Schaeffer's Trading Floor Blog

Biggest Movers: Pandora Media Inc, 3D Systems Corporation, and Eagle Bulk Shipping Inc.

P, DDD, and EGLE are making big moves in Tuesday's trading

by 7/8/2014 12:08 PM
Stocks quoted in this article:

U.S. markets are wallowing in the red today, as traders take a risk-off attitude before tonight's unofficial start to second-quarter earnings season. At midday, three of the top laggards are satellite radio concern Pandora Media Inc (NYSE:P), 3-D printing provider 3D Systems Corporation (NYSE:DDD), and ocean transportation issue Eagle Bulk Shipping Inc. (NASDAQ:EGLE). Here's a quick roundup of how this trio of names is performing on the charts so far.

  • P has shed 9.5% today to wallow near $25.20 -- and has moved into the red on a year-to-date basis. If past is prologue, the stock could be poised for additional downside after it steps into the earnings confessional the evening of Thursday, July 24. Despite matching or exceeding average bottom-line estimates in each of the past eight quarters, the stock averages a single-session post-earnings loss of 3.9%. Plus, 73% of analysts maintain a "buy" or "strong buy" rating -- and the consensus 12-month price target of $34.21 stands well above P's current perch. In other words, the door is wide open for a round of downgrades and/or price-target cuts, should Pandora Media Inc have another poorly received earnings report.

  • Despite being ranked No. 13 on Forbes' Top 100 Most Innovative Growth Companies list, DDD is down 7.1% today. This move lower only highlights the equity's withstanding technical troubles, though, with DDD currently staring at a 40% year-to-date loss to trade at $55.72. This technical turmoil has not been lost on short sellers, as 34.4% of the stock's float is sold short at present. These shorts may be scooping up long calls to hedge against an unexpected rebound for 3D Systems Corporation. The equity's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 2.31 ranks in the bullishly skewed 77th percentile of its annual range.

  • EGLE is having a terrible day, with the stock off 29.6% at last check to trade at $1.96 -- and earlier tagged a new annual low of $1.94 -- amid reports the company has entered into a forbearance agreement with its lenders. Not surprisingly, sentiment remains bearishly skewed toward Eagle Bulk Shipping Inc. In the options pits, for example, the equity's 10-day ISE/CBOE/PHLX put/call volume ratio of 12.61 ranks 3 percentage points from a pessimistic peak. Additionally, short interest accounts for roughly one-quarter of the stock's available float, and would take nearly 12 sessions to cover, at the security's average daily pace of trading.

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