Today’s market looked more like an advanced yo-yo session rather than a regular stock market trading day. Since stocks gapped down so much, there were many new names on the list of 52-week lows. What is interesting is that many other stocks hit 52-week lows but bounced back to being positive on the day.
- American Express (NYSE: AXP) and Capital One (NYSE: COF) both graced the list of lows as GE’s consumer losses only added fuel to the fire.
- Blue Nile Inc. (NASDAQ: NILE) tankola, again. Forget Valentine’s Day this year.
- Clorox Co. (NYSE: CLX) burns investors’ eyes as bad as it burns its client’s eyes.
- Elizabeth Arden (NASDAQ: RDEN) keeps falling after the bad news from it and its peers over the last week and a half. Brittney Spears can’t help.
- FedEx Corp. (NYSE: FDX) keeps dropping.
- Harley Davidson (NYSE: HOG) caught another case of HAGS and is believed to be in trouble all year after earnings.
- Intuitive Surgical (NASDAQ: ISRG) keeps getting pounded. Down close to 70% from highs now. Leonardo DaVinci would now sue over the use of his name.
- The Korea Fund (NYSE: KF) was down almost 7%. We don’t like to put country funds or ETF’s today, but that Kim Chee from last night just didn’t sit well today.
- Microsemi (NASDAQ: MSCC) on earnings warning.
- Polaris Industries (NYSE: PII)… weak HOG sales from Harley, weak motorcycle and snowmobile relative? Works every time.
- Rackspace Hosting (NYSE: RAX)… Racking the Rackers, in the server room….
- RealNetworks (NASDAQ: RNWK), a surprise but think of peers. And when was the last time you bought anything from them?
- Seagate Technology (NYSE: STX) again… with the earnings it put up this week, you can call it Floodgate.
Jon C. Ogg
January 23, 2009