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Stock Investors Sell Off Shares of Emulex, Down 2.0%

Published on Mon, 02/04/2013 - 11:35
By Peter Chu

One of today's notable stocks in decline is Emulex (NYSE:ELX), down 2.0% to $6.85. The S&P is currently trading 0.7% lower to 1,503 and the Dow Jones Industrial Average is trading 0.8% lower to 13,900.

In the past 52 weeks, shares of Emulex have traded between a low of $5.85 and a high of $11.19 and are now at $6.85, which is 17% above that low price. The 200-day and 50-day moving averages have moved 0.69% lower and 1.19% higher over the past week, respectively.

Emulex Corporation designs, develops, and supplies a line of fibre channel host adapters, hubs, application-specific integrated circuits (ASICs), and software products. The Company's products enhance access to and storage of electronic data and applications. Emulex' products are based on internally-developed ASIC technology and are deployable across a variety of operating systems.

Potential upside of 14.1% exists for Emulex, based on a current level of $6.85 and analysts' average consensus price target of $7.82. The stock should run into initial resistance at its 50-day moving average (MA) of $7.12 and subsequent resistance at its 200-day MA of $7.13.

By Peter Chu
pchu@fnno.com