Schaeffer's Trading Floor Blog

Biggest Movers: Pier 1 Imports Inc, Sky-mobi Ltd (ADR), and Northwest Biotherapeutics, Inc

PIR, MOBI, and NWBO are making noteworthy moves in Thursday's trading

by 6/19/2014 2:23 PM
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Heading into the final stretch of today's session, three of the top market movers are home furnishings specialist Pier 1 Imports Inc (NYSE:PIR), Chinese app specialist Sky-mobi Ltd (ADR) (NASDAQ:MOBI), and biopharmaceutical concern Northwest Biotherapeutics, Inc (NASDAQ:NWBO). Here's a quick roundup of how this trio of names is performing on the charts so far.

PIR fell to a new annual low of $15.72 earlier, but was last seen down 13.4% at $15.81, following this morning's worse-than-expected fiscal first-quarter earnings results. Adding insult to injury, the company downwardly revised its full-year fiscal outlook. As a result of today's earnings-induced plunge, Pier 1 Imports Inc is staring down a 31.5% year-to-date deficit. From a contrarian perspective, more headwinds may be on the horizon, considering no fewer than 77% of covering analysts maintain a "buy" or better rating toward the stock. Plus, the consensus 12-month price target of $21.92 stands at a significant 38.6% premium to current trading levels. Simply stated, the door is wide open for a round of downgrades and/or price-target cuts, which could translate into additional selling pressure on the security.

Having a decidedly different day is MOBI, which is continuing to gain ground in the wake of selling its 37.9% stake in Shanghai Fangcun Information Technology Co., Ltd. At last check, Sky-mobi Ltd (ADR) was 8.9% higher at $7.81, bringing its week-to-date lead to 23.4%. In the stock's options pits, 53 calls have been bought to open for each put during the past 20 sessions, per data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). However, with a healthy 5% of the security's float sold short, a portion of this call buying may have been at the hands of shorts hedging against a potential pop.

It's a dismal day for NWBO shareholders, with the stock off 23% at last check to churn near $6.90. Earlier today, a Pennsylvania-based law firm announced it is investigating the company for fraud on behalf of NWBO's shareholders. Heading into today's session, the equity was sporting an impressive 150% year-over-year gain. As such, today's bearish gap should be pleasing short sellers, considering nearly 19% of the stock's float is sold short. Plus, it would take more than two weeks to cover these shorted shares, at Northwest Biotherapeutics, Inc's average daily pace of trading.

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