New Split Drops
None
New Candidate Drops
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AYE
- Allegheny Energy Incorporated $45.50 +0.54 (-2.02)
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We were expecting that Lehman Brothers "buy" rating on AYE would reverse recent weakness in the stock and encourage some buyers to jump in. The news, however, did not produce the scenario we were anticipating, as a sharp gap lower at the open stopped us out at $45.80. This weakness was likely due to Wednesday's sell-off in the NYSE Utility Index (NNA), which posted a 3% loss on the day. With that said, we say good-bye to AYE.
| OAT
- Quaker Oats Company $97.24 -0.51 (-1.56)
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We entered OAT on the theory that the stock's upward trend would continue. On the day we picked the stock, shares had just broken into new territory and set a new all time high of $99.33. Unfortunately, a close above this stubborn level was never reached. That aside, the stock did offer us a couple of quick intra-day plays off the 50-dma, before our stop of $96 was finally taken out.
| PFGC
- Performance Food Group $47.56 +1.19 (-1.31)
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Performance Food continued to slide on Wednesday. The stock fell to an intra-day low of $45.94, triggering our stops along the way. We were stopped out at $47, so we are dropping PFGC tonight.
New Momentum Drops
| BDX
- Becton, Dickinson and Co. $33.90 -0.22 (-2.10)
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BDX suffered from some more profit taking and slipped below our stop of $34.50 on Wednesday. In our last report, we suggested that BDX was looking a little risky due to the stock's inability to stay above the 50-DMA of $35.00. It turned out that we were right.
Drops Index
