Schaeffer's Trading Floor Blog

Stocks to Watch Friday: Nokia Corporation (ADR), QUALCOMM, Inc., and American Eagle Outfitters

Analyzing NOK, QCOM, and AEO ahead of tomorrow's trading

by 1/23/2014 5:26 PM
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Momentum names that made notable moves on Thursday and could continue to do so into Friday's session include mobile phone manufacturer Nokia Corporation (ADR) (NYSE:NOK), digital communications specialist QUALCOMM, Inc. (NASDAQ:QCOM), and specialty retailer American Eagle Outfitters (NYSE:AEO). Here is a quick look at these stocks ahead of tomorrow's opening bell.

Nokia Corporation (ADR) (NYSE:NOK)

Nokia's disappointing turn in the earnings confessional this morning caused a downward spiral for the shares, which closed the session 8.7% lower at $7.03. Subsequently, the stock landed on the short-sale restricted list, and drew a larger-than-usual crowd into the options pits. By the day's closing bell, approximately 97,000 contracts crossed the tape, which is roughly five times the average daily volume. However, calls outnumbered puts by a margin of almost 3-to-1, with the March 9 call pulling in the most trades.


QUALCOMM scored a decade-plus high of $75.90 today, before settling at $75.87. Considering the shares have tacked on about 22% in the past six months, it's no wonder short-term calls outnumber puts by a margin of 3-to-1. In fact, the resulting Schaeffer's put/call open interest ratio (SOIR) of 0.33 ranks in the lowest annual percentile, highlighting the extreme call-heaviness toward QCOM among short-term option players right now.

American Eagle Outfitters (NYSE:AEO)

Like Nokia, American Eagle found itself on the short-sale restricted list, after plunging to an annual low of $12.80 on news that the company's CEO is leaving, effective immediately. What's more, the management shake-up prompted Stifel to downgrade the stock to "hold" from "buy." Needless to say, put players stampeded through AEO's options pits, with put volume running at almost 10 times the average daily rate. The most active put of the day was the February 13 strike, which saw buy-to-open activity, as option bears bet on continued losses. At the close, AEO shares were down 7.8% at $13.19, extending their year-over-year decline to 37.8%.

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