Closing Bell Trading Targets: Groupon, Home Depot, Zynga
Groupon (NASDAQ:GRPN) earnings had the street happy in the morning, but traders used it as an opportunity to take profits.
The stock has been in a classic down trend all day, although it’s been a big winner for those who gambled on earnings. The final 30 minutes will be interesting because a lot of institutions are still in the red on this one and may be looking to dump as close to break even as possible.
Home Depot (NYSE:HD) net income rose to $1 billion (68 cents per share) vs. $812 million (50 cents per share) in the same quarter a year earlier. This marks a rise of 23.2% from the year-earlier quarter. Revenue rose 5.8% to $17.8 billion from the year-earlier quarter.
The stock started the day down and has been recovering ever since. Keep an eye on the support around the noon lows. If they break, there could be a lot more selling into the bell.
Zynga (NASDAQ:ZNGA) is up huge. However, the chart is a day trading nightmare. No real patterns here, just a lot of chop. You may want to sit this one out in favor of cleaner daily charts.
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