An NYSE Scalper's Tale - A Trader's Diary

Thursday, March 02, 2006

On Tap for Fri Mar 3, 2006

Tomorrow I'll be watching Chesapeake Energy (CHK). Today it was up on massive volume as it was added to the S&P 500 today, replacing Dana Corp (DCN) on the list. CHK closed at $31.70

Speaking of Dana Corp (DCN), the auto parts maker is in big trouble. It missed interest payments on it's bonds on Wednesday and there is speculation that they may have to file for bankruptcy. Both Moody's and S&P cut it's debt rating. It was funny when I saw that this morning Deutsche Bank cut it's price target for DCN to $0 (I've never seen that before!). DCN closed at $1.04.

The news on DCN comes fresh off the heels of fellow auto parts maker Delphi Corp, which also filed for bankruptcy protection just a few months ago. It seems like the bad news for North American car makers and their suppliers keep on flowing.

Lastly, EMC Corp (EMC) has been uptrending and has been quite active lately. It is approaching its 52 week high of $14.88 and I have been actively trading this stock the last few days. EMC closed at $14.58.


Post a Comment

<< Home