Schaeffer's Trading Floor Blog

Stocks On the Move: Corning Incorporated, Oshkosh Corporation, and Pharmacyclics, Inc.

GLW, OSK, and PCYC are moving sharply in Tuesday's trading

by 7/29/2014 2:05 PM
Stocks quoted in this article:

U.S. stocks are marginally higher this afternoon, with solid gains for DuPont (NYSE:DD) and Merck & Co., Inc. (NYSE:MRK) propping up the Dow. Among the names making notable moves are LCD specialist Corning Incorporated (NYSE:GLW), defense firm Oshkosh Corporation (NYSE:OSK), and biopharmaceutical firm Pharmacyclics, Inc. (NASDAQ:PCYC). Here's a quick look at how GLW, OSK, and PCYC are faring on the charts today.

  • GLW is down 9.8% at $19.90 this afternoon, as the Gorilla Glass producer's second-quarter results -- and freshly cut full-year growth forecast -- have disappointed traders. As a result of today's bearish gap, shares of Corning Incorporated have broken below support at their 50-day moving average. GLW could be vulnerable to analyst downgrades in the short term, as six firms rate the stock a "strong buy."

  • OSK is also feeling the post-earnings pain, after the defense company fell short of fiscal third-quarter profit expectations and downwardly revised its full-year guidance. Oshkosh Corporation shares have tumbled 13.8% to trade at $45.83, completely erasing their year-to-date gains (the stock is now down 9% for 2014). Today's news has already triggered one price-target cut for OSK, with J.P. Morgan Securities lowering its forecast to $57 from $65. The stock's average 12-month price target stands at $62.69, so additional negative notes could be forthcoming.

  • On the positive end of the spectrum, PCYC has popped 12.6% to trade at $122.12 after the Food and Drug Administration (FDA) approved additional uses for the company's Imbruvica drug. High hopes for the leukemia treatment also led Leerink Swann to upgrade Pharmacyclics, Inc. to "outperform" from "market perform," and raise its price target on the stock to $142 from $102. With 12.2% of PCYC's float dedicated to short interest, it seems likely that some of the weaker bearish hands are getting squeezed out by today's rally.

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