Stocks quoted in this article:
As Wall Street awaits the release of the Federal Open Market Committee's meeting minutes, the major indexes have slipped slightly into the red today, and it appears that a small number of equities have followed in their footsteps. Presently, the New York Stock Exchange (NYSE) has just 19 securities at new lows, while the Nasdaq shows 27 at new bottoms. Among the stocks tagging 52-week lows in today's session are hhgregg, Inc. (NYSE:HGG - 7.10), Take-Two Interactive Software, Inc. (NASDAQ:TTWO - 9.06), and Fossil, Inc. (NASDAQ:FOSL - 65.72).
- Shares of HGG have plummeted more than 38% today -- tagging a new low of $6.99 in the process -- after the company projected weaker-than-expected quarterly earnings results and downwardly revised its full-year guidance. The news also prompted a slew of bearish brokerage notes, and widened HGG's year-to-date loss to almost 51%. However, the security has been under skeptical scrutiny well before now, as short interest on the home appliance giant accounts for a whopping 67% of the equity's available float. It would take 43 days to cover these shorted shares, at the stock's average daily volume.
- TTWO fell to a new low of $9.00 today, exacerbating its year-over-year decline to nearly 39%. Even so, calls remain the options of choice on the equity, as data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows a 10-day call/put volume ratio of 21.21 -- meaning that traders have bought to open more than 21 calls for every put during the past two weeks. This ratio arrives in the 82nd annual percentile, indicating that speculators have been picking up calls over puts at a faster-than-usual pace. What's more, 10 of the 14 analysts following TTWO has deemed it worthy of a "strong buy" rating, while the remaining four have handed out "hold" recommendations.
- Even without any major news drivers, fashion accessories maven FOSL managed to tag a new bottom of $64.51 this morning. The security has shed approximately 48% during the past year, and has underperformed the broader S&P 500 Index (SPX) by more than 47 percentage points during the past 60 sessions. Not surprisingly, the equity's near-term options players seem to prefer puts over calls, as evidenced by its Schaeffer's put/call open interest ratio (SOIR) of 1.82 -- confirming that puts nearly double calls among the front three-months' series of options. This ratio ranks in the bearishly skewed 74th percentile of its annual range, reflecting a healthier-than-usual appetite for puts above calls.
to read the new highs list, which includes US Airways Group, Inc. (NYSE:LCC