The following stocks gapped up significantly at the open on March 29: Collective Brands, Inc, Red Hat, Inc, Threshold Pharmaceuticals Inc, Movado Group, Inc, and Illumina Inc. 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 Collective Brands, Inc (PSS) opened higher by 8.79% and are currently trading at $19.89. In the past year, the shares have traded as low as $9.11 and as high as $23.16. On average, 1581180 shares of PSS exchange hands on a given day and today's volume is recorded at 1128624. 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 $17.44 area where the stock will likely see buying pressure.
Shares of Red Hat, Inc (RHT) opened higher by 6.75% and are currently trading at $56.4. In the past year, the shares have traded as low as $31.77 and as high as $54.01. On average, 1611390 shares of RHT exchange hands on a given day and today's volume is recorded at 1790115. 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 $49.17 area where the stock will likely see buying pressure.
Shares of Threshold Pharmaceuticals Inc (THLD) opened higher by 6.28% and are currently trading at $8.41. In the past year, the shares have traded as low as $1.18 and as high as $8.50. On average, 3132980 shares of THLD exchange hands on a given day and today's volume is recorded at 1642068. 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 $4.45 area where the stock will likely see buying pressure.
Shares of Movado Group, Inc (MOV) opened higher by 5.12% and are currently trading at $24.52. In the past year, the shares have traded as low as $10.89 and as high as $22.65. On average, 152510 shares of MOV exchange hands on a given day and today's volume is recorded at 84221. 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 $20.38 area where the stock will likely see buying pressure.
Shares of Illumina Inc (ILMN) opened higher by 4.37% and are currently trading at $51.9. In the past year, the shares have traded as low as $25.57 and as high as $79.41. On average, 3115380 shares of ILMN exchange hands on a given day and today's volume is recorded at 6590387. 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 $49.99 area where the stock will likely see buying pressure.
