The following stocks gapped down significantly at the open on March 27: Kaydon Corporation, MAP Pharmaceuticals, Inc, McMoRan Exploration Co, Apollo Group Inc, and Neurocrine Biosciences Inc. These stocks may be down because of negative overnight news, overall market bearishness, or shorters pounding the stock down in hopes to cover. Oftentimes stocks will close the gap, meaning they will retrace to the last day's low. Thus, gap downs are often good buying opportunities.
Shares of Kaydon Corporation (KDN) opened lower by -27.84% and are currently trading at $26.2. In the past year, the shares have traded as low as $26.28 and as high as $39.44. On average, 308150 shares of KDN exchange hands on a given day and today's volume is recorded at 100302. The shares are currently trading below the 200-day moving average which indicates that the shares have been suffering from downward momentum lately. The stock may bounce higher to test the 200-day moving average, so look for a move up to the $32.90 area where the stock may encounter resistance.
Shares of MAP Pharmaceuticals, Inc (MAPP) opened lower by -18.73% and are currently trading at $15.0. In the past year, the shares have traded as low as $10.54 and as high as $17.92. On average, 273810 shares of MAPP exchange hands on a given day and today's volume is recorded at 3862978. The shares are currently trading below the 50-day moving average but above the 200-day moving average. The stock may be range bound between these two levels where the 50-day moving average of $15.51 represents resistance and the 200-day moving average of $14.63 would be an area of support.
Shares of McMoRan Exploration Co (MMR) opened lower by -14.25% and are currently trading at $10.72. In the past year, the shares have traded as low as $8.25 and as high as $19.26. On average, 2355750 shares of MMR exchange hands on a given day and today's volume is recorded at 2220913. 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 $13.30 area but be careful because the stock may face selling pressure at this level.
Shares of Apollo Group Inc (APOL) opened lower by -7.13% and are currently trading at $39.8. In the past year, the shares have traded as low as $37.08 and as high as $58.29. On average, 2268230 shares of APOL exchange hands on a given day and today's volume is recorded at 1658757. The shares are currently trading below the 200-day moving average which indicates that the shares have been suffering from downward momentum lately. The stock may bounce higher to test the 200-day moving average, so look for a move up to the $47.58 area where the stock may encounter resistance.
Shares of Neurocrine Biosciences Inc (NBIX) opened lower by -6.79% and are currently trading at $8.37. In the past year, the shares have traded as low as $5.42 and as high as $9.98. On average, 631270 shares of NBIX exchange hands on a given day and today's volume is recorded at 256421. The shares are currently trading below the 50-day moving average but above the 200-day moving average. The stock may be range bound between these two levels where the 50-day moving average of $8.52 represents resistance and the 200-day moving average of $7.31 would be an area of support.
