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EMC Corporation plunges into single-digit territory |
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| Oct 10, 2008 09:25 PM UTC |
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Tracked Blogger
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Via BloggingStocks:
Filed under: EMC Corp (EMC), Stocks to Sell, Technology As U.S. stocks continue to struggle under seemingly unrelenting selling pressure, tech-sector heavyweight EMC Corporation (NYSE: EMC) plunged today into single-digit territory for the first time in more than two years. In fact, EMC earlier fell to $9.35, its lowest price since August 2004. However, today's losses are simply an extension of the stock's long-term trend -- EMC has steadily declined since November 2007 under pressure from its 10-month and 20-month moving averages. The drop into single digits is troubling for EMC, since the round-number $10 region has provided support for the shares for more than 5 years. The stock hasn't closed a single month below this area since April 2003, and it's only made a few short-lived forays below double-digit territory in the intervening months. In fact, prior to today, the equity's annual low stood at $10.10. EMC pared its losses by the close and settled today 3% lower at $10.12, but the stock isn't out of the woods yet. The multi-year low tagged earlier could prompt some analysts to reevaluate their bullish stance on this once-strong performer. According to Zacks, EMC has garnered 12 Strong Buys, 4 Buys, and 5 Holds, with absolutely no Sell or Strong Sell ratings to be found. This top-heavy configuration leaves the sliding stock highly vulnerable to downgrades or other bearish notes. Any negative commentary from the pros on Wall Street could force EMC to revisit that rarely explored territory south of $10.
Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com. Permalink | Email this | Comments
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