Schaeffer's Trading Floor Blog

Stocks on the Move: Chipotle Mexican Grill, Inc., Crocs, Inc., and Harley-Davidson Inc

CMG, CROX, and HOG are moving sharply in Tuesday's trading

by 7/22/2014 12:42 PM
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U.S. markets are moving higher today, thanks to a round of upbeat earnings and economic reports. Two names that are seeing big moves to the upside in the wake of their quarterly reports are burrito chain Chipotle Mexican Grill, Inc. (NYSE:CMG) and footwear concern Crocs, Inc. (NASDAQ:CROX). Conversely, motorcycle maven Harley-Davidson Inc (NYSE:HOG) has taken a turn for the worse in the wake of its results. Here's a quick roundup of how this trio of names is performing on the charts so far.

  • CMG rallied to a new record peak of $667.90 earlier in the wake of a strong earnings report and subsequent round of bullish brokerage attention. At last check, the stock was still enjoying a comfortable lead over previous resistance in the $600 area -- up 13.2% to trade at $667.80. From a contrarian perspective, a continued round of price-target hikes could help fuel the equity's fire. At present, the consensus 12-month price target for Chipotle Mexican Grill, Inc. stands at $618.04 -- well below present trading levels.

  • Also enjoying a post-earnings lift is CROX, which was last seen 11.2% higher at $16.50. In addition to the better-than-expected report, traders are also cheering the company's cost-cutting measures, which include a round of layoffs and store closings. This bullish gap has the potential to spark a short-covering rally, considering a healthy 6% of the security's float is sold short, representing more than four sessions' worth of pent-up buying demand. Meanwhile, in the stock's options pits, volume has soared to eight times what is typically seen at this point in the day, with sell-to-close activity detected at the August 14 call.

  • HOG, on the other hand, is having a decidedly different day, with the shares off 6% in the wake of the company's quarterly results. Specifically, Harley-Davidson Inc's second-quarter profit arrived well above expectations, but a downwardly revised full-year shipment forecast has traders hitting the exits. Going forward, the stock could continue to be pressured lower, should any brokerage firms re-evaluate their upbeat rankings. Half of covering analysts maintain a "buy" or better rating toward the equity, with not a single "sell" to be found. Plus, the consensus 12-month price target of $76.21 stands at a stiff 21% premium to the security's current price of $63.05.

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