7 Stocks Rising on Huge Volume
Marvell Technology (MRVL) is a fabless semiconductor provider of application-specific standard products. This stock is trading up 7% at $14.69 in recent trading.
Today's Volume: 18,500,000Average Volume: 14,006,200 Volume % Change: 189% This stock is spiking nicely to the upside today despite the fact that the company reported a 1% drop in third quarter net revenues at $950 million, versus the $959 million from the same period last year. Gross margins dropped to 56.6% from 59.3%. From a technical standpoint, this stock has started to move above its 50-day moving average of $14.55 today on high volume. Traders should look to play the next major breakout that will trigger once this stock takes out its 200-day moving average at $15.03 and then above some near-term overhead resistance at $15.17. A high-volume move above those levels should set this stock up to re-test some more overhead resistance at $16 to $17. Marvell, which also shows up in the Lee Ainslie's Maverick Capital portfolio, is one of 3 New Investment ideas From Greenlight's Einhorn.
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