Schaeffer's Trading Floor Blog

Biggest Movers: hhgregg, Inc., GT Advanced Technologies Inc, and Vanda Pharmaceuticals Inc.

HGG, GTAT, and VNDA are moving sharply in Thursday's trading

by 5/8/2014 3:43 PM
Stocks quoted in this article:

As we approach the final minutes of the trading day, three of the top movers are home appliance retailer hhgregg, Inc. (NYSE:HGG), diversified tech concern GT Advanced Technologies Inc (NASDAQ:GTAT), and biopharmaceutical firm Vanda Pharmaceuticals Inc. (NASDAQ:VNDA). Here's a quick roundup of how this trio of names is performing on the charts this afternoon.

  • Despite a lack of notable news drivers, HGG is up 8% this afternoon to trade at $8.81. Nevertheless, the shares remain about 37% south of their year-to-date breakeven level. As such, hhgregg, Inc.'s 50-day put/call volume ratio on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) checks in at 1.55, in the top 20% of its annual range. Likewise, short interest comprises nearly 60% of the equity's float, and would take more than three weeks to cover at HGG's average daily trading pace.

  • Meanwhile, GTAT is down 7.2% at $14.26, following last night's weaker-than-expected first-quarter results. However, the shares remain up 63% on a year-to-date basis. On the sentiment front, 28.2% of GT Advanced Technologies Inc's float is sold short, which represents more than four sessions' worth of pent-up buying power, assuming typical daily volumes. If the stock can resume its longer-term uptrend, a short-covering rally could be in the cards.

  • Lastly, VNDA is roughly 19% lower at $10.30, in the wake of its own disappointing first-quarter earnings report from this morning. What's more, since touching a six-year high of $19.25 in late March, the shares have lost nearly half of their value. Elsewhere, Vanda Pharmaceuticals Inc.'s 50-day ISE/CBOE/PHLX call/put volume ratio of 6.49 sits just 2 percentage points shy of a 12-month high. However, some of this activity may have been at the hands of short sellers, as more than one-fifth of the equity's float is sold short.


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