New Split Drops
| APPB
- Applebee's $439.78 -3.32 (-3.94)
|
APPB was indirectly hit by the announcement out of CEC Entertainment
(NYSE:CEC) Wednesday night that they would not meet their earnings
target for the year. As a result of CEC's (Chuck E. Cheese) woes,
restaurant and soft drink stocks traded much lower on the day. Our
stop at $40.50 was triggered in the downdraft, so we exit APPB with a
loss today.
| PKI
- PerkinElmer $69.03 +2.02 (-3.36)
|
PerkinElmer, which is in several high technology businesses, was
negatively affected by Sun Microsystems' (NASDAQ:SUNW) pre-earnings
release yesterday. The stock dropped to our suggested stop of $67.00
on Wednesday. It appears that PKI has found support right at $67.00
over the past two trading sessions. Those of you who opted not to
follow our suggested stop should remember that PKI's 2:1 split is
payable tomorrow.
New Candidate Drops
None
New Momentum Drops
| SCH
- The Charles Schwab Corp $18.80 +0.15 (-2.00)
|
The mild follow through to yesterday's weak market action during
today's first hour of trading knocked SCH just below our suggested
stop. The subsequent recovery does suggest that SCH has found some
support near its 50-DMA of $18.44. Momentum players might still be
interested in trying to trade SCH to the long side if it can cross
above the $21.59 resistance. SCH was probably negatively affected by a
downgrade from Bear Stearns. The Schwab competitor lowered its rating
of SCH to "attractive" from "buy".
Drops Index
