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7 Hot Stocks to Trade (or Not)


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Nearest Resistance: $6

Nearest Support: N/A

Catalyst: Earnings, Restructuring Plan

Small-cap pharmaceutical firm Dendreon (DNDN) is seeing heavy trading activity this afternoon after announcing earnings and a restructuring plan that will cut 600 jobs from its headcount -- more than a third of its employees. The move is being proffered as a means of cutting costs after second quarter earnings missed estimates.

>>5 Biotech Stocks Poised for Breakouts

So far, the only cost that's been cut has been DNDN's share price. Shares have slid more than 35% so far this year, counting the 20% that the stock has shed since yesterday's closing bell. That pushed DNDN to a new 52-week low, a phenomenon that has opposite effects from Pfizer's new highs.

Resistance is especially strong at $6. I'd recommend avoiding this stock right now.

Dendreon was also featured recently in " 4 Biotech Stocks Under $10 With Relative Strength."
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DNDN $0.06 -6.02%
COH $40.27 0.00%
FB $117.58 0.00%
MU $10.75 0.00%
PFE $32.71 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

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