The Dow is on pace for a triple-digit win, amid the latest round of corporate earnings. Among specific stocks on the move this afternoon are steel stock United States Steel Corporation (NYSE:X), mortgage company Ocwen Financial Corp (NYSE:OCN), and biotech Immune Pharmaceuticals Inc (NASDAQ:IMNP). Here's a quick look at what's moving shares of X, OCN, and IMNP.
Steel stocks are rallying today, after President Trump launched an investigation to see how imported steel affects the economy and national security. The news has X stock up 8.4% at $30.80, though this still leaves the shares below their year-to-date breakeven point of $33.01. However, the move should be a boon for United States Steel Corporation options traders. X shares have a 10-day call/put volume ratio of 2.66 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) -- an annual high. In other words, speculators are extremely optimistic ahead of U.S. Steel earnings, due next Tuesday evening.
OCN has lost over half of its value today to trade at $2.51, amid news the company is being sued by U.S. regulators. Ocwen Financial Corp stock is now on pace for its lowest close since August, and short sellers have to be delighted -- though the shares are short-sale restricted today. Specifically, short interest on OCN stock increased by almost 24% during the past two reporting periods, and now accounts for roughly 17% of its float.
IMNP has soared 45.7% today to trade at $3.55, after the company announced plans to sell the Latin America licensing rights for its leukemia treatment, Ceplene, to Pint Pharma. While the stock is closing in on positive year-to-date territory, it remains well below its 52-week high of $12.80, and short sellers are counting on further losses. Immune Pharmaceuticals Inc has over 10 million shares sold short, or 8.3% of its float -- which would take a week to cover, at the stock's average daily trading volume.
SCHAEFFER'S PARTNER CENTER
Visit Schaeffer’s Broker Center today to open your account and gain access to exclusive offers from top brokers.
Dow Jones Industrial Average Booms; Nasdaq Hits Record
Boston Scientific, Ocwen Financial, Cyclacel Pharmaceuticals Stocks Moving Today
AK Steel, Capital One, Cree Downgraded
Twitter, U.S. Steel, United Technologies News Today
Cliffs Natural Resources, Synchronoss Technologies, EXACT Sciences Stocks Moving Today
Wynn Resorts is One Gaming Stock to Watch