Hey everyone. A quick note on the Portfolio Challenge trading. The best trades made by contestants seem to be overwhelming triggered by news events and earnings.
Here's a look at the top trades from Tuesday:
WCI Communities gained 14.92% for the contestants that bought it at 18.97 on 3/12 and sold it yesterday at 21.80.Carl Icahn has made a tender offer for the company.
Jo-Ann Stores gained 12.37% for the contestants that bought it at $22.88 and sold it at $25.71, #2 in our leaderboard #2 Jason Kaplan made this trade on earnings positive guidance.
Spirit Finance gained 11.19% for the contestants that bought it at $13.05 and sold it at $14.51 on news they agreed to be acquired by a consortium led by Macquarie Bank.
J2 Global gained 10.24% for the contestants that bought it at $24.7 and sold it at $27.23. The stock was upgraded by Jeffries from buy to hold and boosted its stock target to $31 from $27.
Cadbury Schweppes gained 8.64% for the contestants that bought it at $42.37 and sold it at $46.03 on news that Snapple ex-owner has built a 2.98% stake in the company.
Here's Dylan Ratigan's update on "Power Lunch" including what's happening on "Trading With The Stars."