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Shares of SYNNEX Under Pressure, Down 99.3%

Published on Fri, 02/01/2013 - 13:13
By Adrienne Chilton

SYNNEX (NYSE:SNX) is one of today's biggest movers, down 99.3% to $36.61. The S&P is currently trading 1.0% higher to 1,513 and the Dow Jones Industrial Average is trading 0.9% higher to 13,994.

Over the past year, SYNNEX has traded in a range of $30.70 to $44.25 and is now at $36.61, 19% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

SYNNEX has overhead space with shares priced $36.61, or 7.2% below the average consensus analyst price target of $39.46. The stock should find initial support at its 50-day moving average (MA) of $34.30 and further support at its 200-day MA of $34.07.

SYNNEX Corporation provides information technology supply chain services. The Company offers services to original equipment manufacturers and software publishers worldwide. SYNNEX offers product distribution, related logistics services, and contract assembly.

By Adrienne Chilton