It was another interesting day on Wall Street on Thursday, and the stocks we follow had a very good trading day. It was still a sloppy day, perhaps a distribution day, but the market hung in there with a nice, mixed picture into the day despite all the churning.
Arista Networks,(NYSE:ANET), which we like a lot, had a fabulous day on Thursday, up 2.81 to 67.99, or 4.3%, on 1.1 million shares. After the IPO, it ran up nicely to the 90’s, double-topped, then came down in a 5-wave decline, before it had the big reversal last week. The reversal brought it back from 56 to Thursday’s high of 68. What is significant is that this stock exploded after hours from 68 all the way up to 75, before backing off and coming on again, reaching 70 1/4, and now it’s back up to 73 nearly. Thursday appears to have been a breakout day for this stock. Keep an eye on it. The next target is 81.
FireEye, (NASDAQ:FEYE) had a good day on Thursday, up 60 cents to 44.27, or 2.4%, on 9 million shares. After Wednesday’s pullback from resistance, which comes in at about the 44.90 range, it came down to 44.36, before going right back two points, closing at 44.27. If it continues to consolidate, that’s fine. The eventual target is in the 50 range.
Paycom Software, (NYSE:PAYC) put out a swing on Thursday because a wedge was broken. It looked really good intraday as well, and then it pulled back. It looks like it’s not done yet, 3-waves up, and a fourth and fifth wave could take it over 40.
Sorrento Therapeutics, (NASDAQ:SRNE) did what I wanted it to do on Thursday. It popped near 13, getting up to 12.95, closing at 12.48, up 70 cents, or nearly 6%, on 544,700 shares traded. That’s the best volume in 4 weeks. It looks like there’s more upside. The target is 13.85-14.00.
Other stocks on Harry’s Charts of the Day included Astronics (NASDAQ:ATRO), BJ's Restaurants, (NASDAQ:BJRI), Bellicum Pharmaceuticals, (NASDAQ:BLCM), BioLineRx, (NASDAQ:BLRX), Cempra (NASDAQ:CEMP), Cyber-Ark Software (NASDAQ:CYBR)