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As we near midday, three of the top market movers are prescription med purveyor GW Pharmaceuticals PLC-ADR (NASDAQ:GWPH), car rental company Hertz Global Holdings, Inc. (NYSE:HTZ), and cloud concern Rally Software Development Corp (NYSE:RALY). Here's a quick roundup of how this trio of names is performing on the charts so far.
- GWPH is up 8% at $73.20 in late-morning trading, after its Dravet syndrome treatment, Epidiolex, received a fast-track designation from the U.S. Food and Drug Administration. Of course, big single-day gains are nothing new for the stock, which has increased in value by a more than eightfold margin over the last year. As such, the Street is very bullish toward GW Pharmaceuticals PLC-ADR. All six of the analysts covering the shares have given them a "buy" or better rating, and GWPH's average 12-month price target sits at a lofty $92.40.
- HTZ is hurting today, down nearly 9% to $27.85 on news that its accounting practices have been compromised for the past three years. With the move lower, the equity currently sits slightly in the red on a year-to-date basis. Nevertheless, Hertz Global Holdings, Inc. boasts a 10-day call/put volume ratio of 12.13 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio is higher than 88% of comparable readings from the past year, signaling a faster-than-usual rate of call buying (relative to put buying) in recent weeks. Should these option bulls begin to hit the exits, it could pressure HTZ further south.
- Finally, RALY hit a record low of $8.40 earlier, following last night's fiscal first-quarter revenue miss, and lower-than-expected top-line guidance for the current quarter and fiscal year. In addition, the news was met with a flood of bearish brokerage notes. At last check, the shares were off 29.3% at $8.62. Rally Software Development Corp's technical struggles are likely being cheered by short sellers. Short interest on the equity exploded by roughly 78% during the last two reporting periods, and now represents 12.4% of the stock's float -- which would take seven sessions to cover, at RALY's average daily trading volume.