Thursday, October 11, 2012

Volume off the high 10/11/12

There are quite a few companies making the volume off the high screens today. The number of closed-end funds selling off- as investors begin to look at the difference between the trading price and the NAV and think a 70% premium may not be warranted- numbered over 50. I will only provide the list of stocks or funds for the moment and update with rationales later today. Happy trading.

American Capital Agency- AGNC is selling off along with rest of the mortgage REIT complex

Beacon Roofing Supply- BEC. As far as I can tell, the stock traded down on little to no news. 

Bassett Furniture- BSETwas off despite better than expected results. Probably not enough growth for the momentum guys.

Chevron- CVX was down on a earning warnings as the company stated margins are tightening up .

Darling Intl- DAR down on an analyst downgrade

 Dynex Capital- DX yet again another mortgage REIT getting hit

Esco Technologies- ESE down after cutting guidance

First Trust Senior Floating Rate- FCT is a closed end fund being sold as investors begin to care about the price NAV gap.

Federated Premium Muni Income Fund- FMN- see the description for FCT

Helen of Troy- HELE down as the company cut its outlook

Western Asset High Income Fund- HIX again another closed-end fund sporting a high price to NAV gap.

Market Vectors Mortgage REIT ETF- MOR The fund tracking the mortgage REIT sector. 

Pimco Income Strategy Fund- PFLyet another closed-end fund, you know the story

 H&R Block- HRB was down after announcing it was exploring options to skirt around the Dodd-Frank legislation.

Pimco Income and Strategy Fund I- PFN I think you know the story on closed-end funds by now.

Tesoro- TSO caught up in the downside momentum ignited by Chevron. Other refiners also down on the news.

Invesco Van Kampen New Jersey Investment Grade Fund- VTJ and yet again another closed end fund.


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