4 Stocks Moving on Both News & Technicals
Recent price strength has followed news of the company’s debt financing plans. The upper trendlines of the rising 10-month channel and steeper 2-month channel meet just above here in the $23.50-24 zone, a move through which could lead to the $25-$26 range, followed by $28.
Qorvo, Inc. (QRVO) gained another $3.30, or 4.6%, rising to $74.84, on 3.1 million shares traded Tuesday. Stock in the Apple supplier exploded in the last week, going from under $66 to Tuesday’s high at $74.92 on news that hedge fund Baupost Group had taken a nearly $500 million investment in the company. The stock has held support on numerous occasions since early February, and Tuesday’s move broke it above a lateral resistance zone from recent tops. Watch for a move next to the channel top near $77-78, followed potentially by the high $80s.
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