The following stocks gapped up significantly at the open on April 6: AU Optronics Corp, Bed Bath & Beyond Inc, Charm Communications Inc, magicJack VocalTec Ltd, and Cinemark Holdings 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 AU Optronics Corp (AUO) opened higher by 4.78% and are currently trading at $4.86. In the past year, the shares have traded as low as $3.75 and as high as $8.83. On average, 1467360 shares of AUO exchange hands on a given day and today's volume is recorded at 1328031. 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 $4.90 area where the stock may encounter resistance.
Shares of Bed Bath & Beyond Inc (BBBY) opened higher by 4.71% and are currently trading at $71.85. In the past year, the shares have traded as low as $47.89 and as high as $68.20. On average, 2784210 shares of BBBY exchange hands on a given day and today's volume is recorded at 10641115. 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 $62.63 area where the stock will likely see buying pressure.
Shares of Charm Communications Inc (CHRM) opened higher by 4.65% and are currently trading at $11.44. In the past year, the shares have traded as low as $5.97 and as high as $12.26. On average, 9810 shares of CHRM exchange hands on a given day and today's volume is recorded at 24280. 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 $9.40 area.
Shares of magicJack VocalTec Ltd (CALL) opened higher by 4.53% and are currently trading at $20.81. In the past year, the shares have traded as low as $9.49 and as high as $28.22. On average, 373500 shares of CALL exchange hands on a given day and today's volume is recorded at 608116. 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 $21.01 represents resistance and the 200-day moving average of $14.00 would be an area of support.
Shares of Cinemark Holdings Inc (CNK) opened higher by 4.41% and are currently trading at $23.05. In the past year, the shares have traded as low as $16.57 and as high as $22.85. On average, 863140 shares of CNK exchange hands on a given day and today's volume is recorded at 4063824. 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 $21.03 area where the stock will likely see buying pressure.
