Buzz Stocks: Syngenta AG, Nokia, and Novogen Limited

Today's stocks to watch in the news include Syngenta AG (ADR) (NYSE:SYT), Nokia Corporation (ADR) (NYSE:NOK), and Novogen Limited (ADR) (NASDAQ:NVGN)

by Karee Venema

Published on May 8, 2015 at 9:26 AM
Updated on Jul 8, 2020 at 11:30 AM

Futures are surging this morning, as traders digest the latest jobs report from the Labor Deparment. Meanwhile, among equities in focus are agricultural firm Syngenta AG (ADR) (NYSE:SYT), telecommunications issue Nokia Corporation (ADR) (NYSE:NOK), and biotech Novogen Limited (ADR) (NASDAQ:NVGN).

  • SYT is poised to pop 15.2% out of the gate -- and into annual-high territory -- after the firm declined Monsanto Company's (NYSE:MON) unsolicited $45 billion takeover bid, saying, "The offer fundamentally undervalues Syngenta's prospects and underestimates the significant execution risks, including regulatory and public scrutiny at multiple levels in many countries." Similar to MON, short-term speculators have shown a preference for puts over calls, as evidenced by SYT's Schaeffer's put/call open interest ratio (SOIR) of 1.96, which rests higher than all comparable readings taken in the past year. In the front-month series, specifically, peak put open interest can be found at the May 70 strike. On Thursday, Syngenta AG settled at $77 -- roughly 20% above its year-to-date breakeven line.

  • Uber is the latest firm to express interest in NOK's map business, HERE, and has reportedly submitted a roughly $3 billion bid for the service. On the charts, an earnings-induced tumble last week sent NOK barreling through the bottom end of its long-term trading range of $7.50 to $8.50, and based on last night's close at $6.72, the stock is now down 14.5% year-to-date. Option traders have kept the faith, though. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Nokia Corporation's 50-day call/put volume ratio of 20.38 rests just 6 percentage points from a 52-week peak.

  • NVGN is up more than 15% in electronic trading, after the company once again reported upbeat trial results for its brain cancer drug, TRXE-009. Specifically, Novogen Limited said the treatment eliminated cancerous cells at "therapeutically relevant concentrations." Already this year, shares of NVGN have more than tripled in value, and closed Thursday at $6.42. Traders are not buying the positive price action, however. In fact, short interest surged in the latest reporting period, and now accounts for a healthy 10.4% of the equity's available float.

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