Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Jul 23, 2015 at 11:37 AM
Updated on Mar 19, 2021 at 7:15 AM
  • Stocks On the Move
  • Intraday Option Activity

Cybersecurity names are among the biggest gainers this morning, thanks to a solid earnings showing -- and subsequent rush to new highs -- from Fortinet Inc (NASDAQ:FTNT). Among the equities getting a halo lift are FireEye Inc (NASDAQ:FEYE), Cyberark Software Ltd (NASDAQ:CYBR), and Palo Alto Networks Inc (NYSE:PANW).

FEYE has added 6.6% to flirt with $49.71, attempting its first close north of the half-century mark since late June. From a longer-term perspective, FireEye Inc has been crushing it on the charts, boasting a year-to-date gain of nearly 58%. What's more, the stock just bounced off its 80-day moving average -- a bullish signal, per data from Schaeffer's Senior Quantitative Analyst Rocky White.

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There have been three previous signals of this kind, and after five days, FEYE has averaged a return of 4.6%, and has been positive 100% of the time. After three weeks following a signal at its 80-day, FEYE has averaged a return of 15.9%, and has been positive 100% of the time, as well.

150723FEYE

Today's options crowd is gambling on a move north of $50 by tomorrow's close. Intraday call volume is running at twice the typical rate, with most of the action transpiring at the weekly 7/24 50-strike call. Nearly 2,700 contracts have traded at the call -- more than twice the second-most active -- and much of that volume looks buyer-driven.

The affinity for bullish bets marks a change of pace for FEYE, though. On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call volume ratio of 0.45 sits in the 75th percentile of its annual range. In other words, option buyers have picked up FEYE puts over calls at a much faster-than-usual clip during the past two weeks. Should FEYE impress in the earnings confessional one week from today, an unwinding of pessimism in the options pits could add fuel to the equity's fire. 

CYBR is up 9.2% at $62.76, and attempting to climb atop its 50-day moving average for the first time since late June. This trendline acted as support for CYBR during the first half of the year, but could now act as a speed bump. 

Still, option traders today are gambling on more upside for the stock over the next few weeks, which encompasses Cyberark Software Ltd's own turn in the earnings confessional the night of Tuesday, Aug. 11. CYBR calls are trading at twice the average intraday clip, with buy-to-open action detected at the August 75 call -- the most active thus far. In fact, the calls are trading at a volume-weighted average price (VWAP) of $1.12, meaning the buyers will profit if CYBR topples $76.12 (strike plus VWAP) -- a stone's throw from record-high territory -- by the close on Friday, Aug. 21, when front-month options expire. 

PANW has advanced 3.5% to sit at $199.13, and just notched an all-time peak of $200.10. As such, speculators today are buying to open the weekly 7/24 200-strike call -- the most popular option thus far -- on hopes for PANW to extend its journey north of the round number through tomorrow's close, when the weekly options expire. 

On the flip side, Palo Alto Networks Inc put volume is running at three times the intraday average, with buy-to-open action at the August 195 strike. By purchasing the puts to open, the buyers are either betting on PANW to backpedal beneath the $195 level before front-month expiration, or they're protecting their PANW shares in the event of a pullback.

Whatever the motive, PANW's short-term options can be had at a relative steal. The equity's Schaeffer's Volatility Index (SVI) of 28% sits higher than just 6% of all other readings from the past year, suggesting near-term options are attractively priced right now, from a historical volatility standpoint.

Published on Jul 23, 2015 at 8:09 AM
Updated on Mar 19, 2021 at 7:15 AM
  • Overseas Trading
Asian markets ended higher, with China's Shanghai Composite posting its sixth consecutive daily gain. Specifically, the index jumped 2.4% amid optimism over the government's ongoing efforts to stabilize the market. Meanwhile, Japan's Nikkei added 0.4% on encouraging trade data, Hong Kong's Hang Seng tacked on 0.5% amid strength in casino stocks, and South Korea's Kospi inched just 0.02% higher following weaker-than-expected second-quarter growth data.

European bourses are mostly lower amid a raft of earnings, following the Greek parliament's passage of reforms necessary to secure bailout funds. At midday, Germany's DAX has lost 0.3%, the French CAC 40 is 0.04% lower, and London's FTSE 100 is flat.


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Published on Jul 22, 2015 at 7:10 AM
Updated on Mar 19, 2021 at 7:15 AM
  • Indicator of the Week

There have been 138 trading days thus far in 2015. Looking at each year since 1950 (66 total years), after 138 trading days, this is just the 16th time that more than half of the days were down days for the S&P 500 Index (SPX). Interestingly, of those 16 years, this year is the only time the index has been positive, as it is up 2.93% in 2015. You can see in the plot below that 2015 is the only point in that upper left quadrant. As you would expect, there's a pretty strong correlation between the number of up days and the percent return for the SPX. However, does the percentage of up days at this point in the year tell us anything about what the rest of the year might do?

                  

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Percentage of Up Days & Rest-of-Year Returns: Here's a simple way to see if the percentage of up days is predictive of market strength going forward. So far this year, less than half of the trading days have been positive. As you can see in the table below, the S&P 500 tends to underperform when this is the case. The index averages about a 2% gain for the rest of the year, with just 53% of those returns positive. In other years, the S&P 500 averages a gain closer to 4.5%, with about 80% of the returns positive. 

One could argue, though, that this year is a little different due to the fact that while over half of the days are negative, the S&P 500 is up over that time frame. Unfortunately, we have no historical precedent of this happening, so we can't look back at prior instances.                                     

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Stocks Bucking the Trend: Finally, if you buy into the fact that a high percentage of up days signifies strength, then I thought it could be helpful to see the S&P 500 stocks that have had a high percentage of positive days. Below is the list of the top 20 stocks by this measure. 

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Published on Jul 22, 2015 at 8:09 AM
Updated on Mar 19, 2021 at 7:15 AM
  • Overseas Trading

Asian equities felt the heat from yesterday's round of weak U.S. earnings, and the ongoing sell-off in commodities. Japan's Nikkei fell 1.2%, with the tech sector pressured by a disappointing revenue forecast from Apple Inc. (NASDAQ:AAPL). Likewise, South Korea's Kospi and Hong Kong's Hang Seng slid 0.9% and 1%, respectively. Bucking the bearish trend was the Shanghai Composite, which managed a 0.2% gain -- its fifth consecutive daily win.

European markets are also feeling the weight of AAPL, with shares of ARM Holdings Inc plc (ADR) (NASDAQ:ARMH) and other suppliers swallowing steep losses. Meanwhile, Greece remains in the spotlight ahead of today's parliament vote on another set of reforms. At last check, the French CAC 40 is off 0.4%, Germany's DAX has surrendered 0.6%, and London's FTSE 100 is leading the pack lower, down 1.1%.

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Published on Jul 22, 2015 at 1:26 PM
Updated on Mar 19, 2021 at 7:15 AM
  • Stocks On the Move
Cult enthusiasts are most likely counting down the minutes to tonight's premier of "Sharknado 3: Oh Hell No!" on the SyFy network. While the movie is failing to make a good impression on critics, NBCUniversal parent Comcast Corporation (NASDAQ:CMCSA) is certainly making a lasting impression on the charts.

In fact, the stock topped out at a record high of $64.99 earlier. More recently, the equity was sitting 0.2% higher at $64.40 -- extending its year-over-year advance to 17.7%.

Despite the security's technical tenacity, put buyers have been increasing their presence in the equity's options pits in recent weeks. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), for example, CMCSA's 10-day put/call volume ratio of 0.78 ranks in the 63rd annual percentile.

Even more telling is CMCSA's Schaeffer's put/call open interest ratio (SOIR) of 0.83, which sits higher than 73% of all similar readings taken in the past year. Simply stated, short-term speculators are more put-skewed than usual toward the stock.

Given CMCSA's longer-term technical trajectory, a portion of the recent put activity -- particularly at out-of-the-money strikes -- could be a result of shareholders protecting paper profits. In fact, the company is slated to take its turn in the earnings confessional ahead of tomorrow's open, so speculators could be initiating some post-earnings insurance.

Looking back over the past eight quarters, Comcast Corporation (NASDAQ:CMCSA) has averaged a single-session post-earnings move of 2.2% -- seven of which have been to the upside. This time around, the options market is pricing in a slightly bigger swing of 2.7%, based on the equity's near-term at-the-money straddle.
Published on Jul 22, 2015 at 2:08 PM
Updated on Mar 19, 2021 at 7:15 AM
  • Analyst Update

Analysts are weighing in today on blue chip Microsoft Corporation (NASDAQ:MSFT), fast-casual restaurant chain Chipotle Mexican Grill, Inc. (NYSE:CMG), and chipmaker ARM Holdings plc (ADR) (NASDAQ:ARMH). Here's a quick roundup of today's brokerage notes on MSFT, CMG, and ARMH.

  • MSFT is off 2.7% this afternoon at $45.99, after the company posted a massive quarterly loss. Further contributing to the stock's struggles are price-target cuts at Jefferies (to $37) and Wunderlich Securities (to $50). After accounting for the slide, Microsoft Corporation is now sitting below its year-to-date breakeven mark -- yet option traders remain very optimistic. The security's 10-day call/put volume ratio across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 2.62, which ranks in the 94th annual percentile.

  • CMG has jumped 7.8% to trade at $725.84 -- and earlier touched a record peak of $729.65 -- after the company's earnings beat. The shares are also on the receiving end of price-target hikes from Credit Suisse ($750), J.P. Morgan Securities ($750), Piper Jaffray ($740), and Deutsche Bank ($710). Thanks to this morning's bull gap, Chipotle Mexican Grill, Inc. has found its way into positive year-to-date territory. Option players have been counting on additional gains, too. CMG's 50-day ISE/CBOE/PHLX call/put volume ratio of 1.01 outranks all but 10% of comparable readings recorded in the previous year.

  • ARMH is taking its lumps today, plunging 5.7% at $45.09 -- and back in the red for 2015 -- on lackluster earnings and Apple Inc.'s (NASDAQ:AAPL) weaker-than-expected sales forecast. (AAPL is a major customer of ARM Holdings plc.) Contributing to ARMH's bearish bias is a $5 price-target cut to $50 at Topeka Capital -- though Northland Capital raised its price target to $61 from $59. On the Street, while options traders have been extremely pessimistic toward the security, the brokerage crowd is overwhelmingly positive, generally speaking. Eleven analysts have doled out "buy" or better endorsements on ARMH, versus one "hold" and a pair of "strong sells." Also, the stock's consensus 12-month price target of $58.25 registers in uncharted territory.

For other stocks in analysts' crosshairs, read Analyst Upgrades: GoPro, Inc., Ambarella Inc, and Exxon Mobil Corporation and Analyst Downgrades: Peabody Energy Corporation, Lifelock Inc, and Yahoo! Inc.

Published on Jul 22, 2015 at 2:50 PM
Updated on Mar 19, 2021 at 7:15 AM
  • Earnings Preview

U.S. markets are getting pummeled today, thanks to the latest round of corporate earnings. However, there are still plenty of reports left on the week's docket, including those from chipmaker QUALCOMM, Inc. (NASDAQ:QCOM), mining name Freeport-McMoRan Inc (NYSE:FCX), and fast food giant McDonald's Corporation (NYSE:MCD). Below, we'll take the pre-earnings temperature of QCOM, FCX, and MCD.

  • After making a big announcement yesterday, QCOM is slated to unveil its fiscal third-quarter results after tonight's close. Ahead of the event, the shares are off 1.3% at $64.33 -- extending their year-to-date decline to 13.5%. Historically, the stock has averaged a single-session post-earnings move of 5% during the past eight quarters -- six of which have been to the downside -- and per QCOM's near-term at-the-money (ATM) straddle, the options market is expecting a slimmer move of 4.6% this time around. Option traders have taken the bearish route in the weeks leading up to tonight's report. The stock's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.61 ranks in the 67th annual percentile. Currently, the stock's short-term options are relatively pricey, considering QUALCOMM, Inc.'s 30-day ATM implied volatility (IV) of 26% sits higher than 74% of all comparable readings taken in the past year.

  • FCX will release its second-quarter report ahead of tomorrow's open, and over the last eight quarters, the equity -- on average -- has moved 2.6% in the following session. This time, the options market is expecting a bigger move of 6.7%, as suggested by the security's near-term ATM straddle. On the charts, FCX has had a terrible time in 2015 -- down 35.7% at $15.02. In fact, the shares are tumbling in step with gold today, and hit a six-year low of $14.86 earlier. Speculators in the equity's options arena are calling for even more downside, based on FCX's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.85 -- which sits higher than 71% of all similar readings taken in the past year. Meanwhile, Freeport-McMoRan Inc's short-term options are presently pricing in relatively lofty volatility expectations. Specifically, the security's Schaeffer's Volatility Index (SVI) of 48% rests in the 70th percentile of its annual range.

  • MCD will also report earnings bright and early tomorrow. Since late February, the security has been bouncing between $94 and $101, and was most recently seen near the middle of this range, at $97.71. Option players, meanwhile, have been initiating long puts over calls at an accelerated clip in recent months. At the ISE, CBOE, and PHLX, MCD's 50-day put/call volume ratio of 0.66 arrives higher than 76% of all other comparable readings taken in the past year. Volatility levels are currently inflated on MCD, per the equity's 30-day ATM IV of 19.7% -- in the 77th annual percentile. Looking back over the previous eight quarters, McDonald's Corporation has moved an average of 1.3% in the session subsequent to reporting. The options market is projecting a larger swing of 2.9%, based on MCD's near-term ATM straddle.
Published on Jul 22, 2015 at 3:12 PM
Updated on Mar 19, 2021 at 7:15 AM
  • Trader Content

Gold has been skimming multi-year lows for the past few days, and mining stocks haven't done any better. But what might that mean for the broader market? With that question in mind, I decided to enlist the help of Schaeffer's Senior Quantitative Analyst Rocky White to see if he could shed any light on the implications of "cheap" gold for the S&P 500 Index (SPX).

Below, you'll see a chart that shows how the SPX has performed across various time frames, following at least four-year lows on gold -- a signal we got last Friday, for the 10th time since 1980. In order to qualify, signals had to be at least six months apart.

Looking at the data, four-year lows have tended to be bullish for the SPX -- especially over the long term. In the month following the last nine signals, the SPX averaged a gain of 1.6%, and was positive two-thirds of the time. By contrast, the index's anytime one-month return is just 0.8%, and positive 62% of the time.

Even more impressive, going out to the six- and 12-month columns, the SPX has been positive 100% of the time following prior signals, with an average advance of 8.3% and 18.2%, respectively. By comparison, over a typical six-month window, the SPX is positive 73% of the time, with an average gain of 5%; and over 12 months, it's higher 78% time, with a typical advance of 10%.

150722goldlows1

The last time we saw a four-month low in gold was last November, and as the chart below demonstrates, the returns have been positive once again -- with the one-year result still to be determined. Interestingly, prior to that November signal, we hadn't seen a four-year low in gold for more than 15 years -- by far the longest span we've observed over roughly 35 years' worth of data.

150722goldlows2

Published on Jul 22, 2015 at 9:10 AM
Updated on Mar 19, 2021 at 7:15 AM
  • Analyst Upgrades

Analysts are weighing in on wearable camera maker GoPro, Inc. (NASDAQ:GPRO), semiconductor concern Ambarella Inc (NASDAQ:AMBA), and oil-and-gas issue Exxon Mobil Corporation (NYSE:XOM). Here's a quick roundup of today's bullish brokerage notes on GPRO, AMBA, and XOM.

  • Since taking a sharp bounce off its 80-day moving average earlier this month, GPRO has tacked on 25.6% to trade at $62.04. The equity looks poised to extend this positive price action today, after the company's better-than-expected earnings report and upbeat current-quarter revenue forecast was met with a round of bullish brokerage attention. Specifically, the stock received price-target hikes from Wedbush (to $76), Raymond James (to $71), Barclays (to $71), Baird (to $70), and Dougherty (to $70). While today's projected price move is good news for a recent crop of option traders, it's bad news for short sellers. Short interest jumped 12.6% in the latest reporting period, and now accounts for nearly 18% of GoPro, Inc.'s available float. A capitulation from some of the weaker bearish hands could create tailwinds for GPRO going forward.

  • AMBA -- which supplies GPRO with video processors -- saw its price target raised to $122 from $120 at Canaccord Genuity overnight, the second such boost the brokerage firm has issued in as many weeks. The stock is modestly higher in electronic trading -- and on track to add to its impressive 133% year-to-date advance -- which could prompt more analysts to follow in Canaccord Genuity's bullish footsteps. Currently, 45.5% of covering analysts maintain a lukewarm "hold" rating on the outperformer, while the average 12-month price target of $105.27 stands at a discount to Tuesday's settlement at $118.18. Ambarella Inc is tentatively slated to unveil its own quarterly results in early September.

  • Despite crude oil's recent struggles, Goldman Sachs raised XOM to "conviction buy" from "buy." On the charts, the stock has been tracking crude's slide -- shedding 22% since hitting a record high of $104.76 last July. In fact, the security tagged a three-year low of $81.43 yesterday, before settling at $81.66. Option traders, meanwhile, have been eyeing more downside, per Exxon Mobil Corporation's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 1.84 -- in the 83rd annual percentile. Simply stated, puts have been bought to open over calls at a faster-than-usual clip in recent months.
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Published on Jul 22, 2015 at 9:17 AM
Updated on Mar 19, 2021 at 7:15 AM
  • Indexes and ETFs

Momentum is kind of an overused topic in sports. A three-run homer is way more important for the actual three runs it produces than some sort of potential future psychological impact. Ditto for a pick-six in football, a hockey goal, et. al.

But in stocks? Hey, momentum is pretty real. And the following hot names have done quite well this year, according to Bloomberg:

"Stick with your winners, goes an old Wall Street adage -- advice that is working better now than almost any time in the last quarter century.

"Momentum stocks, or shares with the most price appreciation in the last two to 12 months, are rising three times as fast as the Standard & Poor's 500 Index in 2015, on par with the best years ever recorded. In a market stuck in the tightest trading range ever measured, industries like biotech and online retailers are posting gains of 30 percent or more.

"Investors are drawing greater distinctions among companies when S&P 500 profit growth is forecast to slow to 1 percent, down from an annual rate of 15 percent since 2009. Health-care and makers of non-essential consumer goods, whose earnings are expected by analysts to rise about 11 percent this year, are in, while energy producers are out. "


Here's an odd dichotomy, though. You'd think we would classify these very same momentum names as "high beta," right? Well, there's an exchange-traded fund (ETF) that tracks the 100 highest-beta names in the S&P 500 Index (SPX) -- the PowerShares S&P 500 High Beta Portfolio (SPHB). And here's how SPHB looks vs. the S&P this year:

150722Warner

At best, SPHB tracked the S&P for the first half of the year, but it's lagged this last rally quite badly and is actually down in 2015. Well, here's why. Stocks like Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOGL) are often momentum names, and they sound like high-beta names -- but they're actually not. That's because they're so big that, by definition, they carry beta near to market beta. They're not in the index.

Meanwhile, Netflix, Inc. (NASDAQ:NFLX) is in SPHB, but it's only 1.35% of it, so it can't do heavy lifting like AAPL and GOOGL can. So, what does count as high-beta right now? Industrials and energy take up nearly 20% each, and that's not exactly the center of the current rally.

All in all, it's kind of an odd confluence. You have a rally clearly led by momentum in tech names. If you knew that, you would surely assume that high beta would prevail, yet that's clearly the opposite of true.

Disclaimer: Mr. Warner's opinions expressed above do not necessarily represent the views of Schaeffer's Investment Research

Published on Jul 22, 2015 at 9:37 AM
Updated on Mar 19, 2021 at 7:15 AM
  • Buzz Stocks

U.S. stocks are taking it on the chin, amid the latest round of lackluster earnings. In company news, today's stocks to watch include tech heavyweight Apple Inc. (NASDAQ:AAPL), medical equipment maker Intuitive Surgical, Inc. (NASDAQ:ISRG), and biopharmaceutical specialist Biogen Inc (NASDAQ:BIIB)

  • AAPL is staring at a nearly 7% deficit at $121.74, following last night's mixed turn in the earnings confessional. While the company posted better-than-expected fiscal third-quarter profits and sales, it also offered up a disappointing revenue forecast. Apple Inc.'s pullback is being exacerbated by an unwinding of optimism across the Street. This morning, in fact, Cowen and Company downgraded its rating to "market perform" from "outperform," while slashing its price target to $130 from $140. FBR and BofA-Merrill Lynch followed suit, reducing their price targets to $175 and $142, respectively. Additional negative notes could be forthcoming, with 22 of 34 analysts rating AAPL a "buy" or better, and its average 12-month price target of $149.28 sitting in record-high territory.

  • ISRG is basking in positive brokerage attention, following an earnings beat and expectations for surgical procedures to grow up to 13% this year. Specifically, Canaccord Genuity upgraded its opinion to "buy," and boosted its price target to $615 from $517 -- with no fewer than eight other brokerages also upping their targets. Out of the gate, Intuitive Surgical, Inc. jumped to an annual high of $564.86, and was last seen 10.3% higher at $556.89 -- putting it back into positive territory in 2015. There's plenty of sideline cash available to fuel more upside for the shares, too. ISRG's short interest ratio of 5.00 indicates it would take one week to repurchase all of its shorted shares, at typical daily trading volumes.

  • Finally, BIIB said its experimental Alzheimer's drug, aducanumab, failed to slow mental decline during a Phase I trial -- proving at least one brokerage firm right. The disappointing news has the shares sitting 4.4% lower at $391.59, and testing support at their 160-day moving average. Option traders weren't expecting this from Biogen Inc. During the last 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), speculators have bought to open 1.74 calls for every put -- a ratio that ranks in the bullishly skewed 87th percentile of its annual range.

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Published on Jul 22, 2015 at 9:56 AM
Updated on Mar 19, 2021 at 7:15 AM
  • Analyst Downgrades

Analysts are weighing in on coal concern Peabody Energy Corporation (NYSE:BTU), identity theft issue Lifelock Inc (NYSE:LOCK), and search engine specialist Yahoo! Inc. (NASDAQ:YHOO). Here's a quick roundup of today's bearish brokerage notes on BTU, LOCK, and YHOO.

  • It's been a dismal run for BTU, shedding 92% of its value during the last 52 weeks -- and hitting a record low of $1.12 on Monday. In today's session, the stock is off 2.5% at $1.17, after J.P. Morgan Securities downgraded its outlook to "neutral" from "overweight," saying BTU is under "extreme pressure" from short sellers. In fact, short interest surged 35% in the past two reporting periods, and now accounts for almost two-fifths of Peabody Energy Corporation's available float. Next week, the firm is scheduled to report earnings the morning of Tuesday, July 28.

  • LOCK had a terrible day on Tuesday -- plunging 49%, after the Federal Trade Commission (FTC) levied stiff allegations against the company. The brokerage bunch was quick to offer its two cents, with no fewer than four firms chiming in on the stock. RBC, for example, downgraded LOCK to "sector perform" from "outperform," and slashed its price target by $9 to $11. Elsewhere, Wunderlich Securities cut its outlook to "hold" from "buy," and lowered its price target to $9.25 from $20. Despite these bearish brokerage notes, Lifelock Inc is up 9.5% at the open to trade at $8.92. Considering its 14-day Relative Strength Index (RSI) closed last night at 11 -- deep in oversold territory -- a near-term bounce may have been in the cards. Looking ahead, LOCK earnings are tentatively scheduled for next week.

  • YHOO is down 2.7% out of the gate to linger near $38.67, after the firm -- along with several of its peers -- issued disappointing earnings. What's more, a handful of analysts cut their price targets on the shares, including BMO (to $46) and Evercore ISI (to $47). Cantor and Pivotal Research, meanwhile, bucked the trend by boosting their respective price targets to $62 -- territory YHOO hasn't charted since August 2000 -- and $43. Today's post-earnings price action is likely being celebrated in the options pits. Yahoo! Inc.'s 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.59 ranks in the 94th annual percentile. In other words, puts have been bought to open over calls at a near-annual-high clip.
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