Nearest Support: $12.36
Catalyst: Earnings, Guidance Miss Shares of networking equipment maker Aruba Networks ( ARUN) are getting shellacked this afternoon, down more than 25% as I write following a first-quarter loss and lower guidance announced after the bell yesterday. The firm earned 11 cents per share for the quarter, a penny short of the 12 cents that analysts were expecting -- but the guidance dip is what's doing the stock in today. From a technical standpoint, Aruba Networks is broken. The stock gapped down hard on this morning's open, shoving shares all the way down to support at their $12.36 52-week low. While it's positive that shares are catching a bid down there, it's a little too early to say that the selloff is over. After all, shares have halved in the last month alone.
Nearest Support: $3.70
Catalyst: Post Goldman Rebound Investors are getting a rebound in Advanced Micro Devices ( AMD) today, after Goldman Sachs ( GS) cut the stock's rating to sell, gapping shares down yesterday. The past month has been breakneck in AMD, with rumors circulating about a possible buyout, and shares doubling as a result. At first glance, even Goldman's splash of cold water this week isn't enough to pull buyers from shares. Taking a slightly closer look at AMD, this stock is starting to look like a reveral The $4.40 resistance level put in by shares earlier this week looks strong, and the stock is starting to look like a possible head and shoulders top. I'd be looking for a breakdown below $3.50 as a key signal that the trapdoor is opening for shares. Nearer-term, $3.70 should act as a slightly less important support level. Applied Materials Nearest Resistance: $15
Nearest Support: $14.50
Catalyst: Earnings Investors don't know how they feel about yesterday's earnings call from Applied Materials ( AMAT) -- or at least that's what the stock's price action indicates. Shares opened lower after the firm posted a loss for the quarter, but they've slowly gotten bid up during today's trading session. Guidance within Wall Street's expected range is helping out with AMAT's ability to stay afloat. From a technical standpoint, shares have been consolidating for the last month, trading sideways in a range between support at $14.50 and resistance at $15. Today's trading doesn't change that. I'd recommend waiting for a breakout above that $15 level if you're looking for a place to jump into this stock. That's when more upside becomes a high-probability trade. Autodesk Nearest Resistance: $40
Nearest Support: $36
Catalyst: Earnings, Guidance Miss Autodesk ( ADSK) is another earnings-driven name that's seeing huge volume this afternoon. The software firm is down more than 7% in this afternoon's trading after reporting the one-two punch of an earnings miss and a guidance miss. Like AMD, Autodesk is showing signs of a top, albeit in the longer-term. The neckline level is at $36 -- a breakdown below that price is a sell signal for ADSK.
Twitter and become a fan on Facebook.