The following stocks gapped down significantly at the open on April 6: Parametric Technology Corporation, Polycom, Inc, Loral Space & Communications, Inc, Spectrum Pharmaceuticals, Inc, and Ruby Tuesday, 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 Parametric Technology Corporation (PMTC) opened lower by -19.49% and are currently trading at $21.46. In the past year, the shares have traded as low as $14.25 and as high as $28.95. On average, 1415450 shares of PMTC exchange hands on a given day and today's volume is recorded at 9746237. 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 $26.90 represents resistance and the 200-day moving average of $21.20 would be an area of support.
Shares of Polycom, Inc (PLCM) opened lower by -18.03% and are currently trading at $14.56. In the past year, the shares have traded as low as $14.45 and as high as $34.30. On average, 2647240 shares of PLCM exchange hands on a given day and today's volume is recorded at 21605126. 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 $19.98 area but be careful because the stock may face selling pressure at this level.
Shares of Loral Space & Communications, Inc (LORL) opened lower by -15.4% and are currently trading at $66.0. In the past year, the shares have traded as low as $45.65 and as high as $82.48. On average, 69970 shares of LORL exchange hands on a given day and today's volume is recorded at 483150. 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 $73.15 represents resistance and the 200-day moving average of $63.45 would be an area of support.
Shares of Spectrum Pharmaceuticals, Inc (SPPI) opened lower by -11.79% and are currently trading at $11.06. In the past year, the shares have traded as low as $6.94 and as high as $16.00. On average, 1692950 shares of SPPI exchange hands on a given day and today's volume is recorded at 9273522. 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 $11.51 area where the stock may encounter resistance.
Shares of Ruby Tuesday, Inc (RT) opened lower by -10.02% and are currently trading at $7.27. In the past year, the shares have traded as low as $6.35 and as high as $13.65. On average, 471670 shares of RT exchange hands on a given day and today's volume is recorded at 5065286. 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 $8.06 area where the stock may encounter resistance.
