Schaeffer's Trading Floor Blog

Biggest Movers: Big Lots, Inc., OmniVision Technologies, Inc., and Splunk Inc

BIG, OVTI, and SPLK are moving sharply in Friday's trading

by 5/30/2014 11:13 AM
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As we near midday, three of the top market movers are closeout retailer Big Lots, Inc. (NYSE:BIG), image-sensing device maker OmniVision Technologies, Inc. (NASDAQ:OVTI), and software developer Splunk Inc (NASDAQ:SPLK). Here's a quick roundup of how this trio of names is performing on the charts so far.

  • BIG has rallied more than 13% today to trade at $42.47, following a first-quarter earnings beat and a price-target hike (to $43 from $42) at Deutsche Bank this morning. Along the way, the equity touched a new two-year high of $43.20. There may be more room for Big Lots, Inc. to run, too. Roughly 9% of the stock's float is sold short -- which would take 7.5 sessions to cover, at the average daily trading volume -- meaning a short-covering rally could be in the cards.

  • OVTI has gained roughly 14% this morning to wink at the $23 level, which corresponds with a new two-year high. Last night, the firm reported a fiscal fourth-quarter earnings beat, and issued better-than-expected guidance for the current quarter. Consequently, OmniVision Technologies, Inc. received bullish brokerage notes from no fewer than three analysts. Nevertheless, additional upgrades and price-target hikes could be on the way. Just two covering analysts have given OVTI a "strong buy" rating (versus six tepid "holds"), and the equity's consensus 12-month price target stands at $20.38, a significant discount to the current share price.

  • Finally, unlike the first two securities mentioned, SPLK has plummeted nearly 15% to trade at $42.60, following last night's first-quarter loss and ensuing round of price-target cuts. Elsewhere, during the last 10 days on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Splunk Inc has racked up a call/put volume ratio of 6.52 -- just 13 percentage points from a 12-month bullish peak. However, with short interest on the stock increasing 43.3% during the last two reporting periods -- and now representing 6.6% of SPLK's float -- a portion of these long calls may have been at the hands of short sellers hedging.

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