Stock Market Alert - OTEX shareholders received a treat before the long weekend after OTEX reported strong earnings that sent the stock soaring. Volume was strong with over 3.7 million shares of the stock changing hands, compared to a normal daily average volume of 476k shares traded. OTEX soared on the session, trading up over 23% to close the day at $24.87. OTEX hit a new 52 week high on the session before pulling back slightly before the weekend. OTEX was up after the company reported Q2 earnings of 52 cents per share, handily beating analyst estimates of 40 cents per share. Sales also topped expectations by almost $10 million dollars. To me, the stock seems poised to move even higher in early September; the company seems to be firing on all cylinders, they are getting positive coverage from analysts, plus there is a very large short position. Seems like a stock you want to be long in to me.
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