New Split Drops
| MBI - MBIA Incorporated $75.10 (-5.58) |
Heavy selling affected nearly every financial stock on the day, as two major energy companies raised issues of credit quality when they issued a $9 billion bankruptcy filing. MBI was no exception to the downdraft. Our stop at $76.50 was taken out in brisk trade.
| SBUX - Starbucks $37.25 (-5.19)
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Starbucks never really percolated for us and actually went icy cold on Friday. The stock got swept up in the latest round of NASDAQ (COMPX) selling and our stop was executed at $38.50. This was despite the company posting good same store sales figures and despite the CEO reaffirming earnings for the year. SBUX started falling when it failed to stay above the 200-DMA of $42.41 early last week. Although the RSI is indicating an extremely oversold condition that could result in a bounce, we do not see SBUX making much progress until it can convincingly move above the 200-DMA.
New Candidate Drops
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RDN - Radian Group Incorporated $65.06 (-2.69)
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Our aggressive, raised stop helped to lock in profits towards the upper end of RDN's trading range. Given the current market environment, we felt that a fairly tight stop was necessary for protection against any possible swings to the downside. This turned out to be the case on Friday, as a major bankruptcy filing from a California utility company caused RDN to clip our stop at $65.25.
New Momentum Drops
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