ESV, RS, LGND, ONXX, OSIR - Stock Charts to Watch
It was the worst day on Wall Street in 2012 on Thursday in terms of the losses, and it was a steady down move all day. Some pretty ugly economic news from the rest of the world is what caused that, not to mention the potential downgrades from the banks. It’s ugly. Keeping that in mind, we’re going to go over some of the Boxer Shorts. We haven’t touched on them all week, so we’ll take a look at how some of the patterns have developed, and a look at a few of the stocks that are still looking well on the long side.
Ensco plc (ESV) has a crack in the wedge that formed, and on Thursday, it dropped 2.11, or 4 1/2%, on 3.1 million shares traded. If it cracks further on Friday, watch for an accelerated move that can get this stock down around the 39 level.
Reliance Steel & Aluminum Co. (RS) had a nice little popping pattern that broke down, formed a wedge, and on Thursday, dropped 2.09, or 4.25%, on 376,000 shares. This stock could really fall if it cracks here, and run down into the 41-2 zone.
Stocks on the Long Side
Ligand Pharmaceuticals Inc. (LGND) had a monster move on Thursday, with a breakaway gap and pop on the news of the drug approval on Onyx, its partner. It was up 1.94 to 16.49, or 13%, on 1.4 million shares, which is huge for that stock on a day the market got crushed for the year so far.
Onyx Pharmaceuticals, Inc. (ONXX) was the star of the day, by far, up 19.20 to 63.78, or 43%, on 22.7 million shares on the drug approval already mentioned.
Osiris Therapeutics, Inc. (OSIR), another biotech stock that is doing fantastic, in the last couple weeks has been trending beautifully. It pulled back 2 days ago, snapped back on Wednesday, made new highs on Thursday getting all the way up to 12.88 before backing off to 11.59. Still, it was up 51 cents, or 4.6%, but way off the high. However, it did close right near the high from 3 days ago. Let’s see if it can stabilize in here, and maybe move up to the 15.00 target if the market cooperates.
Other stocks in our Charts for the Day are American Public Education, Inc. (APEI), CEVA Inc. (CEVA), Coach, Inc. (COH), CARBO Ceramics Inc. (CRR), Clayton Williams Energy Inc. (CWEI), Deckers Outdoor Corp. (DECK), EV Energy Partners LP (EVEP), Fastenal Company (FAST), Gardner Denver Inc. (GDI), Golar LNG Ltd. (GLNG), Helmerich & Payne Inc. (HP), Joy Global, Inc. (JOY), Loral Space & Communications, Inc. (LORL), OPNET Technologies Inc. (OPNT), Pioneer Natural Resources Co. (PXD), A. Schulman, Inc. (SHLM), Constellation Brands Inc. (STZ), Varian Medical Systems Inc. (VAR), and Valeant Pharmaceuticals International, Inc. (VRX).
Stocks on the long side on the Charts of the Day include Arena Pharmaceuticals, Inc. (ARNA), Horizon Pharma, Inc. (HZNP), LeapFrog Enterprises Inc. (LF), Repros Therapeutics Inc. (RPRX), and Smart Balance, Inc (SMBL).