Schaeffer's Trading Floor Blog

Biggest Movers: Pandora Media Inc, Stone Energy Corporation, and Yelp Inc

P, SGY, and YELP are moving sharply in Tuesday's trading

by 5/6/2014 3:35 PM
Stocks quoted in this article:

As we approach the final minutes of the trading day, three of the top movers are satellite radio issue Pandora Media Inc (NYSE:P), oil-and-gas name Stone Energy Corporation (NYSE:SGY), and business review website Yelp Inc (NYSE:YELP). Here's a quick roundup of how this trio of names is performing on the charts this afternoon.

  • With the Global X Social Media ETF (NASDAQ:SOCL) sagging 3.5% to trade at $16.87 amid Twitter Inc's (NYSE:TWTR) notable tumble, it's no wonder that another of its components -- namely P -- is deep in the red. At last check, Pandora Media Inc was nearly 8% below breakeven at $22.79 -- adding to a post-earnings tumble that began on April 25 -- despite announcing today that April listening hours increased 30% year-over-year. Nevertheless, the stock's options pits remain bullishly skewed. During the last 10 weeks on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), P has racked up a call/put volume ratio of 2.09, with long calls more than doubling puts. This metric ranks just 14 percentage points from an annual optimistic acme, as well. However, if P continues to struggle, a mass exodus of option bulls could exacerbate the equity's recent slide.

  • SGY is also seeing red this afternoon, off more than 10% at $43.56. Earlier, Capital One Securities slapped the shares with a price-target cut to $47 from $50, in spite of last night's first-quarter earnings beat. Longer term, Stone Energy Corporation has been a technical outperformer, besting the broader S&P 500 Index (SPX) by nearly 50 percentage points in the last three months. Accordingly, call buyers have been flocking toward the energy firm, which features a 50-day ISE/CBOE/PHLX call/put volume ratio of 4.31 -- in the top quartile of all comparable readings from the past 12 months. Looking ahead, SGY will host its investor day on Tuesday, May 20, and annual stockholder meeting on Thursday, May 22.

  • Finally, YELP -- another SOCL component -- is sitting 12.4% lower at $52.69 this afternoon. As has been the case with other momentum names, the past couple of months haven't been pretty for the business review name. Specifically, Yelp Inc has underperformed the SPX by roughly 35 percentage points during the previous 40 sessions. For some reason, that hasn't been enough to temper the enthusiasm on Wall Street. Among the 29 brokerage firms covering YELP, 22 have doled out "buy" or better ratings, compared to seven "holds" and not a single "sell" recommendation. Also, the stock's consensus 12-month price target of $85.48 stands at a significant premium to the current share price. In other words, the door is wide open for a series of analyst downgrades and/or additional price-target reductions.

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