area.
11:06 ET Point Losers of Significance
NSIT -11.24, ADP -9.55, BAX -9.41, XL -6.90, ITRI -6.34, PNC -6.24, HSC -4.51, PGR -4.15, PAYX -3.75, PRE -3.30, TSG -3.00, ACS -2.98, CB -2.85, KFT -2.55, RE -2.43, LLY -2.15, SEBL -2.05, BARZ -2.00, RJR -1.90, FBF -1.65, MEL 1.60, BGEN -1.40. |
