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Overbought conditions finally caught up with stocks on Wednesday, as sellers emerged to take profits in a wide variety of high-flying stocks.
The Dow fell 65.63. The Nasdaq Composite ended the day down 10.88. And the S&P 500 closed lower by 12.98.
Here are 7 Stocks You Need to Know for Thursday.
Shares of Aetna (AET | Quote | Chart | News | PowerRating) fell by more than 5% intra-day on Wednesday as sellers dominated the stock early and buyers dominated late. The stock had spent the past six days in increasingly overbought territory below the 200-day moving average.
A court ruling supporting patent rights for TiVo (TIVO | Quote | Chart | News | PowerRating) helped send the stock soaring on Wednesday. Closing more than 50% higher, the stock is widely considered to be a more attractive potential take-over candidate in the wake of the ruling.
Microsoft (MSFT | Quote | Chart | News | PowerRating) CEO Ballmer threatened on Wednesday to ship jobs overseas if tax breaks and tax deferments for companies operating overseas were not maintained by the Obama administration. MSFT closed higher for a fifth consecutive trading session on Wednesday and is now overbought above its 200-day moving average.
As part of a wave of financial institutions raising capital to repay TARP funds borrowed from the public, American Express (AXP | Quote | Chart | News | PowerRating) chief Kenneth Chenault said on Wednesday that his firm had met all necessary requirements for repaying the TARP. Shares of American Express pulled back on Wednesday and are increasingly oversold.
Alleged collusion in hiring practices has put an investigatory spotlight on a number of technology companies including Google (GOOG | Quote | Chart | News | PowerRating), Yahoo! (YHOO | Quote | Chart | News | PowerRating) and Apple (AAPL | Quote | Chart | News | PowerRating). The U.S. Justice Department is looking into whether or not the companies had an agreement not to hire employees from rival companies.
While both Google and Apple have closed higher for the past five consecutive trading days, shares of Yahoo pulled back on Wednesday - though buyers kept the stock off its intra-day lows.
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