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Tuesday, April 11, 2006

April 11th - OPWV AVNR

Cramer's first pick was OPWV Openwave

Closing Price: $20.90
After Hours High: $22.41
Percent Increase at High: 7.2%
After Hours Close: $22.10
Percent Increase at Close: 5.7%

I'm not liking this one too much because the high of the day during regular trading was $22.08, so Cramer's mention has only brought it back near (although slightly above) that level. I decided not to short ANGO for the same reason and that was a very smart move on my part.
Now, after seeing the closing price after hours, this only ended up .02 cents higher then the high from today. My rules say that this is not a good short and I am going to stick to that. I could be wrong and this thing could drop but why risk it. If this is anything like ANGO before it, this could run up to well into the afternoon before it sinks, but calling the top that late in the day would be too hard.

Cramer's other pick was AVNR AVANIR PHARMACEUTICL

Closing Price: $13.84
After Hours Close: $15.18
Percent Increase at Close: 9.7%

I see there was a 1 for 4 reverse split on this stock not to long ago so this was trading at $4.00 then. And the historical prices stopped in mid-March at $15.17, almost right where it is now. The switchover to the NASDAQ exchange has obviously messed with some of the historical data for this stock for the time being. Having said all that, a 10% gain is a lot for a Cramer mention. I will keep my eyes out for any FDA news in the morning and consider a short on any spike in price early in the morning.

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