Nearest Support: $2.80
Catalyst: Earnings Miss, Downgrade >>3 Tech Stocks Under $10 Spiking Higher Shares of beleaguered Nokia ( NOK) are getting shellacked this afternoon, down more than 11% as I write after the Finnish firm's dismal earnings numbers were reported to Wall Street. Nokia saw its sales drop by 20% on the quarter, and while earnings were less bad than expected (a loss of 0.02 euros per share, not 0.04 euros) it wasn't enough of a saving grace to spare the firm from selling. Looking at Nokia from a technical standpoint, this stock couldn't look much worse. NOK gapped down this morning, falling through the $3.20 level that had previously acted as support for shares. Now, with that former "price floor" taken out, NOK is due for some more downside. The nearest meaningful support level from here is $2.80 -- a target that's well under foot. I'd recommend buyers avoid trying to get a "bargain" in NOK here.
Bank of America
Nearest Support: $11
Catalyst: Revenue Drop >>5 Rocket Stocks to Buy Bank of America ( BAC) is seeing a second day of selling after posting a material drop in revenue yesterday -- even though profits ballooned at BAC thanks to fewer costs. Shares of the big bank are off by more than 8% from yesterday's open. Ongoing mortgage settlement drama continues to plague the firm after its purchase of Countrywide back in 2008, and investors are reacting to the fact that the skeletons haven't been shaken out of the closet five years later. Technically, BofA could look worse. While shares do look "toppy" in the longer-term, BAC is still above the $11 support level that's halted selling the last two times it was tested. In the shorter-term, a bounce off of $11 would probably provide a decent entry in BAC, but I'd recommend longer-term investors wait for a more meaningful correction.
Nearest Support: $17.50
Catalyst: Gold Bounce >>5 Hated Earnings Stocks That Deserve Your Love Gold has been a big story this week because of just how hard it's fallen. Miners have been one of the biggest casualties of the mini-crash in gold, especially after underperforming the metal for so long to begin with. So it's no surprise that Barrick Gold ( ABX) is one of the most active names on the NYSE today. Shares are finally getting a small reprieve after the near-vertical drop that shareholders have endured since the start of April. Barrick's chart looks like a chart of Bitcoin flipped upside down last month -- it's a falling knife. Even though ABX is catching a bid just above $17.50, it's premature to say that this selling is over. I'd recommend staying away from this name until it's able to establish a more substantial level of support.
Nearest Support: $19
Catalyst: Earnings Investors didn't know what to do with Morgan Stanley's ( MS) mixed earnings release after the bell yesterday -- and that's driving a spike in trading volumes in the firm today. While shares initially popped more than 2% after hours when the firm announced that it beat earnings, the stock gave it all back and more in today's session with a nearly 4% drop in MS' share price. Perhaps more significant, the price action is sending shares through $21 support, a place where this financial name has previously been able to catch a bid. The nearest support level at $19 is pretty weak. I wouldn't be surprised to see a move even lower in the near-term if MS opens below $21 on Friday. To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
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