PMCS PMC Sierra Inc Bullish Intraday Trade

Northland Capital initiated PMC-Sierra (PMCS) coverage with Outperform rating and price target $13. PMCS closed yesterday at $8.61 and opened today at $8.57. With the S&P futures gapping down a large amount and PMCS only down $0.04, it was a no brainer buy at the open, which is what Daily Stock Plays members did today. The first half of the position was sold at $8.95 for a nice 4.4% gain. The remaining second half will be sold at the close unless the second price target of $9.25 is hit.