It wasn’t a very good day on Wall Street, but we had a lot of stocks that did do well, both longs and shorts. So, let’s start by focusing on some of the longs that did great on Wednesday, and a few that are moving after hours.
Medivation, Inc. (MDVN) continues to look good. It was up another 1.54 to 59.06, or 2.68%, on 5.2 million shares. This looks like a takeover. Target is 67 1/2 technically, and may be so realistically.
Primo Water Corporation (PRMW), one of our long swing trades and long ideas. It popped, broke out, pulled back for a week, and popped again on Wednesday, up 22 cents to 11.12, or 2%, on 357,955 shares traded. That was the highest close we’ve seen since 2011. A five year high. It looks like it’s going to extend. Target is 13 1/2.
Stocks on the Short Side….
Eagle Pharmaceuticals Inc. (EGRX) is in a wedge pattern that is about to break. It was down 3.33 to 37.58, or 8%, on 365,814 shares traded. If support is taken out, it could very well come all the way down to 16. It has 2.59 days to cover.
Luxoft Holding, Inc. (LXFT) is moving back down again after getting up to resistance level and channel top. What this one really need is a dive under 54 to get it down to 47, 44, and eventually 40.
Stocks on the long side included Cynosure, Inc. (CYNO), Dynegy Inc. (DYN), Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST), Legacy Reserves (LGCY), Medivation, Inc. (MDVN), Primo Water Corporation (PRMW), RadiSys Corporation (RSYS), and USA Technologies Inc. (USAT).
On the short side, stocks included Eagle Pharmaceuticals Inc. (EGRX), Harman International Industries, Incorporated (HAR), Luxoft Holding, Inc. (LXFT), and Royal Caribbean Cruises Ltd. (RCL).