Option Investor
Newsletter

Daily Newsletter, Thursday, 5/3/2012

Table of Contents

  1. Market Wrap
  2. New Plays
  3. In Play Updates and Reviews

Market Wrap

Data Mixed, Payroll Report Looms

by Thomas Hughes

Click here to email Thomas Hughes
Today's economic data continued to be mixed. Without a clear sign of economic direction the markets pulled back awaiting the non-farms payroll report tomorrow.



Economic data released early in the morning was mixed. The data, retail comparitive store sales did not affect the over all market but later reported weakness in manufacturing did. The major indexes were indicated to open a few points above yesterday's close, did and then held the level for the first half hour of trading until the ISM report came out.

Today was also a heavy earnings reporting day with over 300 companies reporting. Some big earnings misses sent some high profile stocks plummeting during the day's trading. At ten, ISM Manufacturing data tipped the scales and sent the markets into negative territory.

Initial jobless claims dropped for the first time in over a month as the previous weeks number was revised up. Initial claims for the week ending 4/28 is 365,000, down 27,000 from the previous weeks revised 392,000. This weeks claims number is far less than the 378,000 that economists had been expecting. Initial claims are now near the four year lows set in February. The analysts had predicted a spike in jobless claims associated with the Easter holidays that should be over now. The drop in claims helps counter concerns of further softening of the jobs markets sparked by the ADP report earlier in the week. The low ADP number suggests that hiring has fallen off. Tommorow's release of April non-farm job creation data will be an important data point. The estimate is for around 163,000 jobs, slower than the previous months but still a good number. The four week moving average of initial claims ticked up marginally.


The number of people seeking second of week of unemployment fell 53,000 to an adjusted 3.28 million. Continuing claims have been trending down all year and are near the lows set just last month.


Total claims, which lags initial claims by two weeks, also continued to decline. About 6.6 million Americans filed for some form of unemployment in the week ending 4.14. Total claims have been receding all year and are at the low for 2012.


Challenger, Gray and Christmas Inc released data on planned job cuts in the US market today. Firings are up 11% over last year at the same time but the pace is slackening. The report went on to say that there should not be any new spike in job cuts but also that job creation was not outpacing job losses. The reading for April was 11% higher than April last year but the seasonally adjusted pace of firings is less than the pace for all of 2011. The spike in job cuts in April could be related to the Easter holiday.

American productivity fell by a half percent in April. The loss of productivity led to an increase in labor costs. Rising labor costs are one thing hurting manufacturing. The ISM manufacturing survey came in at a weaker than expected 53.5, down from the previous 56. Economists had been expecting some slowing but not as much,the consensus estimate was for a reading of 55.5. This is the weakest reading of the year.

The European Central Bank left its key interest rate unchanged today. The rate is 1%. Bank President Mario Draghi stated that the current long-term-refinancing-operations, concluded earlier this year, needed “time to work”. He called for banks to strengthen their “resilience” and to retain earnings. He went on to say that the economic risks were to the downside and highlighted by recent data. Critics are arguing the stimulus may not be enough as Euro zone unemployment rises to multi-year highs.

Spain managed to sell its debt to a welcoming market but faces higher interests rates. European markets ended the day mixed. The FTSE finished up 0.15%, The CAC ended the day down by -0.09% and the DAX closed down by -0.24%.

Asian shares also ended the day mixed as data from of China supports the continued weakness of the country. House prices in the country fell for an 8th month and the services PMI fell for. China is still bracing for a soft landing but there is no sign of the economy bottoming yet. The Hang Seng Index fell by -0.28%, the Nikkei gained +0.31% and the Shang Hei index gaines +0.07%.

Oil and gasoline plunged over 2% today as concerns of global demand and OPEC's statements of supply weighed on trading. Traders are fearing that the global demand will not meet current expectations and the economic data is mounting to support the fear. Added to that OPEC came out and stated that “there is ample supply” of crude on the market. According to them the elevated prices are due to speculation.

Natural gas inventories continue to rise. In the past week injections have outpaced withdrawals by 28 billion cubic feet. This was less than the forecast 30-34 bcf and sent prices up. Natural gas climbed 10 cents to gain over 4% in today's trading.

The rates on thirty year bonds held steady today and traded in a tight range.

Thirty year bond rates, daily

Retail sales slowed in April. The decline is blamed on the early start to spring. There was expansion across the retail industry but gains failed to meet expectations. There is some concern that middle class consumers are starting to struggle. One notable retailer who is struggling to improve business is Gap Stores. The clothing retailer, who has been hurting, lost even more market share in the month. Same store sales declined 2%, a larger margin of loss than March's 0.9%. The stock opened lower on weak volume, traded higher throughout the day but still finished down by 1.6%.

Gap Stores, daily

TJ Maxx reported strong April sales growth, strong enough to raise first quarter and full year eps guidance. April sales are were up 7% over the same period last year. Sales for the quarter ended 4/28/2012 are up over 11% from last year. Comp store sales came in at 8% on strength in America, Canada and surprisingly, Europe. The release stated that sales growth is being driven by repeat business as shoppers take advantage of savings and value offered by the chain. Full year guidance was raised to a range of $2.26-$2.36 per share, above the previous range and well above last years earnings. The stock has already made an impressive run up this year and could reach new highs. The stock traded down today and but did make a new intra-day high. Long term the stock looks good and momentum is strong.

TJ Maxx, daily

Limited Brands also increased same store sales more than expected. The company reported comp store growth for the month up by 6% over last year and 7% for the quarter. The company went on to restate first quarter earnings guidance to the top of it's range at $0.38-$0.40 per share. Limited's stock has been trending up this year, but it has been a little choppy. The stock continued a bounce from the short term moving average after the announcement and made a new all time high. The technicals indicators are weak but suggest there is some room to move up.

Limited, daily

Costco, Target and Macy's all missed their expected sales increases. Costco increased US sales by 4% and foreign sales by 3% in the month. For the quarter US and international comp store sales increased by 8%. The company stated that higher fuel prices and adverse foreign exchange impacted results for the month and the quarter. When fuel and exchange rates are factored in international sales looks better but total company sales is worse. Costco's next quarterly earnings statement is scheduled for May 24th. Shares of Costco stock dropped sharply on the news on moderately heavier trading volume. MACD is divergent from the recent decline in the stock which is currently trading near the middle of its 12 month range.

Costco, daily

Target missed its mark as well. The company reported what should have been strong results but the gains did not meet up with what analysts had been expecting. The company increased sales for the quarter by 5.3% but expectations were for more than 6%. The 5.3% is the highest quarterly gain for Target in about 6 years. In the report management was pleased with the results but offered no insight into earnings or the future. The stock dropped sharply, moving below the 30 and 50 day moving averages. The move came on high volume but support held at $56.

Target, daily

Macy's comp store gains also were not up to expectation. The stock dropped in early trading but found support during the day. Total store sales for the month of April were only up 0.4% from last year, trailing the sector. On a comparable basis the company only did a slightly better 1.2%. Given the shift in Easter holiday and spring sales seasons the company was within it's range for the March-April period. For the quarter Macy's was able to increase sales by 4.4% over last year. Macy's is expected to release earnings next Wednesday.

Macy's, daily

In earnings news GM made the biggest headline. The automaker beat the street on revenue but missed on earnings. Losses in Europe are mounting and the company is struggling to stay on track with its goals of profitability in Europe as the region suffers its financial crisis. GM is still the worlds largest automaker but has lost market share to competitors like Ford and Toyota. North American sales led the company but were offset by losses in Europe. North American sales topped $1.7 billion and the company was able to widen the profit margin in the region. The stock dropped on the news but momentum indicators are divergent. GM has support between $20 and $22.

GM, daily

Green Mountain Coffee Roasters was one of today's most active stocks. After reporting earnings and revenues well below expectations the stock lost 40% of it's value. The price of coffee is down in the first quarter but it did not help the makers of the Kuerig K-cup coffee systems. The company's earnings for the quarter were up 37% from the previous year but the gain lags the previous years increase. The company is losing patent rights to the K-cup this fall and faces competition from Starbucks and other companies who are now licensing with Green Mountain for k-cup branding.

Green Mountain Coffee Roasters

Coffee house operator and merchandiser Caribou Coffee also missed big. The company reported after the bell but the stock had already tumbled around 13%.

Caribou Coffee

Avon was shaking things up this morning with a share holder meeting that re-elected previous board member Andrea Jung. The company has been struggling with performance, bribery charges and an unsolicited bid from up and coming rival brand Coty. Avon has been trading down all week since releasing its earnings Tuesday.

Avon, daily

Whole Foods Market made its investors happy. The companies ongoing growth strategy is paying off, helping the food distributor to increase quarterly earnings by 14%. The news sent the stock up over 6.5% heavy volume. The stock has been trending up since 2009 and is now at an a new all-time high. In the report Whole Foods noted that Easter had shifted into the quarter this year and positively impacted earnings. On a same store basis earnings improved by 9% in the second quarter of fiscal 2012. One highlight of the report was an improvement to gross margins of 70 basis points to 36.3%.

Whole Foods Market, daily

Shares of Kraft traded down but steady today in anticipation of its release, scheduled for 4pm. The food giant posted net revenue growth of 4% and expects to see 5% growth for all of 2012. The results were less than hoped for and the stock traded down in after hours action.

Kraft, daily

Food maker Sara Lee reported a 3% gain in adjusted net sales for the third quarter of 2012. The company also restated earnings per share guidance to fall in the middle of the previously stated range of $0.89-$0.95 per share. The company is spinning off its coffee and tea segment and should close that deal by June 30th. Shares of the stock traded down today but found support at the 30 day moving average.

Sara Lee, daily

Value Click dropped over 20% today after it announced earnings news that beat analysts estimates. The company's outlook for the second quarter fell shy of expectations and sent the shares tumbling.

Value Click, daily

There were two IPO's today. The Carlyle Group and Pacific Trust Oil Group. The Carlyle Group opened at the low end of their range pricing at $22. The price was thought to be much higher because only 10% of the company was floated. The stock traded flat throughout the day.

Carlyle Group, one day

Pacific Trust also traded flat throughout the day.

Pacific Trust Oil Group

The concern of economic slowing weighed on the Dow today. Traders are waiting for tomorrows jobs report to get a better insight into how the labor market, and economy, is unfolding. The economy is still expanding, but how much the expansion is slowing is still unknown. The Dow is still trending up, but cautiously, as data unfolds. I don't think tomorrow is a turning point but it is a day with two key points of data, the non-farm payrolls number and the unemployment rate.

Dow, daily

The S&P 500 came down to the short term moving average today where it stopped. Traders are looking to the jobs report for more direction to economic outlooks. The data has been mixed, making it hard to get a clear look at future expectations.

S&P 500

The VIX is below twenty and near one year lows.

The Volatility Index, VIX, daily

The Nasdaq fell below its short term moving average today. The index remains bullish in the long term but momentum is in decline.


Data and economic news continue to drive the markets. Tomorrows jobs report will be closely watched. The ADP report gave us a benchmark but it can be wildly off. A surprise either way could send the market moving in the short term.

Thomas Hughes


New Plays

The Oversold Bounce Has Reversed

by James Brown

Click here to email James Brown


NEW BEARISH Plays

NetApp, Inc. - NTAP - close: 38.48 change: -0.81

Stop Loss: 40.25
Target(s): 34.50
Current Gain/Loss: unopened
Time Frame: exit prior to the late May earnings report
New Positions: Yes, see below

Company Description

Why We Like It:
NTAP's big oversold bounce from May 1st has already been erased. Shares are falling toward support near $38.00. If shares breakdown here it could signal a drop toward the $34.00 area.

I am suggesting a trigger to launch bearish positions at $37.75. Our target is $34.50. We do not want to hold over the late May earnings report (date still unconfirmed). FYI: The Point & Figure chart for NTAP is bearish with a $31 target.

Trigger @ 37.75

Suggested Position: short NTAP stock @ (trigger)

- or -

buy the May $37 PUT (NTAP1219Q37) current ask $0.47

Annotated chart:

Entry on May xx at $ xx.xx
Earnings Date 05/23/12 (unconfirmed)
Average Daily Volume = 6.2 million
Listed on May 3, 2011



In Play Updates and Reviews

Stocks Slip on Disappointing Data

by James Brown

Click here to email James Brown

Editor's Note:
A disappointing ISM Services report and weaker than expected same-store sales from the retailers fueled the selling pressure today.

I have removed BKE from the newsletter. WSM and GHL were triggered.

Current Portfolio:


BULLISH Play Updates

The Home Depot - HD - close: 52.47 change: -0.24

Stop Loss: 50.75
Target(s): 54.75
Current Gain/Loss: + 0.4%
Time Frame: exit prior to the May 15th earnings report
New Positions: see below

Comments:
05/03 update: The market's widespread pullback pushed HD to a -0.4% decline. The bullish trend remains intact for now. Look for support near $52.00 or the 20-dma near $51.40.

Our short-term target is $54.75 but we'll plan on exiting prior to the May 15th earnings report.

Suggested Position: Long HD stock @ $52.25

- or -

Long May $52.50 call (HD1219E52.5) Entry $0.85

04/27/12 triggered at $52.25

Entry on April 27 at $52.25
Earnings Date 05/15/12 (confirmed)
Average Daily Volume = 8.6 million
Listed on April 26, 2011


rue21, Inc. - RUE - close: 30.24 change: -1.25

Stop Loss: 29.75
Target(s): 33.50
Current Gain/Loss: - 0.0%
Time Frame: exit prior to the late May earnings report
New Positions: see below

Comments:
05/03 update: I could not find any April same-store sales release data from RUE today. I suspect that today's sell-off in this stock is merely a reaction to the wider weakness in the retailers due to disappointing monthly sales. Of course it doesn't matter why RUE reversed. Today's move is technically a bearish engulfing candlestick reversal pattern. If there is any follow through lower then we will likely be stopped out at $29.75. I am not suggesting new positions at these levels.

(small positions)

Suggested Position: Long RUE stock @ $30.25

- or -

Long May $30 call (RUE1219E30) Entry $1.70

05/01/12 new stop loss @ 29.75
04/26/12 new stop loss @ 29.10
04/17/12 triggered at $30.25

Entry on April 17 at $30.25
Earnings Date 05/24/12 (unconfirmed)
Average Daily Volume = 304 thousand
Listed on April 164, 2011


SeaDrill Limited - SDRL - close: 38.99 change: -0.12

Stop Loss: 37.40
Target(s): 41.50
Current Gain/Loss: + 2.0%
Time Frame: up to the late May earnings report
New Positions: see below

Comments:
05/03 update: Shares of SDRL held up pretty well only losing 12 cents on the session. I would not be surprised to see a dip back toward the 10 or 50-dma near $38.50-38.30ish. Readers may want to wait for that dip before considering new positions.

We do not want to hold over the very late May earnings report (end of the month).

Suggested Position: Long SDRL stock @ $38.65

- or -

Long Jun $40 call (SDRL1216F40) Entry $0.65

04/30/12 triggered at $38.65

Entry on April 30 at $38.65
Earnings Date 05/31/12 (unconfirmed)
Average Daily Volume = 2.0 million
Listed on April 28, 2011


Teva Pharma - TEVA - close: 45.39 change: -0.35

Stop Loss: 44.45
Target(s): 49.50
Current Gain/Loss: - 1.8%
Time Frame: exit prior to the May 9th earnings report
New Positions: see below

Comments:
05/03 update: TEVA has not closed under short-term technical support at its rising 10-dma in several days. That makes today's performance bearish and a warning signal for traders. Readers may want to raise their stop loss. I am not suggesting new positions with TEVA below $46.00. We do not want to hold over the May 9th earnings report.

current Position: Long TEVA stock @ $46.25

- or -

Long May $45 call (TEVA1219E45) Entry $1.65

05/01/12 triggered at $46.25

Entry on May 01 at $46.25
Earnings Date 05/09/12 (confirmed)
Average Daily Volume = 3.3 million
Listed on April 25, 2011


U.S. Bancorp - USB - close: 31.94 change: -0.10

Stop Loss: 30.90
Target(s): 34.75
Current Gain/Loss: - 0.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
05/03 update: USB only lost 10 cents today and held up better than many of its peers. I am somewhat worried that the intraday reversal from its highs on Tuesday is going to paint a bearish reversal candlestick on the weekly chart. The stock did test short-term technical support at its 10-dma today. A bounce from here would be bullish. Or you may want to stay cautious and wait for a bounce off the $31.50 area instead.

Our target is $34.75 but more aggressive traders could aim higher.

current Position: Long USB stock @ $32.25

- or -

Long May $32 call (USB1219E32) Entry $0.70

05/01/12 triggered @ 32.25

Entry on May 01 at $32.25
Earnings Date 07/18/12 (unconfirmed)
Average Daily Volume = 10.3 million
Listed on April 30, 2011


Williams Sonoma Inc. - WSM - close: 39.78 change: -0.17

Stop Loss: 38.40
Target(s): 44.00
Current Gain/Loss: - 1.0%
Time Frame: exit prior to the mid May earnings report
New Positions: see below

Comments:
05/03 update: I have to warn you that today's action in WSM is bearish. The stock spiked higher at the open, hitting $40.76 intraday, only to reverse quickly and close back under resistance at the $40.00 level. This failed breakout is a bull trap pattern. Unfortunately WSM hit our trigger to launch positions at $40.15. Our trade is open but I am not suggesting new positions at this time. If shares do pullback I would expect a dip toward $39.00 and its 10-dma.

Suggested Position: buy WSM stock @ $40.15

- or -

Long May $40 call (WSM1219E40) Entry $1.50

05/03/12 triggered at $40.15

Entry on May 03 at $40.15
Earnings Date 05/17/12 (unconfirmed)
Average Daily Volume = 2.1 million
Listed on April 28, 2011


BEARISH Play Updates

American Public Education - APEI - close: 31.90 change: -1.10

Stop Loss: 34.55
Target(s): 31.50
Current Gain/Loss: + 8.2%
Time Frame: up to its May 10th earnings report
New Positions: see below

Comments:
05/03 update: Shares of APEI are accelerating lower. Readers may want to start taking profits now. I am adjusting our exit target to $31.50 and our stop loss down to $34.55. I'm not suggesting new positions at this time.

Earlier Comments:
The plan was to limit our risk with small positions. Our exit target is $31.00 but we do not want to hold over the May 10th earnings report. This is a higher-risk trade. Lots of investors think APEI is going lower and the most recent data listed short interest at 20% of the very small 16.8 million share float. That does raise the risk of a short squeeze. You may want to limit your exposure by trading options.

(small positions)

Suggested Position: short APEI stock @ $34.75

- or -

Long May $35 PUT (APEI1219Q35) Entry $2.10

05/03/12 new stop loss @ 34.55, adjust exit to $31.50, readers may want to take profits now!
05/02/12 new stop loss @ 35.05, readers may want to take profits now
05/01/12 new stop loss @ 35.55
04/28/12 new stop loss @ 36.05
04/23/12 new stop loss @ 36.60
04/19/12 triggered at $34.75

Entry on April 19 at $34.75
Earnings Date 05/10/12 (unconfirmed)
Average Daily Volume = 202 thousand
Listed on April 18, 2011


Greenhill & Co. - GHL - close: 36.86 change: -1.19

Stop Loss: 39.25
Target(s): 34.25
Current Gain/Loss: + 1.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
05/03 update: Our new bearish trade on GHL is off to a good start. Shares are breaking down to new relative lows. The stock hit our trigger to launch positions at $37.25.

Earlier Comments:
We do want to keep our position size small since being short GHL is a popular trade. The most recent data listed short interest at 18.5% of the small 26.8 million share float. That does raise the risk of a short squeeze.
FYI: The Point & Figure chart for GHL is bearish with a $29 target.

(small positions)

current Position: short GHL stock @ 37.25

05/03/12 triggered @ 37.25

Entry on May 03 at $37.25
Earnings Date 07/18/12 (unconfirmed)
Average Daily Volume = 508 thousand
Listed on May 2, 2011


Groupon, Inc. - GRPN - close: 10.31 change: -0.27

Stop Loss: 11.75
Target(s): 7.50
Current Gain/Loss: + 4.5%
Time Frame: exit prior to May 14th earnings report
New Positions: see below

Comments:
05/03 update: Groupon continues to underperform. The stock temporarily broke support at the $10.00 mark before bouncing back to end the session down -2.5%. The $10.00 level could be round-number, psychological support. If the stock was going to see an oversold bounce this is a good spot for the bounce to show up. I am not suggesting new positions at this time. Remember this is an aggressive, higher-risk trade.

Earlier Comments:
Investors are unhappy with management, worried about earnings, and concerned that the upcoming lock up expiration could put even more pressure on the stock. The lock up period expires on June 1st (delayed from May 2nd). I do consider this an aggressive, higher-risk trade. The trend is down but GRPN is definitely oversold at this point. We want to use small positions to limit our risk. Readers may want to use options to limit their risk even further. We do not want to hold over the May 14th earnings report.

(Small positions)

Suggested Position: short GRPN stock @ $10.80

- or -

Long May $10 put (GRPN1219Q10) Entry $0.90

Entry on May 02 at $10.80
Earnings Date 05/14/12 (confirmed)
Average Daily Volume = 2.6 million
Listed on May 01, 2011


Hi Tech Pharmacal - HITK - close: 33.04 change: -0.16

Stop Loss: 35.05
Target(s): $30.50
Current Gain/Loss: + 4.0%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
05/03 update: HITK tried to see some follow through on yesterday's bounce but the stock reversed at its 20-dma. I remain cautious here. More conservative traders may want to exit early and lock in a profit now. I am not suggesting new positions at this time.

There is potential support near $32.00 and its 300-dma but we're currently aiming for $30.50.

current Position: short HITK stock @ $34.40

04/21/12 new stop loss @ 35.05, adjust exit target to $30.50
04/19/12 planned exit for our April put: $1.30 (-13.3%)
04/18/12 prepare to exit our April $35 puts at the close tomorrow
04/14/12 new stop loss @ 35.55
04/10/12 triggered at $34.40

Entry on April 10 at $34.40
Earnings Date 07/05/12 (unconfirmed)
Average Daily Volume = 155 thousand
Listed on April 09, 2011


Quality Systems - QSII - close: 37.82 change: -0.32

Stop Loss: 39.15
Target(s): 34.50
Current Gain/Loss: + 1.3%
Time Frame: exit prior to the late May earnings report
New Positions: see below

Comments:
05/03 update: The early morning rally attempt in QSII ran out of gas. Shares faded to a -0.8% decline. Lack of follow through on yesterday's bullish reversal is good news but I remain cautious. I am not suggesting new positions at this time.

Earlier Comments:
I do see potential support at $36.00 and $34.00 and we are going to set our exit target at $34.50 but we plan to exit prior to the late May earnings report. Readers may want to use small positions. The most recent data listed short interest at 12% of the relatively small 39.4 million share float so that does raise the risk of a possible short squeeze.

current Position: short QSII stock @ $38.33

- or -

Long May $40 PUT (QSII1219Q40) Entry $1.90

05/02/12 Caution! QSII produced a bullish reversal candlestick today. Readers may want to exit early now. new stop loss at $39.15.

Entry on April 26 at $38.33
Earnings Date 05/24/12 (unconfirmed)
Average Daily Volume = 476 thousand
Listed on April 25, 2011


St. Jude Medical - STJ - close: 38.51 change: -0.32

Stop Loss: 40.05
Target(s): 34.25
Current Gain/Loss: - 2.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
05/03 update: Shares of STJ trended lower but now prior resistance at the 10-dma is new support. I remain cautious here. I'm not suggesting new positions. More conservative traders may want to just exit early now.

Our target is $34.25. FYI: The Point & Figure chart for STJ is bearish with a $31.00 target.

current Position: short STJ stock @ $37.45

- or -

Long May $37.50 PUT (STJ1219Q37.5) Entry $1.20

04/23/12 new stop loss @ 40.05
04/23/12 triggered at $37.45

Entry on April 23 at $37.45
Earnings Date 04/18/12
Average Daily Volume = 5.1 million
Listed on April 21, 2011


CLOSED BULLISH PLAYS

Buckle Inc. - BKE - close: 43.84 change: -3.53

Stop Loss: 45.40
Target(s): 52.50
Current Gain/Loss: unopened
Time Frame: exit prior to the mid May earnings report
New Positions: see below

Comments:
05/03 update: Surprise! Several major brands reported their April same-store sales figures this morning. Wall Street was expecting BKE to deliver +2.8% growth. The company announced this morning that monthly same-store sales only rose +1%. This news sparked a sharp sell-off in shares and BKE has crashed through several layers of short-term support.

Our plan was to launch bullish positions if the stock hit $47.65. That is unlikely to happen any time soon so I am removing BKE from our newsletter. The trade never opened.

Trigger @ 47.65

Trade never opened.

chart:

Entry on May xx at $ xx.xx
Earnings Date 05/17/12 (unconfirmed)
Average Daily Volume = 509 thousand
Listed on May 2, 2011