Stocks On the Move: Cliffs Natural Resources Inc, USANA Health Sciences, Inc., and Aerohive Networks Inc

CLF, USNA, and HIVE are moving sharply in Wednesday's trading

by Karee Venema

Published on Oct 29, 2014 at 1:34 PM
Updated on Apr 20, 2015 at 5:32 PM

The major market indexes are modestly lower ahead of this afternoon's policy announcement from the Federal Open Market Committee (FOMC). Among specific names making notable moves, though, are mining magnate Cliffs Natural Resources Inc (NYSE:CLF), nutritional supplement specialist USANA Health Sciences, Inc. (NYSE:USNA), and cloud component concern Aerohive Networks Inc (NYSE:HIVE). Here's a quick look at how CLF, USNA, and HIVE are performing on the charts so far.

  • CLF has been making some volatile moves on the charts recently, and today, the shares are 9.6% lower to trade at $10.21, and earlier, were placed on the short-sale restricted (SSR) list. Today's sell-off comes amid a mixed batch of brokerage notes, with Brean Capital downgrading the stock to "sell" from "hold," while J.P. Morgan Securities, Cowen and Company, and Clarkson Capital all upped their price targets. Year-to-date, the shares are down 61%, so it's no surprise to see sentiment tilted toward the bearish side. In the options pits, the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.75 ranks in the 78th percentile of its annual range, meaning short-term speculators are more put-skewed than usual. Elsewhere, short interest soared nearly 26% during the past two reporting periods, and now accounts for a brow-raising 53.3% of Cliffs Natural Resources Inc's available float.

  • USNA, meanwhile, is soaring -- up 30.3% at $114.47, after earlier tagging a record peak of $116.20. This burst of buying power follows the company's strong third-quarter earnings showing and upwardly revised full-year profit forecast. One group that's likely smarting from today's bullish gap -- short sellers. At present, 39.4% of the stock's float is sold short, representing almost 16 sessions' worth of pent-up buying demand, given typical daily trading levels. Should the equity extend its 51.5% year-to-date lead -- and trek into uncharted territory -- a short-covering rally could help propel USANA Health Sciences, Inc. higher.

  • One day after surging nearly 19% on reports of a partnership with Apple Inc. (NASDAQ:AAPL), HIVE has plunged 14.2% to $4.94 after the company said it is donating its Wi-Fi gear to AAPL's ConnectED initiative, not providing it. The Big Board freshman has shed almost 45% since going public in late March, yet traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 89.75 calls for every put over the past 10 sessions. With 12.4% of the stock's float sold short, though, a portion of this activity could be a result of shorts hedging their bearish bets against any unexpected upside. Looking ahead, Aerohive Networks Inc will take its turn in the earnings confessional after the market closes next Wednesday, Nov. 5.

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