Despite Sell-Off, Some Techs on 52-Week Highs (ARUN, ELOY, PWRD, STAR)
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There is an interesting line-up of tech stocks which hit 52-week highs today. This is despite the wave of selling and profit taking we have seen. We saw several hit highs on an intra-day basis, including Aruba Networks, Inc. (NASDAQ: ARUN), eLayalty Corporation (NASDAQ: ELOY), Perfect World Co., Ltd. (NASDAQ: PWRD), and Starent Networks, Corp. (NASDAQ: STAR).
Aruba Networks, Inc. (NASDAQ: ARUN) continued its surge on security launches as shares hit north of $8.00 briefly today. The close was $7.75 and the old 52-week high was $7.85.
eLoyalty Corporation (NASDAQ: ELOY) rose another 5% to $8.31 today, but this was not above the full 52-week lows after backing off of highs. The old high was $8.50 and it hit $8.65 today. Consulting and managed services for behavioral management and integrated contact solutions must be in demand.
Perfect World Co., Ltd. (NASDAQ: PWRD) a hit 52-week high very briefly today at $30.01, topping the old 52-week high of $30.00. Shares closed up 3% at $29.83 on the day. This came on the heels of Citigroup raising its target to $36.00.
Starent Networks, Corp. (NASDAQ: STAR) closed up almost 3% at $23.99 today, above the old 52-week trading range of $7.30 to $23.69. This looks like follow-on buying from yesterday’s KDDI contract in Japan and from last week. Despite many stocks being way down, this one is up $3.00 from lows over the last 5-day period.
Jon C. Ogg
June 23, 2009
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