New Split Drops
None
New Candidate Drops
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OMC
- Omnicom Group $89.20 +1.12 (-1.49)
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Omnicom got knocked down with the rest of the market yesterday, and, consequently, we were stopped out of this position. Omnicom did report solid quarterly results this morning. The company beat consensus estimates by a penny with profits of $0.52. Omnicom did not announce a split today, however. We will continue to monitor this stock. If OMC continues to correct, look for the stock to find support at the 50-DMA of $86.72.
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TARO
- Taro Pharmaceutical Industries $46.15 -6.15 (-8.75)
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Taro traded lower yesterday to hit our tightened stop at $53.00. We were fortunate this happen because today Taro was thoroughly routed in a fit of profit-taking that took the stock down to $44.03 a share. In case you have been wondering why we keep our stop losses so tight, look no further than Taro.
New Momentum Drops
| UNP
- Union Pacific Corporation $55.88 +0.88 (-2.97)
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Union Pacific gapped down on Monday following a weak earnings announcement from CSX Corp. (CSX) and a downgrade from Salomon Smith Barney. Shares of UNP traded to an intra-day low of $54.25 late in the session. We were stopped out at $54.50, so we are dropping UNP tonight.
Drops Index
