The broad market remained little changed on Thursday, with the S&P 500, Nasdaq 100 and Russell 2000 Index edging back into overbought territory above the 200-day moving average. Early selling in energy stocks proved to be an intraday buying opportunity in stocks like ^SLB^ and Baker Hughes (more on BHI below).
Among the bigger gainers heading into Friday were shares of ^GMCR^. The stock rallied by well over 14% in trading on Thursday after pulling back for five consecutive trading days.
Here are 7 Stocks You Need to Know for Friday.
Shares of ^EL^ are likely to open in overbought territory on Friday after the stock’s one-day bounce of more than 14%.
Little changed ahead of scheduled earnings announcements on Friday were both ^WY^ and ^AET^.
Up more than 5% after closing lower for three out of the previous four trading days was ^ROST^.
Shares of ROST rallied to a new high for the year and are just outside of overbought territory above the 200-day moving average.
Highlighted in yesterday’s 7 Stocks You Need to Know, ^COST^ (below) soared by nearly 4% in trading on Thursday.
Shares of Costco Wholesale gained after closing lower for three out of the previous four trading days.
Up for a fourth day in a row and back in overbought territory above the 200-day moving average as of Thursday’s close were shares of ^YHOO^ (below).
Yahoo! closed at its most overbought since early December 2010.
Traders stepped in to stem profit-taking in energy stocks like ^BHI^ on Thursday. The stock was down more than 1% intraday before buyers arrived to bid the stock back to break even on the day.
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David Penn is Editor in Chief of TradingMarkets.com