Supervalu Inc. (NYSE: SVU), a U.S. grocery channel, is seeing a huge rally in mid-day trading today after the company announced a definitive agreement under which it will sell its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on-in-store pharmacies to an affiliate of a Cerberus Capital Management-led investor consortium. SVU also announced its financial results for the third quarter earlier today.
At last check, SVU was trading 12.17% higher at $3.41 on volume of 40.39 million, which is more than six times the daily average volume of 40.93 million. SVU has gained more than 19% in the last three trading sessions.
SVU has broken through $3.20 resistance level as a result of today’s rally, which is a strong bullish signal.
North American Palladium Ltd. (AMEX: PAL), a precious metal producer, is up sharply in mid-day trading today. At last check, PAL was trading 5.03% higher at $1.67 on volume of 2.52 million, which is well above the daily average volume of 2.19 million. The stock hit an intra-day high of $1.69 in trading today.
PAL has broken through $1.60 resistance level as a result of today’s rally. This is a bullish signal. Technical indicators suggest that the bullish trend will continue. PAL could continue to rise before facing resistance at around $1.90. The stock currently has strong support at $1.50.
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