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Nearest Resistance: N/A
Nearest Support: $62.50
Last up today is
Cytec Industries(CYT), a specialty plastics maker that's getting search attention after announcing that it was planning to acquire UK aircraft component maker Umeco. Shares of CYT are rallying more than 12.5% on news of the acquisition, making a new
52-week high for the stock. Making new highs is significant from an investor psychology standpoint because it means that everyone who has bought shares in the last year is sitting on gains - as a result, the "back to even" mentality is less of a concern than it would be for a name with a higher proportion of shareholders sitting on losses.
For late-to-the-game buyers, though, I'd recommend sitting on the sidelines until CYT pushes above today's high water mark.
Cytec shows up on a list of
Materials Stocks Bought and Sold by Hedge Funds for the most recently reported quarter.
To see these stocks in action, check out the at
Most-Searched Stocks portfolio on Stockpickr.
-- Written by Jonas Elmerraji in Baltimore.