Iconix Brand Group
Iconix Brand Group
(ICON - Get Report)
is a brand management company involved in licensing, marketing and providing trend direction for a portfolio of consumer brands. This stock is trading up 4.3% at $24.31 in recent trading.
Today's Volume: 8.47 million
Average Volume: 655,174
Volume % Change: 1978%
Shares of ICON are moving sharply higher today after the company announced the pricing of $350 million in convertible notes, and said it will use $69 million of the proceeds to repurchase common stock.
From a technical perspective, ICON is ripping higher here right off its 50-day moving average of $23.55 with monster upside volume. This move is quickly pushing shares of ICON within range of triggering a major breakout trade. That trade will hit if ICON manages to clear its 52-week high at $24.92 with high volume. At last check, ICON has hit an intraday high of $24.79 and volume is dramatically above its three-month average action of 655,174 shares.
Traders should now look for long-biased trades in ICON as long as it's trending above its 50-day at $23.55, and then once it sustains a move or close above its 52-week high at $24.92 with high volume that hits near or above 655,174 shares. If that breakout triggers soon, then ICON will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $26 to $30.
(CPRT - Get Report)
is a provider of online auctions and vehicle remarketing services in the U.S., Canada and the United Kingdom. This stock is trading up 3.7% to $33.42 in recent trading.
Today's Volume: 1.45 million
Average Volume: 943,897
Volume % Change: 125%
From a technical perspective, CPRT is ripping higher here right above some near-term support at $31.30 with above-average volume. This stock has been downtrending badly for the last month and change, with shares moving lower from its 52-week high of $37.47 to its recent low of $31.30. During that move, shares of CPRT were mostly making lower highs and lower lows, which is bearish technical price action. Shares of CPRT are now starting to rebound off that $31.30 low and it's quickly moving within range of triggering a near-term breakout trade. That trade will hit if CPRT manages to take out its 50-day moving average of $33.43 with high volume.