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1. Dendreon Shares Rise on Hoax Press Release
By Adam Feuerstein
9:59 a.m. EDT
shenanigans: Yesterday at 12:56 p.m., someone posted a phony press release on the company's InvestorVillage.com message board claiming that the FDA granted "fast track" status to Dendreon's prostate cancer drug Provenge. The phony press release was dated May 6, 2009.
The date stamp one day in the future was a quick tipoff that this was a hoax press release, as was the fact that FDA granted Provenge fast track status in 2005.
Still, the fake got the job done for whoever posted it. Dendreon's stock price went from $21.83 to $22.33 in a bit more than an hour after the fake press release was posted to the IV message board -- more than enough for a quick trade.
2. Closed-End Funds: Fewer Big Discount Plays
By David Sterman
10:25 a.m. EDT
The recent rally has been especially strong for a number of closed-end funds that were trading at big discounts to NAV. But you can still find funds that sport double-digit discounts, especially on the international front. Right now I'm looking at
Morgan Stanley Asia Pacific
Central Europe and Russia Fund
, trading at discounts to NAV of 16% and 12%, respectively. The longer that our market can maintain this new stability, the more that risk appetite will increase for foreign exposure.
5/6/2009 10:46 AM EDT
3. Gold: Inflation Trade Back On?
By Eric Jackson
10:46 a.m. EDT
Interesting to see the gold trade come back on this morning, with this fresh new evidence of health and stability in the long-term economy. It won't take long for commentators to start turning their attention to inflation and how long Bernanke keeps the spigot open on monetary policy.
That's good news for gold and the miners who are all up today. I personally like the miners as having potentially more upside than the hard commodity (although I think the trade is still early).
My favorite miners from a valuation perspective are
and a little-known company called
. A spec play, because they have no revenue yet and trade high and low on movements in the price of gold, is
4. Bought XL
By Scott Rothbort
11:45 a.m. EDT
I bought some
. Please note that there has been some fairly consistent marks on close buy orders in the name recently.
5. Plantronics Continues to Mount Higher
By Gary Morrow
2:24 p.m. EDT
fourth-quarter and fiscal 2009 results released last night have sparked a powerful rally in the stock. Positive comments from CEO Ken Kannappan regarding stabilization in many parts or the company's product line are also adding fuel to today's breakout.
The stock is up over 20% and is one of the top 10 percentage gainers on the
at the midday mark. Volume is running heavy and is already better than double the daily average.
The gains have pushed the stock well above its 200-day moving average for the first time since the September collapse. This area, just below $15.50, will now serve as support once the stock begins a healthy consolidation.
Considering that Plantronics is now up over 100% from its March lows, the stock is overextended in the short term. Long-term support is quite a bit lower and includes the previous 2009 high of $14.20.
A pullback down to the $13.70 to $13.40 would fill today's breakaway gap and test the April highs, but is unlikely. I expect Plantronics to find higher ground for support as this powerful rally continues.
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This article was written by a staff member of RealMoney.com.