Schaeffer's Trading Floor Blog

Biggest Movers: BlackBerry Ltd, Cirrus Logic, Inc., and Rocket Fuel Inc

BBRY, CRUS, and FUEL are moving sharply in Monday's trading

by 7/7/2014 1:26 PM
Stocks quoted in this article:

In early afternoon action, three of the top market movers are mobile phone unit BlackBerry Ltd (NASDAQ:BBRY), integrated circuit producer Cirrus Logic, Inc. (NASDAQ:CRUS), and predictive modeling firm Rocket Fuel Inc (NASDAQ:FUEL). Here's a quick roundup of how this trio of names is performing on the charts so far.

  • BBRY has tacked on nearly 5% today to trade at $11.13, after winning three Red Dot Awards for the design of its Q10, Q5, and Z30 smartphone models. This is more of the same for the Canada-based company, which has seen its shares run nearly 50% higher in 2014. Nevertheless, BlackBerry Ltd remains surrounded by skepticism, with 26 out of 27 covering analysts maintaining "hold" or worse opinions on the stock, and more than one-fifth of the equity's float sold short. That said, if BBRY can sustain its positive momentum on the charts, it could get an additional lift from analyst upgrades and/or short-covering activity.

  • CRUS is up 5% today to wink at the $24.34 level, despite a dearth of notable news. Furthermore, like BBRY, Cirrus Logic, Inc.'s technical tenacity has been on display throughout 2014, with the shares adding more than 19%. However, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have been walking a bearish path recently. To be specific, the equity's 10-day put/call volume ratio across this trio of exchanges is 1.25, with long puts outpacing long calls. What's more, this ratio ranks just 10 percentage points from an annual bearish acme. Suffice it to say, CRUS could be in a position to benefit, should these options skeptics begin to change their tune.

  • Finally, FUEL has shed 8.1% to hover near $26.23, after Wells Fargo initiated coverage of the stock with a "market perform" rating. Generally speaking, it's been a tough year for the shares, which are off 57.4% in 2014, and have underperformed the broader S&P 500 Index (SPX) by nearly 36 percentage points during the past three months. Not surprisingly, short sellers have zeroed in on Rocket Fuel Inc. In fact, one-quarter of the equity's float is sold short, which would take 13.5 sessions to buy back, at FUEL's average daily trading volume.


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