Schaeffer's Trading Floor Blog

Analysts Downgrades: Juniper Networks, Inc. (JNPR), JDS Uniphase Corp (JDSU), and Crocs, Inc. (CROX)

Analysts downwardly revised their ratings on JNPR, JDSU, and CROX

by 7/22/2013 9:43 AM
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Analysts are weighing in today on network infrastructure provider Juniper Networks, Inc. (NYSE:JNPR), optical technologies concern JDS Uniphase Corp (NASDAQ:JDSU), and footwear manufacturer Crocs, Inc. (NASDAQ:CROX). Here's a quick roundup of today's bearish brokerage notes.

  • Jefferies slashed its rating for JNPR to "hold" from "buy" this morning, ahead of the stock's turn in the earnings confessional tomorrow afternoon. Technically speaking, JNPR has tacked on roughly 23% in the last three months to trade at $21.04, and has outperformed the broader S&P 500 Index (SPX) by 25.3 percentage points during the same time frame. Meanwhile, throughout the past two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), speculators have bought to open almost six JNPR calls for every put. The resultant 10-day call/put volume ratio of 5.86 ranks in the 83rd percentile of its annual range, indicating calls are being picked up over puts at a faster-than-usual pace.

  • JDSU saw its price target slashed to $18 from $20 at Needham, ahead of today's opening bell. On the charts, the stock is up 63% year-over-year to hover at $15.18, just below its annual high of $15.63, tagged on Feb. 15. In the options pits, JDSU sports a Schaeffer's put/call open interest ratio (SOIR) of 0.82, with calls outnumbering puts by a margin of nearly 5-to-4 among options with a shelf-life of three months or less. Still, this ratio ranks higher than 81% of other such readings taken throughout the year, conveying short-term JDSU traders are more put-heavy than usual right now.

  • In pre-market, Wedbush downgraded its rating for CROX to "neutral" from "outperform." Since the beginning of 2013, CROX has gained 16.4%. However, within the past five days, the stock has experienced some turbulence, dropping more than 4% to perch at $16.75. As a result, put trading is picking up in CROX options pits. Specifically, the stock's ISE/CBOE/PHLX 10-day put/call volume ratio of 0.25 ranks in the 59th percentile of its annual range. This means that, although CROX call activity has outnumbered put activity by a margin of 4-to-1 during the past two weeks, speculators are still snatching up puts over calls at a faster-than-usual clip as of late.

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