Drugmaker Insys Therapeutics Inc (NASDAQ:INSY) fell to an annual low of $13.20 this morning, after reporting declining preliminary fiscal first-quarter revenue for its narcotic pain drug, Subsys, which has drawn criticism in the past. Amid soaring volume, the stock was last seen down 23% at $13.59, with the day's huge drop landing INSY squarely on the short-sale restricted list (SSR). 

INSY is off 53% so far in 2016, and has given up more than 70% since hitting an eight-year high of $46.17 last August. But analysts have been relatively kind, giving the security two "strong buy" ratings and just one "hold."

Short sellers, however, have been plaguing INSY, with their bearish bets accounting for 26.5% of the stock's available float. At INSY's typical daily volume, it would take more than four weeks to cover all of these positions.

And with the equity sitting on the SSR list, many traders have taken to the option pits, where contracts are crossing the tape at twice their usual intraday rate. Though option volume is typically low, on an absolute basis, speculators have been picking up INSY calls over pits at an accelerated clip of late. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day call/put volume ratio of 21.11 is higher than 93% of the past year's readings. But this may not signal a flood of optimism -- the recent preference for long calls could, in fact, be short sellers looking to hedge their positions.

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Under Armour Inc (NYSE:UA) is staring at its worst daily percentage loss in months, after Morgan Stanley expressed concerns about slowing sales for the sports apparel maker. At last check, UA stock is down 5.5% at $41.15 -- a move anticipated by options traders and short sellers alike.

During the past 50 sessions at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHL), traders have bought to open 1.12 UA puts for every call. The corresponding put/call volume ratio ranks near the top quartile of its annual range. Similarly, the stock's Schaeffer's put/call open interest ratio (SOIR) comes in at 1.18, with puts outweighing calls among options expiring in the next three months.

Elsewhere, short interest makes up a lofty 15.4% of UA's float. At the stock's average daily trading volume, it would take more than two weeks to buy back these shorted shares, pointing to an ample supply of sideline cash available.

While the bears appear to be in the driver's seat today, a longer-term view tells a different story entirely. Since hitting an annual low of $32.66 in late January, UA has rallied 26%. What's more, the stock is currently hovering around its year-to-date breakeven mark, and just above another layer of potential support at its 100-week moving average -- located at $40.25.

From a contrarian perspective, today's pullback looks like it could end up being a buying opportunity. Provided Under Armour Inc (NYSE:UA) resumes its longer-term trek higher -- a solid bet, looking at historical trends -- a capitulation among option bears and/or short-covering activity could act as a powerful tailwind. 

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Analysts are weighing in on tech stocks Facebook Inc (NASDAQ:FB) and Twitter Inc (NYSE:TWTR), as well as mining firm Silver Wheaton Corp. (USA) (NYSE:SLW). Here's a quick roundup of today's brokerage notes on FB, TWTR, and SLW.

• Ahead of this week's F8 developer's conference -- which is slated to kick off tomorrow -- FB saw its price target raised to $154 from $136 at Pivotal Research. Not only does this stand at a 40% premium to the stock's current perch, but it sits well above FB's Feb. 2 all-time high of $117.59. Nevertheless, the shares are off 0.9% at $109.68 this afternoon, extending Friday's slide. Longer term, FB remains a technical outperformer, though, up 32% year-over-year. What's more, the stock's recent sell-off has stalled out at FB's rising 50-day moving average -- a trendline that's been supporting the shares since mid-February. Analysts remain firmly in Facebook Inc's favor, too, with all but one of the 28 brokerages following the shares maintaining a "buy" or better, and not a single "sell" opinion to be found.


• Pivotal Research also chimed in on TWTR, resulting in a price-target hike to $39 from $32. The stock is failing to capitalize on the bullish brokerage note, however, and was last seen off 1% at $16.49. TWTR's technical troubles have been fodder for the Street for some time now, with the shares down 68% year-over-year. In spite of this, options traders have been initiating long calls over puts at a rapid-fire rate. Twitter Inc's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 4.04 ranks higher than 92% of all comparable readings taken in the past year.


• Commodity stocks are soaring today, thanks to upbeat attention from RBC. SLW, for instance, had its price target upwardly revised to $21 from $20 by the brokerage firm. As such, the shares are up 5% at $17.32. This positive price action only highlights the equity's longer-term prowess, with SLW up more than 39% year-to-date. Nonetheless, options traders have been growing skeptical lately. Specifically, Silver Wheaton Corp.'s 10-day ISE/CBOE/PHLX put/call volume ratio has jumped to 0.99 from 0.49 over the past two weeks, and now ranks in the 96th percentile of its annual range.

For other stocks in analysts' crosshairs, read Analyst Upgrades: Alphabet Inc, Barrick Gold Corporation, and Yahoo! Inc. and Analyst Downgrades: Goldcorp Inc., Norfolk Southern Corp., and SAP SE.

Asian stocks closed mostly higher today, as investors closely watch the beginning of U.S. earnings season. Stocks in Japan again took their cues from the yen, as the currency took a breather from its rally against the dollar, helping the Nikkei to a 1.1% win -- its best day in roughly one month. South Korea's Kospi and Hong Kong's Hang Seng managed respective wins of 0.6% and 0.3%, though Chinese stocks underperformed. Specifically, the Shanghai Composite edged 0.3% lower, with traders concerned that a recently announced batch of initial public offerings (IPO) could further dilute financial markets.

In Europe, stocks are cautiously higher, with mining stocks outperforming on solid diamond sales for Anglo American. However, luxury stocks are sliding after LVMH announced disappointing revenue for the first quarter, citing a slowdown in tourism. At last check, the FTSE 100 had ticked 0.02% higher, France's CAC 40 was up 0.1%, and Germany's DAX had added 0.2%. 

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Analysts are weighing in on aluminum stock Alcoa Inc (NYSE:AA), tech firm Juniper Networks, Inc. (NYSE:JNPR), and java giant Starbucks Corporation (NASDAQ:SBUX). Here's a quick roundup of today's bearish brokerage notes on AA, JNPR, and SBUX.

• AA is bracing for a 2.9% drop out of the gate, after the company kicked off earnings season on a mixed note -- with earnings topping estimates, but revenue dropping 15% year-over-year and coming up shy of expectations. Adding insult to injury, Stifel lowered its price target on the stock to $13 from $14. Still, there's no doubting Alcoa Inc's longer-term technical strength, as the shares have rallied nearly 59% since hitting a six-year low of $6.14 in late January to trade at $9.74. Traders have been betting against AA at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), too. The stock's 50-day put/call volume ratio of 0.92 sits just 6 percentage points from an annual high. If Alcoa manages to shrug off a likely earnings setback and continues its prevailing trend northward, a capitulation among the bears could add fuel to its fire.

• JNPR reported lackluster preliminary first-quarter results last night, lowering previous guidance due to weak demand from enterprise customers. As a result, analysts are piling on the bearish bandwagon, with no fewer than six cutting their price targets on the stock. RBC set the lowest bar, slashing its outlook to $24 from $26. Ahead of the bell, Juniper Networks, Inc. is down 7% after closing yesterday at $24.89, suggesting the shares will break lower from their sideways pattern in the $25-$26 range. Options traders would likely welcome such a move, considering they've bought to open 2.79 JNPR puts for every call during the past 10 days at the ISE, CBOE, and PHLX -- yielding a put/call volume ratio that sits in the bearishly skewed 85th annual percentile.

• Deutsche Bank lowered its rating on SBUX to "hold" from "buy," and cut its price target to $64 from $70, citing decelerating sales and earnings trends. "We believe the combination of lofty near-term investors' expectations, operational changes and a premium valuation creates a less favorable risk-reward on the shares," the brokerage firm wrote. The bearish note is taking a toll on Starbucks Corporation ahead of the open, with the stock down 2.2%. However, since flirting with $52 in early February, the shares have picked up steam (in line with historical trends), and settled Monday at $60.90. Not surprisingly, the majority of analysts remain in SBUX's bullish corner, with 19 of 23 doling out a "buy" or better assessment -- and not a single "sell" opinion on the books.

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U.S. stocks are set to start the session modestly higher, rising in step with crude oil prices. Meanwhile, among specific equities in focus are construction equipment supplier Fastenal Company (NASDAQ:FAST), shipping interest Eagle Bulk Shipping Inc (NASDAQ:EGLE), and biotech stock Horizon Pharma PLC (NASDAQ:HZNP).

• FAST is set to drop 3.6% at the open after reporting first-quarter earnings just shy of estimates. Fastenal Company was up 15% year-to-date heading into this morning's report, closing at $46.94 on Monday. The shares hit an annual high of $49.99 in late March before pulling back to their 40-day moving average -- a recently supportive trendline that will likely be tested in today's trading. Despite the stock's recent outperformance, though, sentiment has been tilted against FAST. Out of 15 analysts providing coverage, 13 call the equity a "hold" or "strong sell." And FAST's Schaeffer's put/call open interest ratio (SOIR) of 1.95 shows puts nearly doubling calls among options expiring in three months or less. Moreover, this ratio ranks in the 85th percentile of its 12-month range.


• EGLE is up 8.7% in pre-market trading after GoldenTree Asset Management reported an 18.3% stake in the company. The stock has been spiraling over the past year, hitting a record low of $0.30 on April 4. What's more, based on Eagle Bulk Shipping Inc's Monday close of $0.91, the shares had given up nearly three-fourths of their value so far in 2016. No analysts are following EGLE at the moment, but some bearish traders have recently cashed in their winning bets. Short interest on the security fell by about 25% during the latest two-week reporting period, and now accounts for 7.5% of EGLE's total float -- less than two sessions' worth of trading, at the stock's average daily volume.


• HZNP is poised to plummet 18.2% at the bell after confirming disappointing guidance for the full 2016 fiscal year. The shares were rejected by their 140-day moving average late last week and closed slightly lower on Monday, at $18.22. Year-to-date, the shares of HZNP have lost nearly 16%. Still, six out of seven analysts call Horizon Pharma PLC a "strong buy." And option traders have turned distinctly bullish of late -- at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), long calls on HZNP outnumbered long puts nearly 6-to-1 over the past two weeks. The resulting 10-day call/put volume ratio of 5.84 sits higher than 76% of all readings in the past year.

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Analysts are weighing in on Mac maker Apple Inc. (NASDAQ:AAPL), Internet radio provider Pandora Media Inc (NYSE:P), and tech stock QUALCOMM, Inc. (NASDAQ:QCOM). Here's a quick roundup of today's bullish brokerage notes on AAPL, P, and QCOM.

• Goldman Sachs reiterated its "conviction list buy" rating on AAPL, expecting the company to beat consensus earnings expectations in roughly two weeks. Additionally, Goldman cited "extremely strong" pent-up iPhone 7 demand, and said the stock could be "on the cusp of entering a cycle of earnings upgrades." In early trading, Apple Inc. has edged 0.4% higher to trade at $109.44, but is only slightly higher on a year-to-date basis. Goldman Sachs isn't the only brokerage firm backing AAPL, as 26 of 32 analysts have handed out a "buy" or better endorsement.

• P has rocketed 2.9% higher to $8.40, after Citigroup initiated coverage with a "buy" rating and $16 price target -- nearly doubling last night's settlement price. The bullish note may be a bit of a surprise, considering Pandora Media Inc sports a year-to-date loss of roughly 36%, with recent rebound attempts stifled by the stock's 80-day moving average. Short sellers have been flocking to the shares amid their long-term technical troubles. During the last two reporting periods, short interest on P jumped 13.1%, and now accounts for 15.2% of its total float. At the stock's average trading levels, it would take one week to buy back these bearish bets.

• QCOM saw its price target raised to $49 from $47 at Mizuho Securities. At last check, however, the stock was down 0.5% at $50.74. Since its March 7 high at $53.52, QUALCOMM, Inc. has been struggling to make headway under the weight of its descending 160-day moving average -- more or less trapped between the trendline and the round-number $50 level. This isn't terribly surprising, considering the stock's dreadful track record in April. Meanwhile, short-term options traders are more put-focused than usual. QCOM's Schaeffer's put/call open interest ratio (SOIR) of 1.01 ranks in the 94th percentile of its annual range.

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In mid-February, video game producer Activision Blizzard, Inc. (NASDAQ:ATVI) delivered disappointing earnings, and analysts punished the stock, sending the shares spiraling. Since its post-earnings low of $26.49, though, ATVI has rebounded over 25%, thanks to support from its rising 20-day moving average. However, the stock is currently down 0.7% to trade at $33.19, despite the company announcing record eSports viewership for its Major League Gaming’s Counter-Strike: Global Offensive Major Championship, with 1.6 million concurrent viewers. Based on what we're seeing in the options arena, traders are responding.

Taking a quick step back, short-term traders have been focusing on puts, as evidenced by ATVI's Schaeffer's put/call open interest ratio (SOIR) of 1.21. This SOIR is just 2 percentage points from an annual high, meaning traders targeting options that expire within three months are much more put-skewed than normal. Things are a bit different today, however, with calls being exchanged at triple the expected intraday rate, and buy-to-open activity detected at the weekly 4/22 34-strike call.

At the same time, short sellers have been moving away from the stock, according to data from the most recent reporting period. Specifically, short interest fell by 10.3% in the latest two-week period, after rising dramatically in prior reporting periods. 

Elsewhere, while analysts trimmed their expectations on Activision Blizzard, Inc. (NASDAQ:ATVI) following the firm's earnings miss in February, most brokerage firms have remained firmly committed to the video game stock. In fact, all but one of the 15 analysts tracking ATVI recommends buying the shares, and none deem them a "sell." 

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Analysts are weighing in on tech stock Yandex NV (NASDAQ:YNDX), retailer L Brands Inc (NYSE:LB), and in vitro diagnostics firm T2 Biosystems Inc (NASDAQ:TTOO). Here's a quick roundup of today's brokerage notes on YNDX, LB, and TTOO.

• YNDX is up 7.2% at $16.79, after Goldman Sachs raised its outlook on the shares to "buy" from "neutral" and its price target to $19.90 from $15.50. Today's positive price action just extends the stock's recent rally off its Jan. 20 year-to-date low of $11.00. Short sellers, meanwhile, have been betting on a reversal of fortune for Yandex NV, with short interest surging nearly 64% in the two most recent reporting period to 3.6 million shares -- the most since early December.


• Goldman Sachs also chimed in on LB, removing the stock from its "conviction buy" list, and lowering its rating to "neutral" from "buy," citing concern over the recent restructuring at Victoria's Secret. While CNBC's Jim Cramer said he was a "little disappointed" with the note, shares of LB are off 0.04% at $79.25 -- widening their month-to-date deficit to almost 10% -- and on track to notch their lowest close since Aug. 25. In the options pits, put players are circling, with put volume running at four times the average intraday pace this afternoon. Longer term, L Brands Inc's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 7.15 ranks in the bearishly skewed 81st annual percentile.


• TTOO was hit with price-target cuts from BTIG and Canaccord Genuity (to $12), as well as Leerink (to $11), after the firm offered up lower-than-expected preliminary first-quarter sales. At last check, the shares of T2 Biosystems Inc were off 11.7% at $9.36 -- after earlier plunging nearly 19%. This negative price action is nothing new for the stock, which has shed half its value year-over-year. What's more, a recent rally attempt was quickly halted by the equity's 200-day moving average, a trendline not conquered on a closing basis since last June. Should the shares of T2 Biosystems Inc continue to slide, another round of negative analyst notes could be on the horizon. Currently, four of the five brokerages covering TTOO maintain a "buy" or better rating.

For other stocks in analysts' crosshairs, read Analyst Upgrades: Apple Inc., Pandora Media Inc, and QUALCOMM, Inc. and Analyst Downgrades: Alcoa Inc, Juniper Networks, Inc., and Starbucks Corporation.

It was a huge day for stocks in Asia, thanks to rising oil prices and better-than-expected trade data out of China. Specifically, the country's exports rose by 11.5% in March, the first increase in nine months, boosting the Shanghai Composite 1.4% for its highest finish since Jan. 8. Hong Kong's Hang Seng followed suit with a 3.2% gain, marking the index's best close since Jan. 5, and its fourth consecutive win. 

There was even more good news for stocks out of Japan, where the yen cooled once again, lifting Japanese exporters. The Nikkei responded with a 2.8% advance. South Korea's Kospi, meanwhile, was closed. 

Stocks in Europe are following their Asian counterparts higher at midday. Outside of China's export data, traders are eyeing lower Brent crude futures, as oil prices retreat from Tuesday's highs. Meanwhile, Italian bank stocks and mining stocks continue to rally, while retail heavyweight Tesco is trading lower following poorly received guidance. Still, London's FTSE 100 is on pace for a four-month high, last seen up 1.5%. In Germany, the DAX is up 2.2%, while France's CAC 40 has picked up 2.6%.

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Analysts are weighing in on video game guru Activision Blizzard, Inc. (NASDAQ:ATVI), doughnut dealer Dunkin Brands Group Inc (NASDAQ:DNKN), and steel stock ArcelorMittal SA (ADR) (NYSE:MT). Here's a quick roundup of today's bullish brokerage notes on ATVI, DNKN, and MT.

• Stifel bumped its price target on ATVI up to $40 from $35, representing record-high territory for the stock. The bullish note has helped the shares gain 0.7% in electronic trading, after they settled yesterday at $33.48 -- down 13.5% in 2016. Activision Blizzard, Inc. is lower on a month-to-date basis, too, which is par for the course, but it could take a bounce from its supportive 20-day moving average. Meanwhile, the brokerage crowd is stacked in ATVI's favor, with 14 of 15 analysts doling out "buy" or better endorsements, and not a single "sell" assessment to be found.

• DNKN saw its rating upgraded to "outperform" from "buy" at CLSA. This is far from surprising, considering the stock has rallied over 14% year-to-date at $48.72. That said, not everyone's buying the hype. Dunkin Brands Group Inc's 10-day put/call volume ratio of 28.15 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) represents an annual high. Plus, the stock's short-interest ratio registers at a sky-high 12.70, meaning it would take over two weeks for short sellers to cover their positions. If DNKN keeps charging higher, a capitulation among these bears could produce tailwinds.

• MT is pointed 6.6% higher in pre-market trading, after Credit Suisse upped its opinion to "outperform" from "neutral," while bumping its price target to $7.50. Not everyone's in the stock's bullish corner, though. Short interest spiked over 35% during the most recent reporting period, and short-term options traders have rarely been more put-focused in the past year -- based on ArcelorMittal SA's Schaeffer's put/call open interest ratio (SOIR) of 1.49, which ranks in the 90th annual percentile. The stock's technical performance doesn't warrant such skepticism, though. MT has soared 61.4% year-to-date to trade at $5.19, as commodity stocks have been all the rage.

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Stocks are pointed higher, on upbeat Chinese export data and a solid start to bank earnings from financial giant JPMorgan Chase & Co. (NYSE:JPM). Meanwhile, among other equities in focus today are coal interest Peabody Energy Corporation (NYSE:BTU), and biotech stock Valeant Pharmaceuticals Intl Inc (NYSE:VRX).

• JPM is 2.2% higher in pre-market trading after reporting first-quarter profit above expectations, despite a decline in revenue from its trading division. The stock closed at $59.28 on Tuesday, off more than 10% so far in 2016. And while analysts have been mostly optimistic -- 13 out of 18 rate JPMorgan Chase & Co. a "buy" or better -- recent put buyers may be nervous today. Should today's projected price move pan out, JPM may have to contend with overhead resistance at its 80-day moving average -- a level the shares haven't toppled on a closing basis yet this year.


• BTU was halted in electronic trading after plummeting as much as 72% on news that the company has filed for Chapter 11 bankruptcy protection. Peabody Energy Corporation, which settled at $2.07 Tuesday, has been on a five-year spiral since topping the millennium mark in early 2011, and hit a record low of $2.00 in mid-March. Bearish traders both in and out of the options pits have been quick to target the long-term laggard, too. 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 0.85 is higher than 89% of all comparable readings in the past year. What's more, short interest currently accounts for over 63% of BTU's available float.


• VRX is set to drop 2.8% at the open as traders respond to news that a large bondholder issued a notice of default after Valeant Pharmaceuticals Intl Inc missed the initial deadline to file its annual financial report. The stock ended Tuesday 2% higher at at $31.99, after the company was granted an extension to file its report, but remains 39% lower year-to-date. While short sellers have been piling on amid the equity's recent swoon, there's still plenty of room on VRX's bearish bandwagon. In fact, it would take less than one session to cover all of the stock's shorted shares.

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