Trade Of The Day – Apache Corp
Mar 19, 2010 Uncategorized
The stock market, which is way past due for some pull back, is finally losing some ground today and while we may see another slow creep upwards on Monday, we should get some retracement next week. We also expect some continued pull back in oil.
Short Apache Corp (APA) at current levels ($101.79), or buy the April 2010 100 puts. They are asking $2.10.
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Stocks On The Move – 03/15/10
Mar 15, 2010 Company News, Stock to watch, Stocks On The Move
Shares of Google (GOOG) dropped $16.36 to $563.18, on concerns that the company might pull out of the Chinese market, as it doesn’t seem likely that the Chinese government is willing to give in on its censorship rules for internet companies.
Google’s shares dropped backed in January, after the company revealed that hackers had gained access to the Google email accounts of rights activist in China. The sophistication of the breach led to speculation that the Chinese government was behind the attacks, leading to concerns then that the company would give up the China market.
Google’s Chinese competitor Baidu (BIDU), rose $26.60 to $576.84 on the Google news, as it would be the most likely beneficiary of Google pulling out of the Chinese market.
CNX Gas Corporation (CXG) rallied $4.23 to $30.46 for 16.13%, after its parent company Consol Energy (CNX) said it is considering buying the CNX gas shares that it does not already own. Consol Energy was off 10% on the news, with a $5.48 decline to $48.85.
Shares of Amylin Pharmaceuticals (AMLN) were up $3.24 to $23.50, a nice gain of 15.99%, after the company revealed that the Food and Drug Administration had issued a complete response letter regarding the New Drug Application (NDA) for BYDUREON(TM) (exenatide for extended-release injectable suspension) to it and its development partners for the drug, Eli Lilly and Company (LLY) and Alkermes (ALKS).
Because the letter makes no request for new pre-clinical or clinical trials, it is assumed that the FDA is reviewing the drug favorably. LLY rose $0.08 to $36.01, while ALKS was up 41.80 to $14.01.
Business software maker Chordiant Software (CHRD) was up $1.18 to $4.99, a 30.97% gainer, on a buyout offer from Pegasystems (PEGA). Pegasystems will acquire the company for $5 per share or $161.5 million in an all cash deal.
Pegasystems rose $2.47 to $39.30 on the news. The deal is expected to close in the second quarter this year. A month ago, Chordiant rejected a $3.46 per share offer from CDC Software.
Apple (AAPL) was off $2.76 to $223.84, as technology shares came under pressure on the Google/China news.
Oil and gas producer Apache Corp (APA) was down $2.53 to $104.35 on a downgrade to Equal Weight, from Overweight by Morgan Stanley. Lower oil prices also weighed on energy shares.
