Schaeffer's S&P 500 Index Hot Stocks Features OfficeMax, Coach,

Adobe Systems, Darden Restaurants, and News Corp. 
Among the stocks featured in the August 24 edition of
Schaeffer's S&P 500 Index Hot Stocks are OfficeMax (NYSE:OMX), Coach
(NYSE:COH), Adobe Systems (NASDAQ:ADBE), Darden Restaurants
(NYSE:DRI), and News Corp. (NYSE:NWS). Schaeffer's S&P 500 Index Hot
Stocks is just one of the many free market commentaries written
everyday at - the home of Bernie Schaeffer
and Schaeffer's Investment Research. For additional information about
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Schaeffer's S&P 500 Index Hot Stocks for Wednesday, August 24,
A daily feature available on is the "SPX
Hot Stocks" column. Each afternoon, we will provide a list of the
day's top-20 performing stocks in the S&P 500 Index (SPX - 1,2132.51)
as well as the bottom-20 names. Featured along with this table will be
news that is moving some of the securities. 
NOTE: Stocks trading under $5 per share have been eliminated from
this listing of the top-20 and bottom-20 performing stocks. 
Heavy selling has taken over heading into the final minutes of
this Wednesday session of trading. The oily ghost of record high oil
prices is being held responsible for the broad-based sell off, as the
October futures contract hit a new record of $67.40 per barrel. With
less than an hour left in the trading session, the SPX has lost 3.97
points, or 0.33 percent, with 56 of its 500 members clinging to
positive territory. 
Earnings, merger news, and analyst activity are responsible for
the majority of today's hot and cold stocks on the SPX. Leading things
off, OfficeMax (NYSE:OMX) was the lucky beneficiary of an upgrade from
Credit Suisse First Boston to "outperform" from "neutral," resulting
in a more-than-five-percent surge in the shares heading into the final
hour of trading. The brokerage firm attributed the upgrade to "higher
confidence that either new management will fix the easy execution
issues or the company will be broken up." Technically, OMX has surged
above its 10-day and 20-day moving averages, but appears to have hit a
snag at resistance in the 29 area. 
Falling in the earnings category, Coach (NYSE:COH) announced that
its results for the first quarter are tracking ahead of expectations.
For the quarter, COH now expects earnings of 25 cents per share on
sales of at least $445 million, blowing past the Street's expectations
for a profit of 24 cents per share on sales of $442.7 million. For the
year, the company expects earnings of at least $1.25 per share on
sales of $2.1 billion. Despite this news, and the subsequent
4.78-percent surge, the shares are having trouble with resistance at
their 20-day and 10-week moving averages in the latter half of today's
Yesterday afternoon, Oppenheimer stated that it expects Adobe
Systems (NASDAQ:ADBE) and Macromedia (MACR) shareholders to approve
the merger between the two when they meet after the bell on Wednesday.
This was apparently encouraging news for investors, as ADBE has
rallied more than three percent and taken out its 10-day and 20-day
moving averages in the process. 
With no discernable news crossing the wire, Darden Restaurants
(NYSE:DRI) has plunged more than 3.5 percent so far today. The shares
have been trending lower for the better part of the past four weeks,
and have now taken out former support at their 10-week and 20-week
moving averages. The last time the equity breached this
double-barreled support was in mid-March. 
Sticks and stones may break your bones, but analyst downgrades can
really hurt you. Freeport-McMoran (FCX) is finding this out the hard
way today, as BMO slashed its rating on the stock to "market perform"
from "outperform." However, while the downgrade has pushed the shares
lower by more than one percent so far, FCX appears to be holding
tightly to support in the 40 area, home to its rising 10-week moving
Bringing up the rear and accounting for the merger-and-acquisition
portion of today's edition of hot stocks is News Corp. (NYSE:NWS).
According to the London Times, NWS is planning to sell Dutch radio
broadcaster Sky Radio. The Times cited an e-mail to employees as its
source. Also according to the report, Rupert Murdoch, NWS chairman and
CEO, believes that the popularity of digital music players is drawing
listeners away from radio, brining the future of radio into question.
Now, while the announcement of a sale usually brings about a rise in
the shares of the selling party, NWS has given back roughly 1.5
percent so far on the news. Apparently investors aren't ready to give
up the ghost on radio just yet. 
Click the following link to see a Chart of the SPX 500 Index's
Top-20 Percentage Gainers: . 
Click the following link to see a Chart of the SPX 500 Index's
Top-20 Percentage Losers: . 
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