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3 Stocks To Watch: LITE, OLED, ORBC

Published 03/31/2016, 12:18 AM
Updated 07/09/2023, 06:31 AM

It was an interesting day on Wednesday. They were up in the morning, down midday, tried to rally, and rolled back at the end of the day. It was an up day, but a little unsatisfying. Still, it was some movement. A lot of stocks we follow, or traded, did move, so let’s take a look at some of them.

Lumentum Holdings Inc. (NASDAQ:LITE) is trending upwards and beautifully. Other than one day in March it’s been in a nice channel. Resistance is at Wednesday’s high at 27.20. If it can get through that, look for it to make it to the 30-32 zone. It was up 66 cents to 27.14, or 2.5%, on 755,300. It has 1.44 days to cover.

Universal Display Corp. (NASDAQ:OLED) had a good day on Wednesday. We put a swing on and it immediately dropped, took out the stops, and then it ran right back up again, retested, plat formed, wedged, and broke out, up 2.03 to 54.76, or 3.8%, on 1.3 million shares. Keep an eye on OLED. Over 58, and this stock can rocket to the mid 60’s, and then the lows 70’s. It has 4 days to cover.

ORBCOMM, Inc. (NASDAQ:ORBC) continues to impress, up 46 cents to 10.06, or 4.8%, on nearly 3 million shares. That’s the biggest volume this stock has ever seen. Coming out of a coil with that kind of momentum, it looks really good, and may accelerate to 11 1/2, and then 13 1/2. It has 9.76 days to cover.

Stocks on the long side included ADTRAN Inc. (NASDAQ:ADTN), Alarm.com Holdings, Inc. (NASDAQ:ALRM), Cott Corporation (NYSE:COT), Inovio Pharmaceuticals, Inc. (NASDAQ:INO), Centrus Energy Corp. (NYSE:LEU), Lumentum Holdings Inc. (LITE), Lululemon Athletica Inc. (NASDAQ:LULU), MediciNova Inc. (NASDAQ:MNOV), Universal Display Corp. (OLED). ORBCOMM, Inc. (ORBC), Silicon Motion Technology Corp. (NASDAQ:SIMO), Square, Inc. (NYSE:SQ), TASER International Inc. (NASDAQ:TASR), Tronox Limited (NYSE:TROX), and United States Steel Corp. (NYSE:X).

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