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Zacks #1 Stocks on the Move 05/23/2013

Company Name Symbol %Change
WESTELL TECH WSTL
7.18%
A M R CP AAMRQ
3.78%
ALLIANCE FIB AFOP
3.21%
STEIN MART I SMRT
3.07%
MAXWELL TECH MXWL
3.03%
Zacks ZACKS.COM
PROFIT from the PROS

Tactics that Work in Good Markets and Bad
 
--

Much Ado About Nothing (aka Facebook)

Facebook has to be the most overhyped and underwhelming IPO of all time. First the launch was delayed by 30 minutes. Then it barely blipped higher before retreating to the original price of $38. Then the underwriters had to jump in to buy more shares to save face. From there it floated higher for a while. Then ended the day embarrassingly close to where it started.

Want to know what I really think about Facebook? Then check out my most recent article (the title might tip you off a little ;-).

Why I Am Shorting Facebook

As for my prediction of a bounce coming, it seems to be according to plan. Here again is my previous commentary on the matter:

"I bet that the market bounces higher on Friday morning. Yet as the day progresses it starts turning south once again. And as hope goes out the window THAT is the time to cover your shorts and go a bit more long for a likely 2-3% bounce next week."

Well the hope going out the window part certainly took place. Now let's see if the bounce ensues. To get the early read on the market every morning, then be sure become a regular reader of our popular article: Ahead of Wall Street

Best,

Steve Reitmeister (aka Reity... pronounced "Righty")
Executive VP, Zacks Investment Research

 

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Best,

Steve Reitmeister
Executive VP, Zacks Investment Research

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