Just a week after SunPower Corporation (NASDAQ:SPWR) was shining amid news of a strategic spin-off, the stock is now down 4.1% to trade at $7.96, after the company launched a public offering of common stock valued at 22 million shares. In response, options traders have perked up this morning.

More specifically, in just the first hour of trading today, over 2,500 SPWR options have changed hands, four times the average intraday amount and volume pacing for the 95th percentile of its annual range. Leading the charge is the June 7 put, where it looks like new positions are being sold. There are also new positions being opened at the weekly 11/22 8.5-strike call. 

SunPower stock, despite its 62% year-to-date lead, is fresh off its eighth straight weekly loss. Even the breakouts amid the spin-off news were quickly rejected by the shares' descending 30-day moving average. Since its Aug. 1 three-year high of $16.04, SPWR is now down 50%.

Pessimists of all sorts are likely cheering this recent downtrend. Although short interest declined by 11% in the most recent reporting period, more than 28% of the security's total available float is sold short, or 5.6 times the average daily trading volume. Plus, all but one analyst in coverage rates SPWR a "hold" or worse.

Chemical stock Huntsman Corporation (NYSE:HUN) has been consolidating on the charts since early September, recently finding nice support from the 200-day moving average. While the $24-$25 range -- site of the shares' early 2019 highs -- is certainly on the radar as potential resistance, HUN just snagged a bullish analyst note, and options traders have been picking up calls at a rapid pace. 

Goldman Sachs this morning added the security to its conviction list, and the bullish sentiment matches that of the Street. By the numbers, 60% of covering firms have "strong buy" ratings on HUN, and the average 12-month price target for all those in coverage is $26.38 -- roughly 14% above current levels.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the 10-day call/put volume ratio for Huntsman is 12.18, a number that ranks in the 79th annual percentile. Said another way, there's been a notable bullish bias among options traders in recent weeks. That said, the Schaeffer's Volatility Index (SVI) for HUN is 32%, and ranks in the 11th annual percentile, so near-term options premiums still appear muted.

HUN traders have built up large positions at the January 2020 23- and 25-strike calls, home to the top two open position levels. In the front-month December series, peak open interest is actually on the put side at the 23 strike. Huntsman shares were last seen up 0.6% at $23.38.

Stocks are hitting fresh highs to start the week, although oil prices are lower. Among three names making notable moves higher today are biotech issue Karuna Therapeutics Inc (NASDAQ:KRTX), cosmetics concern Coty Inc (NYSE:COTY), and Russian online services stock Yandex NV (NASDAQ:YNDX). Here's a quick look at what's moving the shares of KRTX, COTY, and YNDX.   

KRTX's Schizophrenia Drug Fuels Major Breakout

The best stock on the Nasdaq today by a wide margin is Karuna Therapeutics, last seen up 421.7% to trade at $92.23. That's not a typo; KRTX earlier nabbed a record high of $94.40, after the company's experimental drug for schizophrenia met the main goals of a mid-stage trial. Karuna is expected to meet with the Food and Drug Administration (FDA) in the middle of 2020 to discuss the next steps. KRTX is now trading more than five times its June 28 initial public offering price of $16. 

While all four analysts rate the stock a "buy" or better, bull notes could still vault it higher. KRTX's average 12-month price target sits at $39, which is now a 41% discount to its current perch. 

COTY Climbs After Taking Control of Kylie Jenner's Company

Coty stock is up 1.1% to trade at $12.03 at last check, after the cosmetics company announced it bought a majority stake in Kylie Jenner's make-up business for $600 million. Coty now owns 51% stake in Jenner's business, and values it at $1.18 billion. COTY is up 82.4% in 2019, and last week's pullback found support at its pre-bull-gap levels from Nov. 6. 

Now actually looks like a nice time to buy premium on COTY, as its Schaeffer's Volatility Index (SVI) of 32% ranks in the bottom annual percentile, pointing to low volatility expectations at the moment.

YNDX Restructuring Catches Options Traders' Eye

Yandex stock is up 11.4% to trade at $39.87, after announcing it will restructure its corporate governance to better acclimate to regulatory risk. In addition, Yandex announced a $300 million stock buyback, and the double-dose of headlines had the stock crossing the $40 threshold earlier for the first time since Aug. 1. YNDX has now tacked on 37.5% since an early October encounter with the $29 level. 

Options traders have responded in kind. More than 11,000 contracts have changed hands today, double the average intraday amount and volume pacing for the 97th percentile of its annual range. Leading the charge is the December 36 put, where new positions are being opened. There's also opening action at the weekly 11/22 40-strike call.

Broadcom Inc (NASDAQ:AVGO) is trading up 1.9% at $317 this morning after Morgan Stanley named the semiconductor stock a top pick, upgrading its view to "overweight" from "equal-weight" and lifting its price target to $367 from $298. The brokerage firm cited overly pessimistic sentiment around the security, writing that it's bullish on Broadcom's software business, which should have the company well-positioned to benefit from the era of big data.

Speaking of sentiment, call buying has been very popular in recent weeks at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), but near-term open interest is still unusually put-heavy. This is according to AVGO's Schaeffer's put/call open interest ratio (SOIR) of 1.19, which ranks in the 84th annual percentile. This skew is due to the heavy put open interest in the January series, which holds the top two open interest positions at the 250- and 260-strike puts.

Looking back at the charts, the setup does look to favor the bulls, with AVGO shares close to breaking out to fresh highs. The stock has added 11.6% in the past three months, and could now find support at the $305 area, the site of previous resistance from June through September. If Broadcom does keep pushing higher, we'll likely see more bullish brokerage notes, since it's fast approaching the average analyst price target of $323.30.

The shares of cable TV company MSG Networks Inc (NYSE:MSGN) are lower this morning, following a downgrade from Guggenheim to "sell" from neutral." The brokerage firm maintained its $15 price target -- a 19% discount to last night's close -- and said it foresees a challenged position for the entertainment name amid upcoming contract renewals with Altice USA (ATUS) and Comcast (CMCSA), which make up 40% of MSGN's subscriber base. The stock is down 5.3% at last check, to trade at $17.50.

A bear note from Guggenheim isn't the only thing creating headwinds from MSGN. The stock recently ran up to its 140-day moving average, which also acted as a ceiling on the charts earlier this year. And while the security has managed a roughly 34% gain off its late-August six-year lows with a little help from a massive bull gap later that same month, the stock is still down 25% for the year. 

The brokerage's bear note is in good company, though. Prior to today, five of the six analysts in coverage called MSG Networks a "hold" or worse. Plus, the consensus 12-month target price of $17.86 is a slight discount to last night's close. 

Short sellers are likely celebrating today's dip. While short interest dropped 21.9% in the last reporting period, the 14.47 million shares sold short represent 32.3% of the stock's available float, or over two weeks of trading at MSGN's average pace.

At the top of the Nasdaq this morning sits U.K.-based biotech Myovant Sciences Ltd (NYSE:MYOV), up 141% to trade at $14.62. Powering today's breakout is relugolix, the company's treatment for advanced prostate cancer that met its primary and secondary goals in a late-stage trial. 

Myovant Sciences stock is now trading north of double digits for the first time since a late-May bear gap. It's set to be MYOV's best single-session gain ever by a wide margin, although the overhead 320-day moving average now looms as a ceiling.

A short squeeze could help the security topple that trendline. Short interest increased by 21% in the most recent reporting period to a record high 4.04 million shares. This takes up almost 14% of MYOV's total available float, or more than two weeks' worth of buying power, at its average pace of trading.

For those wanting to take advantage of the biotech stock's next leg higher, now is a good time to buy options premium. MYOV's Schaeffer's Volatility Index (SVI) of 154% ranks in the modest 7th percentile of its annual range, pointing to low short-term volatility expectations at the moment.

The Dow is taking a breather today, as a struggling retail sector weighs on Wall Street. Among three retail names making notable moves lower today are Kohl's Corporation (NYSE:KSS), Macy's Inc (NYSE:M), and Nordstrom, Inc. (NYSE:JWN). Here's a quick look at what's moving the shares of KSS, M, and JWN.   

Kohl's Earnings Whiff Prompts Option Bear Frenzy

One of the worst stocks on the New York Stock Exchange (NYSE) today is Kohl's, down 18.1% to trade at $47.83, after the retailer reported third-quarter earnings and revenue that fell short of estimates. Kohl's' same-store sales figures also whiffed, and the company also trimmed its fiscal year guidance. In response to what's about to be KSS' worst single-session drop since January 2017, Jefferies trimmed its price target to $65 from $75. 

With Kohl's stock on the short-sale restricted (SSR) list today, options have come into greater focus. At last check, 70,000 contracts have changed hands, four times the average intraday amount and volume on track for the 100th annual percentile. The weekly 11/22 51-strike put is most popular, and there are also new positions being opened at the December 50 put.

Dragged Down by KSS, Macy's Rejected by Key Trendline

Down in the cellar with Kohl's today is Macy's stock, last seen nursing a 10.7% loss at $15.08. The former's dismal report is weighing on M, putting it on track for its worst single-session drop since its own post-earnings bear gap back on Aug. 14. M shares -- now down 54% year-over-year -- were just met with stiff resistance at their 100-day moving average.

Macy's stock is also SSR today, and options traders have responded in kind. With just under two hours left in today's trading, almost 100,00 puts have changed hands, six times the expected intraday amount and four times the average daily volume. Leading the charge by a wide margin is the weekly 11/22 15-strike put, where new positions are being opened. 

JWN Rally Cut Short After Retail Sector Slide

Last but not least, we have Nordstrom stock, down 5.3% to trade at $35.87, with Kohl's' dour forecast weighing heavy on the retailer. JWN was putting together a nice 44% rally from its Aug. 15 bottom of $25, but is now in danger of breaching its 30-day moving average.  

Puts have soared in popularity today. At last check, more than 28,000 JWN puts have been traded, 12 times the expected intraday amount and more than five times the number of calls traded. Once more, a weekly option leads the charge, with the Nov. 22 31-strike put in command today, and new positions being opened. 

It's been a volatile stretch for Intelsat SA (NYSE:I) stock, as evidenced by its 30-day historical volatility of 237.1% -- an annual high. Most of this action has been to the downside, after the Federal Communications Commission (FCC) backed a public auction for C-band spectrum, with I shares plunging from a Nov. 5 intraday peak at $26.90 to yesterday's 19-month low at $5.55.

Today, though, the extremely oversold Intelsat stock -- its 14-day Relative Strength Index (RSI) closed last night at 14 -- is up 13.8% to trade at $6.93. Sparking the tailwinds is an upgrade to "outperform" from "market perform" at Raymond James, which said the risk/reward for I is "now more interesting" following its "dramatic" retreat.

Options traders have been showing unusual interest in Intelsat during its extreme price moves. Currently, call and put open interest is docked at a 52-week peak of 335,198 contracts and 218,497 contracts, respectively. Narrowing the scope, the December 9 put saw a considerable rise in open interest over the last two weeks, and data confirms at least some buy-to-open activity here.

Outside of the options pits, there's plenty of skepticism priced into the underperforming shares. While four of seven analysts maintained a "hold" or "sell" rating prior to today, more than 18% of I's available float is controlled by short sellers. However, these bearish bettors remain sidelined in today's session, with Intelsat still on the short-sale restricted list following Tuesday's 24.2% slide.

The Dow is lower today, as U.S.-China trade woes weigh on Wall Street. Among three names making notable moves today are Chinese stock Pinduoduo Inc (NASDAQ:PDD), telecommunications giant AT&T Inc. (NYSE:T), and biotech Cancer Genetics Inc (NASDAQ:CGIX). Here's a quick look at what's moving the shares of PDD, T, and CGIX.   

PDD Breaches Key Trendline After Q3 Miss

The top loser on the Nasdaq today is Pinduoduo, down 23% to trade at $31.35, after the e-commerce company reported a wider-than-anticipated third-quarter loss. PDD is cruising toward its worst single-session drop ever, despite just nabbing a record high of $42.25 as recently as Nov. 5. The shares are set to to breach their 80-day moving average for the first time since late July, and are back trading at the levels from early October.

The steep losses have PDD on the short-sale restricted (SSR) list today, so options have come into greater focus. At last check, 70,000 contracts have changed hands, triple the average intraday amount, and volume on track for the 99th annual percentile. The December 35 call is the most popular, and there are also new positions being opened at the December 30 put. 

KeyBanc Skeptical of AT&T Subscriber Potential

AT&T stock is down 4.1% to trade at $36.43, after KeyBanc predicted subscribers fell in October, and cast water on the company's HBO Max revenue potential. After nabbing a two-year high of $39.70 on Monday, T is heading toward its second straight day of sharp losses, and has now dipped below its 80-day moving average for just the second time since July. 

Options are hot today, with an emphasis on puts. At last check, 148,000 puts have changed hands, five times the average intraday amount and 3.8 times the average daily volume. The weekly 11/22 37.50-strike call is the most popular, though, with the March 33 put a close second, and new positions being opened at both.   

Strategic Review News Powering CGIX's Best Day Ever

The best stock on the Nasdaq today -- even better than Aravive (ARAV) -- is Cancer Genetics, last seen up 205.3% to trade at $6.35. This comes after the company announced it is utilizing H.C. Wainwright to explore strategic alternatives, including a potential merger or sale. In addition, the biotech said it swung to a profit in the third quarter. CGIX is cruising toward its biggest one-day gain ever, and is on track to topple its 120-day moving average on a closing basis for the first time since Oct. 17.

Just one day off a blowout earnings report that led to a new record high, Target Corporation (NYSE:TGT) is up 1.3% in electronic trading, continuing its climb higher and set to open at another all-time peak after receiving a fresh round of bull notes. Following last night's close, no fewer than 10 brokerage firms handed out a price-target hike on the security.

The most generous so far has been out of Raymond James and Citigroup, both of which raised their TGT price targets to $150 -- a nearly 19% premium to Wednesday night's close at $126.43. Meanwhile, KeyBanc chimed in, saying Target is well-positioned for the holiday season.

The shares are now set to open at $127.98, shattering yesterday's all-time high of $127.19. The equity is also up 91% year-to-date, and recently enjoyed a bounce off its 50-day moving average -- a new layer of support. In terms of analyst support, 13 covering firms carried a "strong buy" coming into today.

In the wake of earnings, it's a good time to buy options premium on Target stock. This is per the equity's Schaeffer's Volatility Index (SVI) of 23%, which ranks in the 18th percentile of its annual range. In simpler terms, near-term options are pricing in unusually low volatility expectations at the moment.

Applied Materials, Inc. (NASDAQ:AMAT) is falling even deeper off Monday's record high of $63.07, down 4.2% to trade at $57.16 after UBS cut the semiconductor stock to "sell" from "neutral," and slashed its target by one dollar to $48. The analyst foresees AMAT's wafer fab equipment run rate contracting in the first half of 2020, putting the stock at risk, and added that while its Display sales could defend against headwinds, weakening demand for LCD in China makes this possibility less likely. 

The dip has AMAT eyeing its first close south of its 10-day moving average since late-October, and down roughly 7% for the week. The stock is testing its footing back at its pre-bull gap levels near the $56-$57 region, too -- an area it sliced through after a fiscal fourth-quarter earnings beat last week. On the other hand, the shares boast a roughly 74% year-to-date gain.

UBS' warning comes just days after analysts swarmed the stock will bull notes. In fact, coming into today, 12 called AMAT a "buy" or better, compared to six "hold" ratings, and not a single sell to be seen. Plus, the consensus 12-month price target of $67.04 is a 16% premium to last night's close, leaving the equity wide open for bear notes and/or price-target cuts.

This week's slide may have been inevitable. The stock last Friday was firmly in "overbought" territory with a 14-day Relative Strength Index (RSI) of 78. This suggests a short-term sell-off may have already been in the cards for AMAT. 

It will be an abbreviated week on Wall Street, with markets shuttered Thursday, Nov. 28, and closing early on Friday, Nov. 29, for the Thanksgiving holiday. There's plenty of action for investors to consider, though, with an onslaught of retail earnings slated for release ahead of Black Friday -- the unofficial start to the holiday shopping season. The economic calendar is chock-full, too, with durable goods, gross domestic product (GDP), and housing data all on tap.

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.

Monday, Nov. 25, features the Dallas Fed manufacturing survey. Agilent Technologies (A), Ambarella (AMBA), Hewlett Packard Enterprise (HPE), Nutanix (NTNX), and Palo Alto Networks (PANW) will report earnings.

On Tuesday, Nov. 26, Wall Street will get updates on international trade in goods, the S&P CoreLogic Case Shiller home price index, new home sales, and consumer confidence. Earnings from Autodesk (ADSK), Abercrombie & Fitch (ANF), Best Buy (BBY), Burlington Stores (BURL), Dick's Sporting Goods (DKS), Dollar Tree (DLTR), HP (HPQ), PVH Corp (PVH), and VMware (VMW) are due.

Durable goods data is due Wednesday, Nov. 27, along with the second estimate on third-quarter GDP, personal income and spending, pending home sales, weekly crude inventories, and an early look at weekly jobless claims. The Fed's Beige Book is also slated for release. Deere (DE) and GameStop (GME) will take their turn in the earnings confessional.

The stock market will be closed on Thursday, Nov. 28, for Thanksgiving Day. Markets will close at 1 p.m. ET on Friday, Nov. 29, but traders will be eyeing preliminary Black Friday sales throughout the abbreviated session, as well as the Chicago purchasing managers index (PMI).