The following stocks gapped up significantly at the open on March 26: Arena Pharmaceuticals, Inc, Cornerstone OnDemand, Inc, Malaysia Fund Inc, Ancestry.com Inc, and ExactTarget, Inc. Common Stock. These stocks may be up because of positive overnight news, overall market bullishness, or increased speculation. Oftentimes stocks will close the gap, meaning they will retrace to the last day's high. Thus, gap ups are often good selling opportunities but in some cases, watch for the stock to continue higher.
Shares of Arena Pharmaceuticals, Inc (ARNA) opened higher by 9.13% and are currently trading at $2.78. In the past year, the shares have traded as low as $1.21 and as high as $2.62. On average, 4786660 shares of ARNA exchange hands on a given day and today's volume is recorded at 9185127. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $1.82 area where the stock will likely see buying pressure.
Shares of Cornerstone OnDemand, Inc (CSOD) opened higher by 7.1% and are currently trading at $21.62. In the past year, the shares have traded as low as $11.50 and as high as $23.50. On average, 272320 shares of CSOD exchange hands on a given day and today's volume is recorded at 177513. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $19.41 area where the stock will likely see buying pressure.
Shares of Malaysia Fund Inc (MAY) opened higher by 5.87% and are currently trading at $10.15. In the past year, the shares have traded as low as $8.51 and as high as $11.61. On average, 11330 shares of MAY exchange hands on a given day and today's volume is recorded at 19415. The shares are currently trading above the 200-day moving average which indicates that the shares have been subject to upward momentum. The 200 DMA is above the 50 DMA which indicates that the stock has likely taken a dip in the shorter term. The stock may eventually drop to test the 200-day moving average where buyers may be lurking near the $10.09 area.
Shares of Ancestry.com Inc (ACOM) opened higher by 5.59% and are currently trading at $23.03. In the past year, the shares have traded as low as $20.67 and as high as $45.79. On average, 1035319 shares of ACOM exchange hands on a given day and today's volume is recorded at 408457. The shares are currently trading below the 50-day and 200-day moving averages which indicates that the shares have been experiencing downward momentum. The stock may bounce back to test the 200-day moving average. Thus, you may want to pay close attention for a move up to the $26.38 area but be careful because the stock may face selling pressure at this level.
Shares of ExactTarget, Inc. Common Stock (ET) opened higher by 5.55% and are currently trading at $27.71. In the past year, the shares have traded as low as $22.50 and as high as $29.88. On average, 5676700 shares of ET exchange hands on a given day and today's volume is recorded at 91702. The shares are currently trading above the 200-day moving average which indicates that the shares have been subject to upward momentum. The 200 DMA is above the 50 DMA which indicates that the stock has likely taken a dip in the shorter term. The stock may eventually drop to test the 200-day moving average where buyers may be lurking near the $25.71 area.
