Author Archives: Scalper1

Netflix, Schlumberger Stocks Just Did This, While Apple Falls Short

Netflix ( NFLX ), Schlumberger ( SLB ), AbbVie ( ABBV ) and MasterCard ( MA ) all rose above their 200-day moving averages Tuesday, while Apple ( AAPL ) shares continued to close just below that support level. It’s not a huge surprise that several big-cap stocks retook their 200-day lines. The Nasdaq also did so on Tuesday. The Dow and S&P 500 have been above that level for weeks. Still, it’s a key step on the road to recovery. Netflix Netflix, which reports Q1 earnings on Monday, rose 4.2% on the stock market today to 107, its best level since late January. Netflix had run into resistance for several sessions just below  the 200-day. Netflix has been consolidating since peaking at 133.27 on Dec. 7. Schlumberger Schlumberger rallied along with the energy sector, as crude futures rose above $42 a barrel to a 4-month high. Schlumberger rose 2.7% Tuesday to 75.90, topping its 200-day line for the time since last June. AbbVie AbbVie rose 2.4% Tuesday, just getting above its 200-day line. It hasn’t been consistently held above that level since last August. Late Monday, the FDA approved a leukemia drug by AbbVie and Roche ( RHHBY ) unit Genentech. MasterCard MasterCard rose 0.4% Tuesday to 93.86. The stock has been finding support at or above its 200-day line for the past few weeks. The stock is forming a cup-with-handle base going back to Nov. 11. Apple As for Apple, shares rose 1.3% to 110.44, just below the 200-day line at 110.78. Apple crossed its 200-day on April 4 intraday, but has yet to close above that level since early October.

Valeant Dives As Bondholder Seeks Default; Buyout Buzz Lifts Medivation

Valeant Pharmaceuticals ( VRX ) fell in late trade after Valeant said bondholders submitted a default notice, citing delays in the drugmaker’s annual report. Meanwhile, Medivation ( MDVN ) jumped late on a Bloomberg report , citing sources, that the drugmaker rejected a takeover overture from Sanofi ( SNY ). Valeant fell more than 6% in early after-hours action, pared losses to 4%. Shares closed up 2% at 31.99. Dow Jones, which initially reported the news, said Centerbridge Partners was a bondholder seeking the default notice. Valeant has until June 11 to file its 10-K annual report or be compelled to repay bonds early. Valeant has said it will file by April 29. Centerbridge, which holds some $250 million in Valeant debt, may be seeking concessions rather than a default. Meanwhile, Medivation jumped more than 9% after hours following a 1.1% gain to 45.73 at the close. Sanofi was little changed after hours. Sanofi hasn’t ruled out a hostile bid for Medivation, Bloomberg reported. Sanofi would like to expand its cancer drug portfolio. It was a wild day for some drugmakers. Horizon Pharmaceuticals ( HZNP ) dived 26%, close to its October lows. Horizon gave  weak sales guidance . Meanwhile, Clovis ( CLVS ) fell 5.4% to 14.24 after tumbling intraday to 12.25. An FDA advisory panel overwhelmingly opposed early approval for Clovis’  lung cancer drug, saying the agency should await phase 3 data for rociletinib. The stock had fallen 17.7% on Friday and 4.5% on Monday after the panel’s documents were released