BALTIMORE (Stockpickr) -- Put down the 10-K filings and the stock screeners. It's time to take a break from the traditional methods of generating investment ideas. Instead, let the crowd do it for you.
From hedge funds to individual investors, scores of market participants are turning to social media to figure out which stocks are worth watching. It's a concept that's known as "crowdsourcing," and it uses the masses to identify emerging trends in the market.
Crowdsourcing has long been a popular tool for the advertising industry, but it also makes a lot of sense as an investment tool. After all, the market is completely driven by the supply and demand, so it can be valuable to see what names are trending among the crowd.
While some fund managers are already trying to leverage social media resources like Twitter to find algorithmic trading opportunities, for most investors, crowdsourcing works best as a starting point for investors who want a starting point in their analysis. Today, we'll leverage the power of the crowd to take a look at some of the most active stocks on the market today.
Without further ado, here's a look at today's stocks.
Nearest Resistance: N/A
Nearest Support: $8.50
Catalyst: Interim Phase 2 Results
Small-cap drug maker Achillion Pharmaceuticals (ACHN) moved nearly 10% higher to end last week following news that interim phase 2 results for its ACH-3102 hepatitis C treatment showed a 100% response rate in its 12 patient test after 4 weeks. The positive results bring ACHN another step closer to commercializing its treatment.
Friday's technical breakout in ACHN looks buyable here. Shares had been forming a rounding top pattern, and broke through $8.50 resistance to new highs on the phase 2 result update. More upside looks likely in August.