OpeningBellReport.com initiates single day Alert coverage on the following stocks. OpeningBellReport.com expects these stocks to trade volume and price above their 10-day trading average and provide an opportunity for trading profits.
Dollar General shares (NYSE: DG) gained 0.56 percent yesterday to close at $49.86. It hit an all-time high above $56 in July but has been pulling back since. The stock has been holding support at its 200-day moving average in the last two months, which could be leading some investors to believe that it’s still trending higher. Call Option buying has been heavy, 72% greater then average with call options accounting for 96% of the activity. Look for DG to finish the year strong.
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Office Max (NYSE: OMX) has seen a strong ralley in its share price since August, more then doubling to a recent close of $10.00. Back on August 2nd the company announced that it was reinstating its 2-cent per share quarterly dividend—the stock now has about a 1% yield. Office Max owns twenty to thirty percent of Boise Cascad, and their IPO will unlock some of OMX hidden value by putting a hard value on their investment.
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AMR Corp (OTC: AAMRQ) the parent of American Airlines filed for bankruptcy a year ago in hopes of reducing labor costs and returning to profitability. AMR has requested an extension of 6 weeks on filing its plan of reorganization with the bankruptcy court. This filing is a sign that discussions with creditors on how to bring A.MR out of bankruptcy are progressing cooperatively, if a bit slower than initially expected. This filing also effectively blocks rival airline US Airways from making a hostile bid, as any merger plan unveiled during this period would have to be proposed by AMR itself. A hearing on the extension request is set for December 19. Shares of AAMRQ have risen to $0.502 in recent trading
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