Sunday, May 3, 2009
On April 28 adhesive label maker Avery Dennison Corp. reported a first-quarter loss, due to hefty restructuring and asset impairment charges and lower revenue, the price closed with a 5% drop.
It is always a bad sign when on the day of earnings report the stock close lower. AVY reported a fall in revenue of 13% and a plunge in earnings of 84% quarter vs. quarter.
I believe the 65% price increase since March 9 is market and group related and that the stock is ready for a correction.
Sell short 125 AVY, 27 stop 26.87 limit
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