For traders with a short-term time horizon who are looking for big moves over a short period, we have updated our list of the S&P 1500 stocks trading above $10 that have the largest intraday high-low ranges (based on the average percent spread between the intraday high and low over the last 50 days). The stocks are grouped based on whether they have a rising or falling 50-day moving average (DMA). Stocks highlighted in gray are new to the list this month.

With overall market volatility near record lows, it shouldn’t come as a surprise that there is not a whole lot of major volatility in individual stocks.  As shown in the table below, just ten stocks in the S&P 1500 have an average daily intraday move of over 5%.  Neck and neck in the lead for the title of most volatile stock are shares of MiMedx (MDXG) and Finish Line (FINL), which are both in short-term downtrends and have seen average daily moves of 6.4%.  The only other stock in the S&P 1500 that has seen an average intraday move of 6% is Impax Labs (IPXL).  While all three of the stocks mentioned have relatively low share prices, the highest priced stock on the list is RH (formerly Restoration Hardware).  With a price of around $86 per share, the stock sees an average daily intraday move of nearly $4 each day.

In terms of sector representation, Health Care is the most heavily represented with twelve stocks and Consumer Discretionary is right on its heels with eleven.  The only sector not represented is Utilities, but that shouldn’t be a surprise given the sector’s traditionally stable investor base.

We sometimes like to look at the lighter side of capital markets. Or, in this case, the crispier, more tender side. Since the end of 1997, the CPI index for chicken is up about 50%. That may sound like a lot, but it’s actually right in-line with 2% inflation the Fed targets (of course, they target core PCE, which is a bit different from CPI, but that’s another story). Happily for white and dark meat lovers alike, consumers pay about 3% less for chicken than they did in March of 2015, when prices peaked. The interesting thing, though, is that wholesale chicken prices have been an entirely different story, especially for what we would argue are the best parts of the bird: high flavor, fun to eat, and imminently friable wings. As shown in the chart below, the Georgia Department of Agriculture’s price index for bulk chicken wing dock prices have risen by 200% since the same period in 1997.

You may be asking, “so what does this have to do with the price of wings in…” and believe it or not, we have an answer. Below, we show the percentage change in six stocks since the IPO of pure-play (and superior chicken tender purveyor, in our view) Bojangles’. BOJA was up about 50% right after it IPO’d but has been mired in the doldrums since, and over the last six months has suffered an especially rough run. Surprisingly – or perhaps not, given the menus – Buffalo Wild Wings (BWLD) has traded in lockstep with BOJA. BWLD isn’t quick service, instead focusing on the full-service market, but it’s got a similarly avian focus on fried chicken. Kentucky Fried Chicken, another ubiquitous source of all things clucky, is part of Yum! Brands (YUM), which has a more diversified portfolio of fast food options including Taco Bell and Pizza Hut. YUM hasn’t been a world-beater, but it’s handily out-feathered its crispy competition as far as current public chicken chains go. Before you ask: Chick-Fil-A is privately held, Church’s was taken out by PE firm FFL Partners in August of 2009, and Popeye’s was bought out by Restaurant Brands International (QSR) in March of 2017, just before the going got tough for chicken joints.

We’re sure you’ve noticed by now that there are three other stocks featured in our chart. All three are publicly traded chicken producers and distributors. Maple Leaf (MFI, traded in Canada; we show performance in USD) and Tyson (TSN) have more diversified business models, but Sanderson Farms (SAFM) is a pure play, with 100% of its revenues coming from various kinds of processed chicken. It’s no surprise, then, that as chicken prices have soared in the wholesale market despite relatively subdued consumer costs, that the companies who sell chicken to restaurants have pecked away at the performance of the firms that sell the juicy, delicious end product to consumers.