Stocks quoted in this article:
Around midday, three of the top market movers are China-based online media firm SINA Corp (NASDAQ:SINA), home furnishings expert Williams-Sonoma, Inc. (NYSE:WSM), and real estate resource Zillow Inc (NASDAQ:Z). Here's a quick roundup of how this trio of names is performing on the charts so far.
- SINA is tumbling this afternoon, after reporting last night a huge first-quarter loss, impacted by a $40 million IPO charge related to microblogging unit Weibo. In fact, the shares hit a fresh annual low of $43.35 earlier, and were last seen 8.7% in the red at $43.72. Elsewhere, option traders have been betting against SINA Corp. The stock's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.52 sits just 11 percentage points from an annual bearish peak.
- WSM touched a record high of $69.49 earlier, and at last check, was 8.3% higher at $68.99. Spurring the gains was yesterday afternoon's better-than-expected first-quarter earnings report, as well as a flurry of bullish brokerage notes this morning. There's still plenty of room on Williams-Sonoma, Inc.'s bullish bandwagon, too. Just six out of 20 covering analysts give the shares a "strong buy" rating, leaving 14 tepid "hold" recommendations. Also, the stock's consensus 12-month price target of $65.23 stands at a discount to the current price. In other words, WSM could benefit from additional upgrades and/or price-target hikes.
- Finally, with help from encouraging housing data, Z is up 5.1% at midday to trade at $114.62, and reached a new record high of $116.70 during the late morning. Despite the shares outperforming the broader S&P 500 Index (SPX) by nearly 24 percentage points during the last three months, a lofty 42.50% of the equity's float is sold short -- which would take more than four sessions to cover, at Zillow Inc's average daily trading volume. Suffice it to say, the stock could run even higher on additional short-covering activity.