Cheesecake Factory stock is in the red after lackluster guidance
U.S. stocks are back up, following a tech sector rebound. Among specific names on the move today are touch-and-display specialist Synaptics, Incorporated (NASDAQ:SYNA), restaurant business Cheesecake Factory Inc (NASDAQ:CAKE), and lawncare specialist Scotts Miracle-Gro Co (NYSE:SMG). Here's a quick look at what's moving shares of SYNA, CAKE, and SMG.
SYNA Stock Down After Acquisitions, Narrowed Guidance
Synaptics stock is down 3% to $57.50, after the company agreed to buy audio software company Conexant Systems for $300 million, while also making a deal to buy Marvell Technology's multimedia business for $95 million. In addition to the acquisitions, SYNA narrowed its fiscal fourth-quarter sales guidance. The shares are up still up 6% year-to-date, and have added 22% since touching a three-year low of $47.00 on April 4.
SYNA stock seems to have piqued bearish investors. Short interest has risen by nearly 5% since the last reporting period, accounting for nearly 6 million shares, or 17% of the stock's total available float. Analysts aren't as pessimistic, however. Over half of the 12 brokerage firms covering SYNA rate the stock as a "strong buy."
CAKE Stock Gaps Lower on Same-Store Sales Outlook
Cheesecake Factory stock is spiraling lower, down 10% to trade at $52.52, after the firm issued lower-than-expected second-quarter same-store sales guidance. The shares recently hit a record high of $67.14 on May 3, but are now down nearly 12% year-to-date, in territory not charted since before the U.S. election. The lowered projections could come as a boon to short sellers of CAKE, as 20% of the stock's total available float is sold short. Today, however, Cheesecake Factory stock is short-sale restricted.
SMG Stock Undeterred by Cut Profit and Sales Outlook
SMG stock is up 3.3% at $86.61 today, despite the lawncare specialist cutting its profit and sales outlook for the fiscal year. Still, SMG is down 10% year-to-date, bumping up against resistance at its 20-day moving average. While Scotts Miracle-Gro options volume tends to run light, on an absolute basis, buyers of late have been more bearish than usual. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), SMG has a 10-day put/call volume ratio of 1.06, ranking in the 93rd percentile of its annual range.