Buzz Stocks: Under Armour, Bank of America, and CIGNA

Today's stocks to watch in the news include Under Armour Inc (UA), Bank of America Corp (BAC), and CIGNA Corporation (CI)

Jul 23, 2015 at 9:23 AM
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U.S. stocks could extend their recent losses today, as earnings season fails to impress. In company news, today's stocks to watch include sports apparel designer Under Armour Inc (NYSE:UA), financial firm Bank of America Corp (NYSE:BAC), and healthcare concern CIGNA Corporation (NYSE:CI)

  • UA is poised to open at an all-time high, after the company topped expectations in the earnings confessional and upped its full-year sales forecast once again. Specifically, the shares are up 3.2% in pre-market trading, after finishing at $89.37 yesterday. This expected technical milestone could have short sellers shaking in their boots. Over 8% of Under Armour Inc's float is sold short, which would take more than eight sessions to repurchase, at the stock's typical daily volumes. In other words, there's plenty of sideline cash available to boost UA to even higher highs.

  • BAC Chief Financial Officer Bruce Thompson is stepping down, and will be replaced by Paul Donofrio, headlining a round of upper management changes. On the charts, the stock hit a five-year high of $18.48 yesterday, before settling at $18.45 -- up 3.1% in 2015. Skepticism is running high in Bank of America Corp's options pits, however. During the last 50 days on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity has racked up a put/call volume ratio of 0.24 -- higher than nearly three-quarters of comparable readings from the past year. In other words, speculators have been buying to open BAC puts over calls at an accelerated clip.

  • Finally, Anthem Inc's (NYSE:ANTM) $48 billion acquisition of CI -- roughly $188 per share -- could be announced by week's end, according to inside sources. The rumblings have CIGNA Corporation poised to gap 5% higher at the open. Longer term, the stock has been a beast, surging close to 47% year-to-date at $151.07, and perched atop its 10-week moving average. Option bulls should be happy. CI's 10-day ISE/CBOE/PHLX call/put volume ratio of 7.57 ranks in the 86th percentile of its annual range.

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