Weak earnings reports from Amazon (AMZN) and Ford (F) together with the lower-than-expected GDP numbers for the fourth quarter provided participants with an excuse to dump stocks in high volume for the worst single-session slide in five months. At 1.3 billion shares, trading volume on the NYSE was the strongest in more than a month.
Despite the overall weakness, shares of Accuray Inc. (ARAY) surged nearly 30% to $8.91, the biggest gain in the Russell 2000 Index. The maker of robotic cancer treatment products reported a second-quarter profit of 7 cents a share. Analysts, on average, expected a loss of 1 cent. This is definitely a positive sign going forward. In fact, as the chart below indicated the stock could climb above 11 and test the 3-year high, although there may be a pause before the momentum resumes. Just so that you know, initially profiled in our January 25, 2010 “Swing Trader Bulletin” ARAY had gained more than 45% and remained well position.
Chart 1.1 – Accuray Inc. (daily)
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