Schaeffer's Trading Floor Blog

New Annual Lows: HPQ, JKS, and SYMC

Hewlett-Packard, JinkoSolar, and Symantec fell to new annual lows today

by 6/28/2012 1:55 PM
Stocks quoted in this article:

U.S. stocks are wallowing in the red this afternoon, as the U.S. Supreme Court's much-anticipated healthcare ruling weighs heavily on the markets. Despite today's broad-market sell-off, it's a fairly even mix of stocks at new annual highs versus stocks at new annual lows. The NYSE has seen 31 equities tag 52-week bottoms, while securities on the NASDAQ have tallied 44. Among the stocks sinking to new lows in today's session are Hewlett-Packard Company (NYSE:HPQ - 19.27), JinkoSolar Holding Co., Ltd. (NYSE:JKS - 3.22), and Symantec Corporation (NASDAQ:SYMC - 13.78).

  • HPQ can't seem to catch a break. Having soured toward the tech sector this morning, J.P. Morgan cut its price target on HPQ by $1 to $22. The stock has dropped more than 1% today, tagging a seven-year low of $19.12 in the process. HPQ's technical troubles have been withstanding, though, with the equity losing nearly half of its value over the past 52 weeks. Additional brokerage-related headwinds could be in store, as the consensus 12-month price target for HPQ rests at $27.86 -- a bold 46% premium to its intraday nadir.

  • JKS found itself hindered by the brokerage bunch as well, today. The stock slumped to an all-time low of $3.06, after Credit Suisse slashed its price target by $6 to $4. The equity's 87.4% year-over-year deficit hasn't dissuaded call players, though, with JKS' 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put ratio of 7.39 ranking in the 91st percentile of its annual range. In other words, bullish bets have been scooped up over bearish at a near annual-high clip in recent months.

  • Citigroup, meanwhile, lowered its price target on SYMC by $1 to $21, causing the stock to tumble to a new 52-week bottom of $13.75. The shares have charted a steady path down the charts in 2012, and the equity is now staring at a near 12% year-to-date deficit. Despite SYMC's technical difficulties, option players have been picking up calls at an accelerated clip. The security's 10-day ISE/CBOE/PHLX call/put volume ratio stands at 8.45, in the 75th annual percentile.

    Click here to read the new highs list, including AOL's (NYSE:AOL) buyback-induced jump.


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