Analysts are weighing in on fast-food chain Sonic Corporation (NASDAQ:SONC), organic foods specialist United Natural Foods, Inc. (NASDAQ:UNFI), and mining stock Freeport-McMoRan Inc (NYSE:FCX). Here's a quick roundup of today's bearish brokerage notes on shares of SONC, UNFI, and FCX.

Sonic Earnings Draw Mixed Reactions from Analysts

Sonic shares are up 0.8% to trade at $25.01, despite the company's report of a wider-than-expected drop in same-store sales in the fiscal fourth quarter. And while Barclays lowered its price target to $23 from $24, Canaccord Genuity upped its Sonic target price to $25 from $24, on an earnings beat.

The shares have now dropped 16% since their early June annual high, due in part to a steady stream of short selling. From early March to early September, short interest more than doubled -- hitting its highest point since 2008. While these bearish bets have declined some since then, there's still plenty of skepticism to be found, considering they still account for more than one-fifth of SONC stock's available float.

UNFI Downgraded on Whole Foods Risk

RBC cut its outlook on UNFI stock to "underperform" from "sector perform" and lowered its price target to $34 from $36, citing risk to the company's contract with Whole Foods, and that Whole Foods parent Amazon has the "ability, incentive and precedent to decrease reliance on UNFI." In reaction, UNFI shares have dropped 0.8% this morning to $40.24 -- testing the $39 region, home to a mid-September earnings-induced bull gap.

Most analysts remain skeptical of United Natural Foods, which was already down 15% year-to-date heading into today's trading. Of the 13 brokerages covering the shares, 10 maintained a "hold" or worse rating at last night's close.

Deutsche Bank Downgrades FCX Stock

Freeport-McMoRan was downgraded to "sell" from "hold" at Deutsche Bank on uncertainty surrounding the firm's Grasberg mine in Indonesia. The stock is down 2.8% in early trading at $14.85.

Since its late June lows near $11.10, FCX stock has added nearly 34%, and options traders have been buying to open calls over puts at a faster-than-usual clip. The security's 50-day call/put volume ratio of 3.18 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 97% of all comparable readings taken in the past year.

Analysts are weighing in streaming entertainment service Netflix, Inc. (NASDAQ:NFLX), Dow stock UnitedHealth Group Inc (NYSE:UNH), and biotech Biogen Inc (NASDAQ:BIIB). Here's a quick roundup of today's bullish brokerage notes on shares of NFLX, UNH, and BIIB.

Netflix Earnings Impress Analysts

Netflix stock is down 0.1% to trade at $202.59, reversing pre-market gains, despite the company's better-than-expected earnings and subscriber growth for the third quarter. The company said it plans to release 80 new original films in 2018 to pull in more viewers. Following Netflix's earnings beat, no fewer than nine brokerage firms upped their price targets on the FAANG stock, including a price-target hike to $250 from $210 from RBC -- representing upside of roughly 24% to current levels, and in record-high territory.

NFLX shares have been on the rise this year, gaining 61.6% and touching an all-time best of $202.83 yesterday. What's more, a short squeeze could propel the security even higher. In total, 26.6 million shares are sold short, or 6.3% of the equity's total available float. At the stock's average daily trading volume, it would take nearly a week to cover these shorted shares.

Analyst Expects Record Highs for UnitedHealth Stock

Another stock on the move this morning thanks to better-than-expected earnings is UnitedHealth Group, last seen trading 4.7% higher at $202.26, and just off a fresh all-time high of $203.50. As such, BMO initiated coverage on UNH with an "outperform" rating and set its price target at $250 -- in uncharted territory.

Late last week, UNH stock fell as low as $186 -- its lowest level since July -- after President Trump signed an executive order aimed at rolling back parts of Obamacare. However, the stock found support at its historically bullish 80-day moving average, and is extending its string of positive earnings reactions.

Despite the equity's recent pullback, near-term options have favored calls of late. The security's Schaeffer's put/call open interest ratio (SOIR) of 0.92 sits in just the 7th percentile of its annual range, indicating short-term options traders have rarely been more call-heavy during the past 12 months.

Biogen Hits Fresh High After Stifel, Mizuho Upgrade to 'Buy'

Biogen stock is up 1.8% to trade at $341.64, and hit a fresh two-year high of $346.39 earlier, after Stifel and Mizuho upgraded the stock to "buy," from "hold" and "neutral," respectively. Both brokerage firms also raised their price targets on BIIB, with Stifel upping its to $415 from $300, and Mizuho boosting its target to $400 from $319, and the analysts waxing optimistic on Biogen's spinal muscular atrophy and Alzheimer's drugs. The stock hasn't topped $400 since early 2015.

BIIB shares have tacked on 34% in 2017, and short sellers are starting to take note and jump ship. Short interest on the equity dropped 13.4% during the last reporting period, to just 3.3 million shares, or only 1.5% of BIIB stock's total available float.

U.S. stocks are trading mixed this morning, with the Dow elbowing higher after some positive blue-chip earnings reports. Among the stocks making moves this morning are pharmaceutical company Johnson & Johnson (NYSE:JNJ), banking concern Morgan Stanley (NYSE:MS), and GPS navigation company Garmin Ltd. (NASDAQ:GRMN). Here's a closer look at what's moving shares of JNJ, MS, and GRMN.

Johnson & Johnson Hits a New High Post-Earnings

Shares of Johnson & Johnson are moving higher after the company reported better-than-expected third-quarter earnings and hiked its full-year forecast. The Dow component is up 2% at $138.70, and earlier set a new record high of $139.38. Today's post-earnings pop carries JNJ comfortably above the $137 level, which -- despite multiple intraday challenges since June -- has yet to be conquered on a daily closing basis.

Given the strong price action in Johnson & Johnson stock this year, it's no surprise to find that speculators are bullishly aligned. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) show JNJ's 10-day call/put volume ratio of 4.01 ranking in the 100th annual percentile, pointing to extreme levels of optimism among pre-earnings options traders.

Morgan Stanley Challenges $50 After Earnings Beat

Morgan Stanley stock is soaring after the company reported better-than-expected quarterly earnings this morning, and at last check, was up 1.9% at $49.88. MS rallied to a new nine-year high of $50.33 out of the gate, and now sports a year-over-year gain of more than 54%.

Data from the ISE, CBOE, and PHLX suggests options traders were leaning bearish before MS's earnings report. The stock sports a 50-day put/call volume ratio of 0.95, which ranks in the 87th percentile of its annual range. This indicates that puts were purchased at a higher-than-usual rate relative to calls during the past 10 weeks.

Garmin Partners with Amazon for a New Alexa Device

Garmin is in the headlines this morning after announcing a partnership with Amazon's Alexa personal assistant service. The navigation company is launching Garmin Speak, a product that incorporates Alexa's abilities to stream music and audio books in response to voice commands with Garmin's usual GPS navigation functionality. At last check, GRMN is trading up 0.4% at $55.35, just pennies away from February's 52-week peak at $55.74.

However, plenty of traders are betting against Garmin stock. Short interest accounts for more than 18% of the equity's available float, which yields a massive short-interest ratio of 22.2 days to cover.

The Dow is modestly higher today, and just topped the 23,000 level for the first time ever. Among specific stocks on the move are educational product name Pearson plc (NYSE:PSO), solar power firm TerraForm Power Inc (NASDAQ:TERP), and water technology expert Badger Meter, Inc. (NYSE:BMI). Here's a quick look at what is moving shares of PSO, TERP, and BMI.

Pearson Stock Surging After Upbeat Profit Forecast

Pearson stock is up 6.8% to trade at $8.76, among the best on the New York Stock Exchange (NYSE), after the education name lifted its full-year profit forecast for 2017. The London-based publisher also said its North American business component has improved.

It's a much needed boost for PSO stock, which has shed more than 12% year-to-date. However, the rally is running out of steam near $8.80 -- home to the stock's mid-July pre-bear gap highs, and an area that contained Pearson in late July and early August.

Analysts, meanwhile, are divided over PSO. Exactly 40% of the brokerages covering Pearson stock rate it a "strong buy," while the other 60% rate it a "hold" or "sell." 

TerraForm Power Stock Powered By Strong Revenue Guidance

TerraForm Power is the second hottest stock on the Nasdaq Composite today, up 35.7% to trade at $13.05, after the company a strong pro-forma revenue forecast. The news has the solar stock on track for its best daily percentage gain since the 2014 initial public offering (IPO), and earlier hit a 23-month high of $13.35.

A short squeeze could give TERP stock some more life. Short interest decreased by nearly 5% during the last reporting period, but the 6.41 million shares sold short still represents a healthy 10% of the stock's total available float. At TERP's average daily trading volume, it would take a whopping 17 days for shorts to fully cover their positions.

Badger Meter Stock Sinks After Earnings Disappointment 

Badger Meter reported third-quarter earnings that came in below the consensus estimate, as well as a fifth straight quarterly revenue miss. In reaction, BMI stock is down 13.5% to trade at $43.95, the worst performer on the NYSE today and below its 50-day moving average-- which served as support in July -- for the first time since a late-April bull gap.

Most analysts are cautious toward BMI stock, with four of five rating it a tepid "hold." However, the equity's average 12-month price-target of $49.50 represents an 11.5% premium to the stock's current perch. This suggests price-target cuts may be on the horizon.

Analysts are weighing in on burrito chain Chipotle Mexican Grill, Inc. (NYSE:CMG), Snapchat parent Snap Inc (NYSE:SNAP), and energy stock Chevron Corporation (NYSE:CVX). Here's a quick roundup of today's bearish brokerage notes on shares of CMG, SNAP, and CVX.

CMG Stock Downgraded at BofA-Merrill Lynch

Ahead of next Tuesday's earnings report, Chipotle Mexican Grill was downgraded to "underperform" from "neutral" and saw its price target slashed to $285 from $390 at BofA-Merrill Lynch, which cited overly optimistic earnings-per-share (EPS) estimates for both 2018 and 2019. What's more, this new price target represents a move to levels not seen since January 2013. In reaction, CMG shares are down 2% $322.75.

Heading into today's trading, CMG stock was already off 34% from its mid-May annual high of $499, with a surge in short selling likely adding to the pressure. Short interest is up almost 47% since early June to 4.95 million shares, and the equity could be at risk of additional losses should bears continue to increase their positions.

Snap Stock Brushes Off Bearish BTIG Comments

BTIG said it has "been wrong" on Snap, and lowered its EPS estimates for the Facebook rival. The brokerage firm maintained its "neutral" rating on the stock, echoing the majority of analysts following SNAP. Specifically, 16 brokerages maintain a tepid "hold" rating, compared to eight "buy" or better ratings, and four "strong sells."

SNAP stock has so far dropped 0.6% to trade at $15.98. Since hitting a record low of $11.28 on Aug. 14, Snap shares have added 42%, though the newly formed 120-day moving average has served as a stiff ceiling over the past week. This trendline is currently docked at $16.56, and the equity has yet to close above it.

BMO Downgrades Chevron Stock on Valuation Concerns

Chevron shares are trading down 0.4% at $119.78, after BMO Capital Markets downgraded the Dow stock to "market perform" from "outperform." CVX settled Tuesday at $120.22 -- in line with BMO's price target -- with the brokerage firm noting growth prospects do not justify an upwardly revised valuation target. SocGen also chimed in on CVX stock, cutting its outlook to "hold" from "buy."

The shares have been soaring since skimming the $103 region in July, up 16%. In fact, the security topped out at a three-year high of $120.89 on Monday. And with its 14-day Relative Strength Index (RSI) closing last night at 74 -- in overbought territory -- a near-term pullback may be in the cards.

U.S. stocks are trading mostly higher this morning, with strong IBM earnings sending the Dow to another new record above 23,000 -- even as the Nasdaq gives up early gains to trade slightly lower. Among the stocks making moves this morning are Sleep Number mattress parent Select Comfort Corp. (NASDAQ:SCSS), drug concern Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI), and financial stock JPMorgan Chase & Co. (NYSE:JPM). Here's a closer look at what's moving shares of SCSS, SPPI, and JPM.

Select Comfort Erases Pre-Market Slump

Select Comfort was reeling ahead of the open after reporting a wider-than-expected third-quarter loss, but the stock has bounced back to trade 4.5% higher at $31.74 -- marking yet another post-earnings reversal for SCSS. The shares haven't made too much progress on the charts since their April bull gap, but SCSS is now in the process of bouncing from its rising 160-day moving average. 

Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) suggests options traders were leaning bearish before SCSS's earnings report. The stock sports a 50-day put/call volume ratio of 3.19, which ranks in the 84th percentile of its annual range. This indicates that puts were purchased at a higher-than-usual rate relative to calls during the past 10 weeks.

Upbeat Drug Data Sends Spectrum Pharma Higher

Shares of Spectrum Pharmaceuticals have skyrocketed after the company reported positive data from a mid-stage study of its experiemental lung cancer drug. At last check, SPPI was trading up 36% at $19.67, and earlier set a new 15-year high of $21.38. The drug stock is currently sporting a year-to-date gain of 344% -- and with 13.7% of SPPI's float sold short, a rush to cover could contribute to additional upside.

JPM to Buy WePay

JPMorgan Chase announced that it plans to acquire online payment platform WePay for an undisclosed amount. JPM is fractionally higher at $97.77, after touching a new record high of $98.29 out of the gate.

Over the past year, JPM has consistently exceeded the options market's volatility expectations, with the stock's Schaeffer's Volatility Scorecard (SVS) resting at an extremely high 99. And with the company's third-quarter earnings report out of the way, now is an opportune time to buy options at attractive prices; Schaeffer's Volatility Index (SVI) for JPM stands at a modest 15%, in the low 11th percentile of its annual range.

Analysts are weighing in on semiconductor concern Lattice Semiconductor Corp (NASDAQ:LSCC), camera maker GoPro Inc (NASDAQ:GPRO), and Dow stock Merck & Co., Inc. (NYSE:MRK). Here's a quick roundup of today's bullish brokerage notes on shares of LSCC, GPRO, and MRK.

Lattice Semiconductor Stock Scores First 'Buy' Rating in 5 Months

Lattice Semiconductor stock is up 5.1% to trade at $5.78, after Jefferies upgraded LSCC to "buy" from "hold," and raised its price target to $7 from $6.50 -- the security's first "buy" rating in five months. The brokerage firm cited the company's takeover potential, and said it could benefit from a "4th tectonic shift in computing."

LSCC shares haven't visited $7 since early August. The stock has remained in a steady decline since then, hitting an annual low of $5.05 on Sept. 26, after President Trump barred China's Canyon Bridge Capital Partners from buying the security earlier in the month.

The stock is still down 21.5% year-to-date, though, and most analysts are on the bearish bandwagon. Up to yesterday's close, all three analysts following the shares rated them a lukewarm "hold."

Analyst Thinks GoPro's Recent Selloff Was 'Overdone'

Another stock climbing the charts this morning is GoPro, last seen trading 4.8% higher at $9.68, after Longbow Research upgraded the stock to "buy" from "neutral."  The brokerage firm said the recent selloff -- likely sparked by Google's recently launched Clips smart camera -- was "overdone," and the product does not pose a competitive threat to GoPro.

Nevertheless, GPRO shares are still down 32.8% from this time last year. The stock surged the charts briefly in September, hitting a 10-month high of $11.89, but was swiftly rejected by its 100-week moving average, with the shares tumbling back into single-digit territory.

In light of this price action, options traders have been upping the bearish ante. GPRO's 10-day put/call volume ratio of 1.30 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and the NASDAQ OMX PHLX (PHLX) ranks in the 81st percentile of its annual range. In other words, options players have bought to open puts relative to calls at a faster-than-usual clip in recent weeks.

Merck Stock Jumps on FDA Nod, Upgrade

Merck stock is up 0.5% this morning at $63.57, after the U.S. Food and Drug Administration (FDA) will give AstraZeneca's ovarian cancer drug Lynparza -- jointly developed and marketed with MRK -- a priority review for use in treating breast cancer. Adding to the bullish buzz is an upgrade to "buy" from "neutral" at Citigroup -- the first of its kind for the drug stock from the brokerage firm -- which also raised its price target to $72 from $65, citing high expectations for Keytruda sales.

This new price target sits in territory not seen since May 2001. More recently, the security hit a 15-year high of $66.80 on March 1, and this area has kept a tight lid on the shares in the months since. Most analysts expect MRK to continue to stall out here, too, with the average 12-month price target docked just above at $69.60.

The Dow is soaring today, topping 23,000 level and setting another intraday record in the process. Grocery stock Supervalu Inc. (NYSE:SVU) and video game maker Electronic Arts Inc. (NASDAQ:EA) are having tough days, while insurance issue Anthem Inc (NYSE:ANTM) toasts some good news. Here's a quick look at what is moving shares of SVU, EA, and ANTM.

SVU Stock Reverses Lower Despite Grocery Deal, Earnings Beat

Supervalu stock is down 9.6% to trade at $17.52, and earlier touched a a five-year low of $17.32, reversing an initial rally of as much as 11.8% after the company reported stronger-than-expected earnings and plans to buy Associated Grocers of Florida. It's unclear what prompted the sharp turnaround, but SVU is now short-sale restricted, and Morgan Stanley cut its price target on the grocery name to $20.50 from $22.50.

SVU stock has shed 46% year-to-date, and could be vulnerable to additional price-target reductions. The equity's average 12-month price target is $34.56, a nearly 50% premium from its current perch.

Electronic Arts Stock Dips Below Key Level

Electronic Arts delayed the release of "Star Wars: Battlefront II" game -- originally scheduled for fiscal-year 2019 -- and is shutting down Visceral Games. Cowen analyst Doug Creutz opined that the delay "works out to a $0.35-$0.45 EPS hit" for Electronic Arts. Meanwhile, EA stock also received a price-target cut to $126 from $128 at Morgan Stanley.

As a result, EA stock is currently down 3.1% to trade at $112.38, among the worst on the Nasdaq. The drop today has the shares on track to finish below their 100-day moving average, a key trendline, for the first time since January. Despite recent struggles, EA stock has nevertheless added 41% year-to-date, and analysts are still firmly in EA's corner. Of the 18 brokerages covering the video game stock, 15 rate the shares a "buy" or "strong buy."

Pharma Deal With CVS Has Anthem Stock At Record High

Anthem stock is up 2.9% to trade at $192.60, among the best on the New York Stock Exchange (NYSE), after announcing plans to launch its own pharmacy-benefits manager. Starting in 2020, CVS Health (CVS) will fill prescriptions and provide services to Anthem health plans and non-Anthem customers. ANTM stock earlier today reached a new all-time high of $199.23. The equity, which has added 34% year-to-date, is on track for its largest one-day gain since February.

A few recent options buyers may be kicking rocks. On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), ANTM sports a 10-day put/call volume ratio of 5.29, which ranks 1 percentage point from a 52 week high. This indicates that Anthem's long puts have rarely been more popular relative to calls in the past year.

Analysts are weighing in on Dow stock Nike Inc (NYSE:NKE), medical device maker Mazor Robotics Ltd (NASDAQ:MZOR), and fast-casual restaurant chain Chipotle Mexican Grill, Inc. (NASDAQ:CMG). Here's a quick roundup of today's bearish brokerage notes on shares of NKE, MZOR, and CMG.

Nike Inventory Glut Behind Goldman Sachs Downgrade

Nike stock is down 0.6% to trade at $52, after Goldman Sachs downgraded the athletic apparel name to "neutral" from "buy" -- citing near-term challenges, including an "inventory overhang" and a slowdown in China. Today's negative price action is just more of the same for NKE stock, which has shed 14% since topping out at an annual high of $60.53 in August -- and is not far from its Nov. 2 52-week low of $49.01.

Against this backdrop, NKE shares could be at risk of additional downgrades, considering 14 of 30 analysts still maintained a "buy" or better rating at last night's close. Looking ahead, Nike will host its annual investor day next Wednesday, Oct. 25.

Barclays Downgrades Mazor Robotics Stock

Barclays downgraded Mazor Robotics to "underweight" from "equal weight," with the brokerage firm saying it cannot justify the stock's valuation. Yesterday, MZOR shares topped out at a record high of $59.59, but today, they have plunged 8.1% to trade at $53.79.

Nevertheless, MZOR stock remains up 145% year-to-date. And while short sellers have been getting crushed, options traders have been taking the bullish route toward Mazor Robotics stock. The equity's top-heavy 10-day call/put volume ratio of 9.13 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the 71st annual percentile, meaning calls have been bought to open over puts at a faster-than-usual clip.

More Bearish Brokerage Notes Hit Chipotle Stock

CMG shares are trading near breakeven this morning at $318.89, after receiving price-target cuts at Instinet (to $338) and Maxim Group (to $420). This follows BofA-Merrill Lynch's drastic target cut yesterday, when the brokerage firm also downgraded Chipotle stock.

The security has been sliding since hitting its May highs under pressure from its 50-day moving average. CMG recently retook this trendline after a bounce from its late-September four-year low south of $300, but could put it to the test again today.

And while most of the 28 analysts covering Chipotle Mexican Grill maintain a "hold" or worse rating, there's room for more price-target cuts to come down the pike. CMG's average 12-month price target is docked at $362.88, an almost 14% premium to current trading levels. Separately, Chipotle earnings are due after the market closes next Tuesday, Oct. 24.

U.S. stocks are trading lower this morning, pressured by weakness in the tech sector. Among the stocks making moves this morning are United Airlines parent United Continental Holdings, Inc. (NYSE:UAL), tech powerhouse Apple Inc. (NASDAQ:AAPL), and drug concern Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP). Here's a closer look at what's moving shares of UAL, AAPL, and CRBP.

Shares of UAL Fall After Weak Q4 Forecast

Shares of UAL are down after the company reported better-than-expected third-quarter earnings late Wednesday, but warned of a sharp decline in fourth-quarter margins. The disappointing forecast has pushed the United Airlines parent down more than 4% to $65.21, and widened its year-to-date loss to more than 10%. The stock is retreating from resistance at its declining 20-week moving average.

Despite UAL's underperformance on the charts, data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows call buying near peak levels. UAL's 10-day call/put volume ratio of 4.34 ranks in the 96th percentile of its annual range, suggesting calls have been heavily preferred over puts for the airliner during the past two weeks. If the stock continues to underperform on the charts, those bulls are likely to jump ship -- and the unwinding of bullish positions could push the shares even lower.

Apple Shares Plummet on iPhone 8 Demand Worries

Technology giant Apple is making headlines this morning as analysts express concerns over indications of lackluster iPhone 8 demand. What's more, a Wall Street Journal report indicates that Apple Watch users in China have been suddenly cut off from the device's cellular connection feature. At last check, AAPL is the biggest loser on the Dow this morning, with the shares trading down 2.5% at $155.76.

Today's negative news seems to have caught AAPL bulls off-guard. At the ISE, CBOE, and PHLX, Apple's 10-day call/put volume ratio of 2.62 ranks in the 91st percentile of its annual range, suggesting options traders have bought calls over puts at a faster-than-usual pace during the past two weeks. Furthermore, of the 29 analysts following the tech stock, 23 carry "buy" or better recommendations.

CRBP Bounces On Upbeat Drug Data

Shares of drug stock CRBP are soaring after the company reported positive results from a phase 2 dermatomyositis study for its experimental inflammatory disease treatment, anabasum. At last glance, the stock is trading up more than 14% at $8.00, having gapped well above support at its rising 50-day moving average at the opening bell.

Today's big surge higher for Corbus Pharma stock could be the result of a short-squeeze situation. Short interest accounts for 13% of the equity's float -- and at CRBP's average daily trading volume, it would take 12.7 sessions for all of these bearish bets to be covered.

Analysts are weighing in on biotech Gilead Sciences, Inc. (NASDAQ:GILD), software company Adobe Systems Incorporated (NASDAQ:ADBE), and credit card provider American Express Company (NYSE:AXP). Here's a quick roundup of today's bullish brokerage notes on shares of GILD, ADBE, and AXP.

Gilead Sciences Stock Pops on FDA Cancer Drug Approval

Gilead Sciences stock is up 1.7% to trade at $81.40, after the U.S. Food and Drug Administration (FDA) approved a cancer gene therapy drug that was developed by the company's Kite Pharma unit. Named Yescarta, the drug is designed to treat adults with large B-cell lymphoma, and has a list price of $373,000. In light of the FDA nod, Leerink raised its price target on GILD to $85 from $84.

GILD shares recently pulled back after hitting an annual high of $86.27 on Sept. 8, but bounced from their 50-day moving average -- a rising trendline that's ushered the shares higher since June. Options traders on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and the NASDAQ OMX PHLX (PHLX) appear to be bracing for more losses, though. GILD's 10-day put/call volume ratio of 0.69 ranks in the 92nd percentile of its annual range. In other words, options players have bought to open puts relative to calls at a faster-than-usual clip in the past two weeks.

Impressive Earnings Send Adobe Systems Stock To Record Highs

Another stock climbing the charts this morning is Adobe Systems which hit a record high of $167.87 earlier. ADBE shares were last seen trading 9.1% higher at $166.96, after the company offered up better-than-expected guidance for fiscal 2018, citing impressive growth in its cloud division.

As such, Pivotal Research upgraded the security to "hold" from "sell" and joined no fewer than 11 other brokerage firms in upping their price target on ADBE. The most optimistic outlooks came from Jefferies and Credit Suisse, both of which boosted their price target to $190.

The software stock has surged the charts this year, up 62% -- and short sellers have abandoned ship. Short interest on the equity dropped 10.2% during the past reporting period to just 4.4 million shares, or 0.9% of ADBE's total available float.

American Express Stock Dips Despite Earnings Beat

Despite posting better-than-expected third-quarter earnings and revenue, American Express stock is down 0.2% to trade at $91.93 -- though this shouldn't be too surprising, given the equity's post-earnings history. The company also announced CEO Kenneth Chenault plans to step down in February after spending 17 years with the credit card provider, and Vice Chairman Stephen Squeri was chosen to fill the position.

Following the company's earnings beat, no fewer than seven brokerage firms raised their price targets on AXP, including J.P. Morgan Securities, which upped its price target to $102 from $100 -- in uncharted territory.

American Express stock, which hit a two-year high of $93.34 on Monday, still boasts a 23.3% year-to-date gain. Still, not all analysts are convinced. Up to yesterday's close, 10 of the 16 analysts following the equity rated it a "hold" or worse.

Another onslaught of quarterly earnings are due this week, with big-cap companies like Boeing Co (NYSE:BA), Exxon Mobil Corporation (NYSE:XOM), Intel Corporation (NASDAQ:INTC), McDonald's Corporation (NYSE:MCD), and Visa Inc (NYSE:V) set to report. Earnings from FAANG names Amazon.com, Inc. (NASDAQ:AMZN) and Alphabet Inc (NASDAQ:GOOGL) are also slated for release. On the economic front, traders will turn their attention to durable goods orders and catch the first glimpse of third-quarter gross domestic product (GDP).

Below is a brief list of some key market events scheduled for the upcoming week. All earnings dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.

The week starts off slow on Monday, Oct. 23, with a bare economic calendar. Halliburton (HAL), Hasbro (HAS), Kimberly-Clark (KMB), Knoll (KNL), Owens-Illinois (OI), Seagate Technology (STX), V.F. Corp (VFC), Whirlpool (WHR), and Zions Bancorp (ZION) will report earnings.

Tuesday, Oct. 24, will bring Markit's flash purchasing managers index (PMI). 3M (MMM), Caterpillar (CAT), McDonald's (MCD), United Technologies (UTX), Advanced Micro Devices (AMD), AT&T (T), Biogen (BIIB), Capital One (COF), Chipotle Mexican Grill (CMG), Fiat Chrysler (FCAU), Fifth Third Bancorp (FITB), General Motors (GM), JetBlue Airways (JBLU), Sherwin-Williams (SHW), and Stanley Black & Decker (SWK) will step up to the earnings plate.

On Wednesday, Oct. 25, data on durable goods, new homes sales, and the weekly crude inventories update will hit the Street. Boeing (BA), Coca-Cola (KO), Visa (V), Alaska Air (ALK), Anthem (ANTM), Freeport-McMoRan (FCX), GrubHub (GRUB), Huntington Banc (HBAN), Las Vegas Sands (LVS), Northrop Grumman (NOC), O'Reilly Automotive (ORLY), Sirius XM (SIRI), Trivago (TRVG), Walgreens Boots Alliance (WBA), and Wyndham Worldwide (WYN) are scheduled to release quarterly earnings.

Weekly jobless claims will be released on Thursday, Oct. 26, along with pending home sales and international trade data. Traders will also hear from Minneapolis Fed President Neel Kashkari during regular trading hours.

Intel (INTC), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), American Airlines (AAL), Bristol-Myers (BMY), CME Group (CME), Expedia (EXPE), First Solar (FSLR), Ford Motor (F), Gilead Sciences (GILD), Southwest Airlines (LUV), Spirit Airlines (SAVE), Twitter (TWTR), Vantiv (VNTV), Western Digital (WDC), and Xerox (XRX) will step into the earnings confessional.

In addition to the advance reading on third-quarter GDP, the latest University of Michigan consumer sentiment data is slated for release Friday, Oct. 27. Exxon Mobil (XOM), Merck (MRK), Chevron (CVX), Goodyear Tire (GT), and Phillips 66 (PSX) will round out the week's earnings reports.