The stock market is sticking close to breakeven today, though the Nasdaq earlier muscled to a record high. Among specific equities in focus are drugmaker Jazz Pharmaceuticals plc - Ordinary Shares (NASDAQ:JAZZ), Snapchat parent Snap Inc (NYSE:SNAP), and offshore driller Transocean LTD (NYSE:RIG). Here's a quick look at what's moving shares of JAZZ, SNAP, and RIG.
JAZZ is following in the bullish footsteps of these pharmaceutical stocks, after positive results from the company's sleep apnea drug trials. At last check, Jazz Pharmaceuticals plc shares are 6.5% higher at $143.47. Relative to its early November lows, the stock has advanced a brow-raising 50%. It's no wonder options traders have been so bullish at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Specifically, JAZZ sports a 10-day call/put volume ratio of 10.08 -- just 7 percentage points from a 12-month high, meaning calls have been bought to open over puts at a near-annual-high clip.
SNAP finally received a bullish recommendation on Wall Street, with Monness Crespi Hardt initiating coverage with a "buy" rating and a $25 price target. "There is substantial execution risk, but we're prepared to give the benefit of the doubt at this stage knowing what we know about Snap," the brokerage firm explained. Since hitting a record high of $29.44 on its second day of trading, Snap Inc has lost one-third of its value, despite being up 1.3% today at $19.80. Meanwhile, options traders at the ISE, CBOE, and PHLX have bought to open twice as many SNAP puts as calls in the last two weeks.
RIG is down 2.8% at $12.12, after the company announced it will be selling 15 rigs to Borr Drilling for roughly $1.4 billion. This is more of the same for Transocean Ltd shares, which have been in free fall since their mid-December highs north of $16. Meanwhile, short sellers are in a great place to profit from additional declines in the stock price. Over 19% of RIG's float is sold short, representing one week of trading activity, based on the stock's average daily trading level.
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