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.
These "most active" names are the most heavily-traded names on the market -- and often, uber-active names have some sort of a technical or fundamental catalyst driving investors' attention on shares. And when there's a big catalyst, there's often a trading opportunity.
Without further ado, here's a look at today's stocks.
Hertz Global Holdings
Nearest Resistance: $30
Nearest Support: $26
Catalyst: Accounting Errors
Car rental giant Hertz Global Holdings (HTZ) is getting hammered lower this afternoon following the announcement that the firm will review the last three years of financial reports after auditors found errors in the firm's financial statements. Hertz is down more than 9% as a result in today's session. The news comes just one trading session ahead of the firm's first quarter earnings release on Monday.
For Hertz shareholders, the good news is that the drop in shares today isn't that meaningful from a technical standpoint. Shares had attempted to break out above a long-term resistance line earlier in the week, but support at $26 is still holding strong. Hertz is down today, but it's not out yet.
Life Time Fitness
Nearest Resistance: $51
Nearest Support: $46
Catalyst: Technical Setup
Lifetime Fitness (LTM) is up 2.7% on big volume this afternoon, a rebound from yesterday's analyst-induced drop in the fitness center stock. Piper Jaffray downgraded LTM from neutral from overweight, spurring an investor exodus from shares the cut ratchets the Piper Jaffray's price target down to $54 from $59.
The move lower may have been abrupt, but shares are holding intermediate support at $46 in today's session. As long as LTM is able to catch a bid at that $46 price floor, it's worth holding on to.
Nearest Resistance: $13
Nearest Support: $10
Catalyst: Analyst Upgrade
Online consumer service ranking site Angie's List (ANGI) is seeing a flood of buying pressure in today's session, up more than 9% as I write on the heels of an upgrade from Bank of America Merrill Lynch. BAML raised their rating on the small-cap name this morning, calling shares a buy. Before today, Angie's List was rated neutral.
Don't get too excited about the upgrade, however. While today's 9% pop is nice for longs, it's really not meaningful in the context of the larger downtrend in shares of ANGI. This stock has sold off by 53% over the last 12 months, and today's move isn't even threatening the resistance level that's swatted shares lower all the way down. Even lower ground still looks likely from here.
To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr.
-- Written by Jonas Elmerraji in Baltimore.