Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Apr 17, 2015 at 9:34 AM
Updated on Jul 2, 2020 at 1:43 PM
  • General

Analysts are weighing in today on semiconductor concern Advanced Micro Devices, Inc. (NASDAQ:AMD), heavy machinery maker Manitowoc Company Inc (NYSE:MTW), and credit card issue American Express Company (NYSE:AXP). Here's a quick roundup of today's bearish brokerage notes on AMD, MTW, and AXP.

  • AMD is down 11.9% at the open to trade at $2.53, after the company's dreary first-quarter earnings report was met with price-target cuts from Wedbush (to $2.25) and Canaccord Genuity (to $2). While today's price move just echoes the equity's historical post-earnings performance, AMD could find a foothold in the $2.60 region -- an area that contained the shares' most recent pullback. On the sentiment front, traders have shown a fondness for puts over calls in the April-dated series, which expires at tonight's close. Specifically, AMD's front-month gamma-weighted Schaeffer's put/call open interest ratio (SOIR) is docked at a top-heavy 1.46. Drilling down, the April 2.50 strike is home to peak put open interest, with more than 67,000 contracts in residence.

  • MTW was hit with no fewer than six price-target cuts, after the firm said it would report a first-quarter pretax loss (subscription required) when it heads into the earnings confessional the evening of Wednesday, April 29. Baird, for example, reduced its price target to $26 from $28, while BMO downwardly revised its target by $2 to $18. Technically speaking, the stock has shed 39% since hitting a nearly six-year high of $33.50 last July, and more recently, has encountered a stern layer of resistance from its 180-day moving average. The security is extending this decline today, off 6.8% out of the gate at $20.29. Options traders, meanwhile, have been quick to initiate long puts in recent months. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Manitowoc Company Inc's 50-day put/call volume ratio of 2.18 rests higher than all other similar readings taken in the past year.

  • AXP is down 3.2%, following the blue chip's first-quarter revenue miss. What's more, a number of brokerage firms reduced their price targets on the shares; specifically, Bernstein (to $94), Credit Suisse (to $76), J.P. Morgan Securities (to $82), RBC (to $69), and UBS (to $82). On the charts, the stock put in a dismal performance in 2015, off 15.8% at $78.30, amid pressure from its 50-day moving average. However, option traders have shown a distinct preference for long calls over puts of late. Elsewhere, short interest plunged 20.6% in the latest reporting period, and now accounts for just 1.1% of American Express Company's available float.
Published on Oct 21, 2014 at 9:29 AM
Updated on Jul 2, 2020 at 1:43 PM
  • General

Analysts are downwardly revising their ratings today on burrito chain Chipotle Mexican Grill, Inc. (NYSE:CMG), social gaming specialist Zynga Inc (NASDAQ:ZNGA), and blue-chip tech giant International Business Machines Corp. (NYSE:IBM). Here's a quick look at today's bearish brokerage notes on CMG, ZNGA, and IBM.

  • CMG is poised to open 4.6% lower today, paring its 2014 gain of 22.6%, after the fast-casual restaurant operator predicted slowing sales trends for 2015. Analysts are weighing in on Chipotle Mexican Grill, Inc. this morning, with price-target cuts rolling in from four different firms -- including a decrease to $660 from $680 at Wunderlich. On the other hand, CMG has also racked up three price-target hikes, though Jefferies' upwardly revised target of $630 represents a considerable discount to the stock's Monday close at $653.03. Ahead of CMG's quarterly results, options traders were loading up on puts; the equity's Schaeffer's put/call open interest ratio (SOIR) stands at 1.31, with puts outnumbering calls among options set to expire within three months. This ratio arrives in the 62nd percentile of its annual range, indicating a stronger-than-usual skew toward near-term puts.

  • Benchmark cut its price target on ZNGA to $2.54 from $2.83, and backed a middling "hold" rating on the Tech 2.0 name. Zynga Inc is down nearly 40% year-to-date, and there's room for additional negative notes from analysts. Currently, the average 12-month price target for ZNGA stands at $3.54, representing a 54.6% premium to yesterday's close at $2.29. For the past couple of weeks, the stock has spent most of its time bouncing between $2.20 and $2.40, but ZNGA's upcoming earnings report on the evening of Thursday, Nov. 6, could provide a catalyst for its next big move.

  • On the heels of its major earnings disappointment, IBM was downgraded to "hold" from "buy" at Evercore, with the firm simultaneously dropping its price target to $180 from $210. Meanwhile, at least eight other brokers lowered their price targets for International Business Machines Corp., with a Credit Suisse cut to $125 representing the lowest forecast. IBM finished Monday's session down more than 7% at $169.10, bringing its year-to-date loss to 9.8%. The silver lining for Big Blue is that there's already a healthy amount of skepticism on display from analysts, which means a wave of additional downgrades is relatively unlikely. Already, only 25% of brokerage firms following IBM recommend buying it.
Published on Oct 16, 2014 at 9:19 AM
Updated on Jul 2, 2020 at 1:42 PM
  • General

Analysts are weighing in today on drugmaker AbbVie Inc (NYSE:ABBV), yoga apparel designer Lululemon Athletica inc. (NASDAQ:LULU), and streaming content provider Netflix, Inc. (NASDAQ:NFLX). Here's a quick roundup of today's bearish brokerage notes on ABBV, LULU, and NFLX.

  • Just a day after wavering on its Shire PLC (ADR) (NASDAQ:SHPG) takeover bid, ABBV saw its price target slashed to $59 from $71 at BMO, which nevertheless reaffirmed its "outperform" rating. On the charts, it's been a forgettable year for the stock -- up just 3.4% to trade at $54.63. If this ho-hum price action continues, AbbVie Inc could be vulnerable to additional bearish brokerage notes. After all, five out of seven covering analysts still dole out "strong buy" ratings on the shares, and ABBV's consensus 12-month price target of $67.67 stands in territory never before charted. On the fundamental front, the company is slated to enter the earnings confessional sometime between Thursday, Oct. 23, and Monday, Oct. 27.

  • LULU has had a terrible year, shedding nearly one-third of its value to rest at $39.60. Macquarie responded to this technical trend by assuming coverage on the stock with an "underperform" rating and $34 price target. The firm isn't the only one that's bearish on Lululemon Athletica inc. Roughly 21% of the stock's float is sold short, which would take more than two weeks to buy back, at LULU's typical daily trading levels.

  • Finally, NFLX is poised to drop 26% out of the gate, after getting hit with a flurry of bearish brokerage notes on news of impending competition from HBO and disappointing new subscriber data. Specifically, the shares were slammed with nearly 20 price-target reductions -- and CRT Capital even cut its assessment to "fair value" from "buy." On the flip side, Jefferies raised its rating on Netflix, Inc. to "hold" from "underperform." Getting back to the technicals, this is a huge setback for the equity, which -- as of yesterday's close at $448.59 -- had advanced 21.8% year-to-date. Elsewhere, traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have been tilted in a bullish direction of late, per NFLX's 10-day call/put volume ratio of 1.10, which ranks in the 84th percentile of its 12-month range.
Published on Oct 15, 2014 at 9:17 AM
Updated on Jul 2, 2020 at 1:42 PM
  • General

Analysts are weighing in today on Dow components Caterpillar Inc. (NYSE:CAT) and Johnson & Johnson (NYSE:JNJ), as well as offshore driller Transocean LTD (NYSE:RIG). Here's a quick roundup of today's bearish brokerage notes on CAT, JNJ, and RIG.

  • CAT saw its price target slashed to $108 from $119 at Credit Suisse, which nevertheless maintained its "outperform" rating. It's been a ho-hum year for the shares, which have advanced just 2.2% to trade at $92.80, and have been in a steady downtrend since the start of September. Not surprisingly, 11 out of 17 covering analysts have doled out "hold" opinions on Caterpillar Inc., compared to six total "buy" endorsements. Looking ahead, the company will report third-quarter earnings next Thursday morning.

  • JNJ -- which paced the Dow's losers on Tuesday despite stronger-than-expected quarterly earnings -- was barraged by bearish brokerage notes this morning. Specifically, Cowen and Company lowered its target price to $114 from $117, Raymond James reduced its target to $107 from $113, Goldman Sachs cuts its expectations to $97 from $105, and Piper Jaffray trimmed its benchmark to $107 from $110. However, while the former two reiterated "outperform" ratings, the latter two underscored "neutral" opinions. On the charts, Johnson & Johnson is up a respectable 5.9% year-to-date to rest at $97.01. Nevertheless, the stock's 50-day put/call volume ratio of 0.88 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks just 1 percentage points from an annual bearish acme.

  • Finally, RIG got hit with a pair of negative analyst notes earlier. Specifically, Deutsche Bank slashed its price target to $16 from $27, while ISI Group initiated coverage on the shares with a "sell" rating and $27 price target -- lower than the current price of $28.97. It's no wonder the Street is bearish toward Transocean LTD; the stock has plunged 41.4% in 2014. Short sellers have been swarming RIG, too, as almost one-quarter of the security's float is sold short, which would take 7.7 sessions to buy back, given average daily trading levels.
Published on Oct 23, 2014 at 10:13 AM
Updated on Jul 2, 2020 at 1:42 PM
  • General

Analysts are downwardly revising their ratings on 3-D printing firm 3D Systems Corporation (NYSE:DDD), IT issue EMC Corporation (NYSE:EMC), and rare earths specialist Molycorp Inc (NYSE:MCP). Here's a quick look at today's bearish brokerage notes on DDD, EMC, and MCP.

  • A dismal quarterly and full-year revenue forecast from DDD sent the shares 15% lower yesterday, and analysts were quick to weigh in with a round of price-target cuts and downgrades. Brean, for example, lowered its outlook for the stock to "hold" from "buy," while Pipar Jaffray slashed its price target by $13 to $37, and underscored its "neutral" rating. More bearish brokerage notes could be on the horizon for a stock that's down 60.5% year-to-date to trade at $36.67. At present, seven out of 16 covering analysts maintain a "strong buy" recommendation toward 3D Systems Corporation, while the average 12-month price target of $52.80 stands at a 44% premium to current trading levels.

  • EMC made a number of headlines yesterday, after reporting worse-than-expected third-quarter earnings, downwardly revising its full-year earnings forecast, and saying it will absorb most of Cisco Systems, Inc.'s (NASDAQ:CSCO) stake in VCE. In the wake of yesterday's busy day, at least four brokerage firms reduced their price targets on the stock, including Pacific Crest, which cut its target by $2 to $30, yet reiterated its "outperform" suggestion. Technically speaking, EMC Corporation has added roughly 9% in 2014 to trade at $27.36, but option traders have taken the bearish route in recent months. In fact, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day put/call volume ratio of 0.35 ranks just 10 percentage points from an annual pessimistic peak.

  • MCP is down 3.1% at $1.27, after Morgan Stanley slashed its price target on the equity by 60% to $1. In addition, the brokerage firm offered up a chilly "underweight" rating. The downbeat analyst attention isn't too surprising, considering Molycorp Inc has surrendered more than three-quarters of its value in 2014. Still, options traders are gambling on even more downside, as the equity's 10-day ISE/CBOE/PHLX put/call volume ratio of 2.50 sits just 1 percentage point shy of an annual peak, pointing to accelerated put buying over call buying during the past two weeks. In addition, short interest makes up roughly 36% of MCP's total available float, and would take more than two weeks to buy back, at the equity's average daily trading volume.
Published on Oct 24, 2014 at 9:30 AM
Updated on Jul 2, 2020 at 1:41 PM
  • General

Analysts are downwardly revising their ratings on e-commerce giant Amazon.com, Inc. (NASDAQ:AMZN), software specialist Microsoft Corporation (NASDAQ:MSFT), and streaming issue Pandora Media Inc (NYSE:P). Here's a quick look at today's bearish brokerage notes on AMZN, MSFT, and P.

  • AMZN is bracing for a 10% drop right out of the gate, after last night's third-quarter earnings miss was met with a round of bearish brokerage notes. Among those weighing in on the stock was UBS, which slashed its price target to $315 from $360. Additionally, Janney cut its rating on the stock to "neutral" from "buy," reduced its fair value on AMZN to $315 from $400, and lowered its 2015 revenue growth outlook for the company to 18% from 22%. Ahead of today's session, the security was already struggling, down 21.5% year-to-date to trade at $313.18, yet 68% of covering analysts maintain a "buy" or "strong buy" recommendation toward the shares. Should Amazon.com, Inc. (NASDAQ:AMZN) continue to spiral, an additional round of downwardly revised ratings could translate into more selling pressure for the shares.

  • MSFT, meanwhile, is pointed nearly 5% higher ahead of the bell, as last night's stronger-than-forecast fiscal first-quarter earnings results overshadow a price-target cut to $53 from $54 at RBC -- although the brokerage firm did underscore its "outperform" rating. (Not all analysts took the skeptical route, with MSFT receiving at least three price-target hikes, including one to $55 from $50 at Credit Suisse.) Today's projected price move is just more of the same for a stock that's up 20.3% year-to-date to trade at $45.02, yet option traders have been extremely bearish toward the shares in recent weeks. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), MSFT's 10-day put/call volume ratio of 0.97 ranks 8 percentage points from a 52-week peak. As Microsoft Corporation continues to gain ground on the charts, an unwinding of the hedges related to these bearish bets could help propel the shares higher.

  • It's not looking too hot for P this morning -- to the dismay of short-term option bulls -- with the shares down almost 7% ahead of the bell, after a smaller-than-expected rise in listener growth in the third quarter prompted no fewer than nine price-target cuts. CRT Capital, for example, cut its price target to $26 from $32, and underlined its "fair value" rating. Raymond James, meanwhile, reduced its price target to $28 from $31, but maintained its "outperform" recommendation. On the charts, Pandora Media Inc has surrendered nearly 43% since hitting an all-time high of $40.44 on March 5, with the shares last seen at $23.12. However, the consensus 12-month price target of $34.31 stands at a 48% premium to current trading levels, leaving the door wide open for another round of price-target reductions, which could create headwinds for the shares down the road.
Published on Oct 20, 2014 at 9:46 AM
Updated on Jul 2, 2020 at 1:41 PM
  • General

Analysts are downwardly revising their ratings on medical billing firm athenahealth, Inc (NASDAQ:ATHN), data storage solutions specialist SanDisk Corporation (NASDAQ:SNDK), and tobacco titan Philip Morris International Inc. (NYSE:PM). Here's a quick look at today's bearish brokerage notes on ATHN, SNDK, and PM.

  • ATHN's uninspiring third-quarter earnings report from last Thursday prompted a wave of price-target cuts from the brokerage bunch. Among those weighing in on the stock were Cowen, which slashed its price target by $10 to $134, and Goldman Sachs, which reduced its target price by $8 to $133, with both brokerage firms maintaining their equivalents of a "neutral" recommendation. On the charts, the security has struggled in 2014, and is currently staring at a 16% year-to-date deficit. Should the shares continue to struggle, another round of price-target reductions could be on the horizon. In fact, athenahealth, Inc's consensus 12-month price target of $147 not only stands at a steep 30% premium to the equity's current perch at $112.91, but also in territory not charted since mid-April.

  • Since hitting an all-time high of $108.77 in mid-July, SNDK has surrendered 21.4% to churn at $85.61 -- and Friday, the shares gave back 2.9% following a third-quarter earnings miss, a lower-than-expected current-quarter revenue outlook, and round of bearish brokerage notes. Nevertheless, the shares are rallying today, even in the wake of a price-target cut to $110 from $120 at Jefferies (although the brokerage firm reiterated its "buy" rating). Should the stock resume its longer-term downtrend, another round of bearish brokerage notes could pressure the shares lower. At present, 81% of covering analysts maintain a "buy" or "strong buy" recommendation toward the shares, and the consensus 12-month price target of $109.41 represents a lofty 27.8% premium to SNDK's present price.

  • Exane BNP Paribas reduced its price target for PM by 2% to $86 -- in line with the equity's current perch -- and underscored its "neutral" rating. On the charts, PM is off 1.3% year-to-date, and option traders think there is more downside ahead. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio of 2.17 ranks in the 97th percentile of its annual range. Simply stated, puts have been bought to open over calls on Philip Morris International Inc. with more rapidity just 3% of the time within the past year.
Published on Oct 27, 2014 at 9:31 AM
Updated on Jul 2, 2020 at 1:41 PM
  • General

Analysts are weighing in today on video game maker Activision Blizzard, Inc. (NASDAQ:ATVI), automaker Ford Motor Company (NYSE:F), and online search giant Google Inc (NASDAQ:GOOGL). Here's a quick roundup of today's bearish brokerage notes on ATVI, F, and GOOGL.

  • Brean Capital trimmed its price target on ATVI to $25 from $26, but maintained its "buy" rating. On the charts, the shares have advanced a respectable 7.5% year-to-date to trade at $19.17. Meanwhile, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open nearly 10 Activision Blizzard, Inc. calls for every put during the past two weeks. The resultant 10-day call/put volume ratio across this trio of exchanges is 9.77, in the 84th percentile of its annual range.

  • F, which is reportedly prepared to inject more than $5 billion into resurrecting its Lincoln brand, got hit with another pair of bearish brokerage notes this morning. Specifically, Deutsche Bank cut its price target on the stock to $16 from $18 (while maintaining its "buy" rating), and Credit Suisse slashed its outlook to $13.50 from $15.50 (while maintaining its "neutral" assessment). On the charts, shares of Ford Motor Company are off nearly 22% year-over-year at $13.78, and hit a fresh annual low of $13.26 earlier this month. Nevertheless, Wall Street is evenly split on the security. Half of the 14 analysts covering F have doled out a "buy" or better endorsement, while the rest have handed out either a "hold" or "strong sell" opinion.

  • Finally, Monness Crespi Hardt initiated coverage on GOOGL with a "neutral" rating and $605 price target -- representing expected upside of 10.2% from Friday's close at $548.90. Taking a step back, the shares are sitting about 2% south of year-to-date breakeven. That said, it wouldn't be surprising to see the brokerage bunch continue to shift gears on Google Inc, via a round of downgrades and/or price-target cuts. Twenty-seven out of the 30 analysts following the stock have given it a "buy" or better rating, compared to a trio of "holds" and not a single "sell" recommendation. What's more, the stock's consensus 12-month price target of $652.91 stands in territory yet to be explored by GOOGL.
Published on Oct 29, 2014 at 9:28 AM
Updated on Jul 2, 2020 at 1:40 PM
  • General

Analysts are weighing in today on Mark Zuckerberg's Facebook Inc (NASDAQ:FB), integrated circuit maker InvenSense Inc (NYSE:INVN), and apparel designer Michael Kors Holdings Ltd (NYSE:KORS). Here's a quick roundup of today's bearish brokerage notes on FB, INVN, and KORS.

  • FB was greeted this morning by a round of bearish brokerage notes, after warning of increased spending and slower revenue growth in 2015 -- and despite a third-quarter earnings beat. In fact, no fewer than a dozen analysts cut their price targets on the stock -- although Raymond James and Canaccord Genuity raised their respective targets to $84 and $88, while maintaining their "outperform" and "buy" opinions. Taking a step back, 29 out of 32 analysts following Facebook Inc have doled out a "buy" or "strong buy" endorsement, compared to three "holds" and not a single "sell" rating. At last check, the shares -- which are up nearly 48% in 2014 to trade at $80.77 -- are sitting roughly 6.5% lower in pre-market trading.

  • INVN is getting pummeled on and off the Street, following a fiscal second-quarter earnings miss. Specifically, six brokerage firms slashed their price targets on the shares, while Piper Jaffray and Pacific Crest also downgraded the stock to "neutral" and "sector perform," respectively. In fact, Piper Jaffray cut its price target by a steep $12 -- more than any of its peers -- to $17. As such, InvenSense Inc -- which closed yesterday 3.4% higher year-to-date at $21.48 -- looks poised to drop approximately 21% out of the gate. Elsewhere, options traders had been betting bearishly on the equity ahead of last night's earnings report. INVN's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 1.68 ranks in the 92nd percentile of its annual range.

  • Finally, KORS saw its fair value docked by $18 to $87 at Janney, which also lowered its rating to "neutral" from "buy." This comes as little surprise, considering the stock is down 3.7% year-to-date to trade at $78.17. Nevertheless, traders at the ISE, CBOE, and PHLX have been buying to open calls over puts at a rapid-fire rate in recent weeks. Specifically, Michael Kors Holdings Ltd's 10-day call/put volume ratio across those exchanges checks in at 2.92 -- or just 2 percentage points from an annual high.
Published on Oct 30, 2014 at 9:23 AM
Updated on Jul 2, 2020 at 1:40 PM
  • General

Analysts are weighing in today on movie studio DreamWorks Animation SKG, Inc. (NASDAQ:DWA), alternative energy concern SunPower Corporation (NASDAQ:SPWR), and mobile game maker Glu Mobile Inc. (NASDAQ:GLUU). Here's a quick roundup of today's bearish brokerage notes on DWA, SPWR, and GLUU.

  • DWA is pointed 1.8% higher ahead of the bell, after the firm said the blockbuster performance of "How to Train Your Dragon 2" translated into stronger-than-expected third-quarter earnings. Nevertheless, Janney downgraded DWA to "neutral" from "buy," echoing the already bearish tone among the brokerage bunch. In fact, DreamWorks Animation SKG, Inc. boasts just one "strong buy," compared to six tepid "holds" and two "sell" or worse ratings. Likewise, the consensus 12-month price target of $22.22 represents a discount to DWA's closing price of $23.29 on Wednesday. Short-term option players, on the other hand, are likely applauding the earnings beat. The stock's Schaeffer's put/call open interest ratio (SOIR) sits at an annual low of 0.42, suggesting DWA's near-term traders haven't been more call-heavy during the past year.

  • SPWR is flirting with breakeven at $30.31 in pre-market action, even as analysts continue to react to yesterday's lackluster earnings guidance. Specifically, Cowen cut its price target to $46 from $50, but maintained an "outperform" rating, while RBC trimmed its price target by $1 to $35, and reiterated a "sector perform" opinion. (Canaccord Genuity, meanwhile, upgraded SPWR to "buy" from "hold.") In the options pits, SunPower Corporation traders were picking up puts over calls at an annual-high pace ahead of earnings, as the stock's 10-day put/call volume ratio on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits at a 12-month high of 2.20. The stock's post-earnings reaction was relatively tame, however, as the shares dipped just 1.7% Wednesday, and remain in the black on a year-to-date basis.

  • Finally, GLUU is poised to plummet 16% out of the gate, as analysts pan the company's current-quarter forecast. Canaccord Genuity reduced its price target on the stock to $6 from $8, but upheld a "buy" rating, while Piper Jaffray cut its target to $5 from $7, while maintaining an "overweight" opinion. As of last night, the shares of Glu Mobile Inc. were up 16.8% year-to-date to trade at $4.53, but were struggling to topple their 50-week moving average. More negative analyst notes could exacerbate post-earnings selling pressure on the stock, which boasts six "strong buys" and two "holds," with not a single "sell" in sight. Plus, the consensus 12-month price target of $7.82 represents a steep premium to GLUU's current price.
Published on Oct 31, 2014 at 9:29 AM
Updated on Jul 2, 2020 at 1:40 PM
  • General

Analysts are weighing in today on molecular diagnostics firm EXACT Sciences Corporation (NASDAQ:EXAS), coupon king Groupon Inc (NASDAQ:GRPN), and java giant Starbucks Corporation (NASDAQ:SBUX). Here's a quick roundup of today's bearish brokerage notes on EXAS, GRPN, and SBUX.

  • Canaccord Genuity lowered its price target on EXAS by $2 to $30, but maintained its "buy" rating. This, despite the shares more than doubling in value this year to trade at $24.81. Skepticism toward EXACT Sciences Corporation can be found among short sellers, as well, as 32.6% of the stock's float is sold short -- which would take nearly eight sessions to buy back, at the equity's average daily trading levels. That said, if EXAS can maintain its positive technical trajectory, a capitulation among the shorts could further boost the shares.

  • GRPN's turn in the earnings confessional was decidedly mixed, as an earnings beat was counterbalanced by lower-than-expected current-quarter guidance. The analyst reaction, likewise, is split. Specifically, B. Riley and Evercore Partners lowered their respective price targets on Groupon Inc -- and maintained their "buy" and "sell" ratings -- while Credit Suisse and RBC both raised their price targets, while sustaining their "neutral" and "sector perform" assessments. Ahead of the bell, the stock is nearly 9% higher, but is sitting on a year-to-date loss of roughly 49% at $5.99. In the options pits, short-term traders have shown a stronger-than-usual affinity for puts over calls recently. GRPN's Schaeffer's put/call open interest ratio (SOIR) of 0.85 ranks in the put-skewed 97th percentile of its annual range.

  • Finally, slower-than-expected fiscal fourth-quarter sales -- as well as a weaker-than-expected current-quarter outlook -- are pressuring SBUX south this morning, despite news of a future coffee delivery service. At last check, the stock -- which settled at $77.32 last night, or just below year-to-date breakeven -- was 2.8% lower ahead of the open. Also weighing on Starbucks Corporation were price-target cuts at Baird (to $88 from $92) and J.P. Morgan Securities (to $82 from $85) -- though the pair of firms underscored their respective "outperform" and "overweight" opinions. In the options pits, meanwhile, traders have been scooping up bearish bets over bullish at an extreme pace in recent months. Specifically, SBUX's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 1.17 sits in the top percentile of its annual range.
Published on Nov 12, 2014 at 9:28 AM
Updated on Jul 2, 2020 at 1:39 PM
  • General

Analysts are weighing in today on media magnate CBS Corporation (NYSE:CBS), 3-D printing issue 3D Systems Corporation (NYSE:DDD), and payment services provider Qiwi PLC (NASDAQ:QIWI). Here's a quick roundup of today's bearish brokerage notes on CBS, DDD, and QIWI.

  • Bernstein targeted media firms this morning, and cut CBS' price target to $55 from $60, while affirming its "market perform" rating. This year hasn't been kind to the shares, which are down nearly 19% to trade at $51.84. That said, CBS Corporation could soon face the possibility of additional bearish brokerage notes. Despite its long-term technical underperformance, the stock has received 17 "buy" or better recommendations, against just three "holds" and not a single "sell." Plus, CBS' consensus 12-month price target of $65.88 stands at a 27% premium to current trading levels, and in territory not charted since March.

  • Just a day after Imperial Capital slashed its price target on DDD, the shares got hit with a bearish note at Goldman Sachs, which reduced its target price to $39 from $47, and reiterated its "neutral" opinion. On the charts, 3D Systems Corporation has plunged nearly 63% year-to-date to rest at $34.61. Understandably, the short-selling crowd sees additional downside ahead. DDD's short interest-to-float ratio stands at 32.2%, and it would take more than two weeks to buy back the 33.7 million shares currently sold short, at average daily trading levels.

  • Despite topping the Street's expectations in the earnings confessional yesterday, and raising its full-year guidance, QIWI received a pair of bearish brokerage notes this morning. Specifically, J.P. Morgan Securities slashed its price target to $50 from $64 (and maintained its "overweight" rating), while Barclays lowered its target to $46.70 from $61.50, to go along with a "buy" recommendation. Technically speaking, 2014 hasn't been kind to shares of Qiwi PLC, which are down 46% to trade at $30.23. Meanwhile, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have been scooping up long puts over calls at an accelerated rate in recent weeks. QIWI's 10-day put/call volume ratio across those exchanges checks in at 0.60 -- higher than almost three-quarters of all readings from the last year.

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