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The Stock List: Amazon, Netflix Advance as Bank Sell-Off Continues, IP Buys TIN
By: Trading Markets
Our Swing Trading with TradingMarkets Stock List for Wednesday includes a number of financials that have continued to sell-off below the 200-day moving average. Also making Wednesday's list are outperformers in growth stocks like Amazon.com and Netflix (more on both stocks below).
In merger and acquisition news, Internat Paper Co ( IP ) has finally won out in its bid to acquire Temple Inland Inc ( TIN ) in a deal valued at more than $4 billion. And still trading lower after the U.S. Justice Department challenged its proposed aquisition of T-Mobile is AT&T Inc ( T ) .
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Here are 7 Stocks You Need to Know for Wednesday.
What's up on a down day? Stocks like Amazon.Com Inc ( AMZN ) and Netflix Inc ( NFLX ) climbed by more than 2% ahead of trading on Wednesday. Of the two, shares of Amazon.com are trading above their 200-day moving average, and have rallied to a new 10-day closing high in the wake of a two-day pullback.
Lagging somewhat among the growth names are stocks like LNKD ( LNKD ) and Salesforce.com Inc ( CRM ) . Shares of LNKD have closed lower for four days in a row, while CRM ended trading on Tuesday down for a third consecutive session.
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Plunging by more than 3% below the 200-day are financial stocks like JPMorgan Chase and Co. ( JPM ) and Bank Of America Corp ( BAC ) . Persistent selling in these stocks has reduced them to severely oversold levels.
But the most aggressive selling in the S&P 500 came in the market for shares of Sprint Nextel Corp ( S ) . The stock fell by more than 4% ahead of trading on Wednesday and has been trading below its 200-day moving average since late July.
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David Penn is Editor in Chief of TradingMarkets.com