Today's Dead Cat Bounce Stock: Noble Corporation (NE)

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer.

Trade-Ideas LLC identified Noble Corporation ( NE) as a "dead cat bounce" (down big yesterday but up big today) candidate. In addition to specific proprietary factors, Trade-Ideas identified Noble Corporation as such a stock due to the following factors:

  • NE has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $173.2 million.
  • NE has traded 2.7 million shares today.
  • NE is up 3% today.
  • NE was down 6.6% yesterday.

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More details on NE:

Noble Corporation plc operates as an offshore drilling contractor for the oil and gas industry worldwide. It owns and operates a fleet of mobile offshore drilling units.

The average volume for Noble Corporation has been 3.8 million shares per day over the past 30 days. Noble has a market cap of $8.0 billion and is part of the basic materials sector and energy industry. The stock has a beta of 1.80 and a short float of 11% with 2.61 days to cover.

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