Buzz Stocks: Best Buy, Syngenta, Acorda Therapeutics

• A surprise quarterly profit has propelled BBY more than 13% higher in electronic trading. Best Buy Co Inc saw second-quarter profit increase 12% (subscription required), as strong sales from large-screen TVs, appliances, and telephones offset weak tablet sales. A short-covering pop could boost the stock even higher, as 10% of BBY's float is sold short. At BBY's average pace of trading, it would take nearly eight sessions to buy back these bearish bets. On Monday, BBY closed at $29.27.

• SYT sat out yesterday's broad-market pullback, jumping to $81.37. What's more, the stock is nearly 3% higher in pre-market trading, after Monsanto Company (NYSE:MON) reportedly upped its takeover offer for the chemical maker. MON is now allegedly offering $47 billion for Syngenta AG (ADR). While MON continues to try and takeover the chemical world, SYT is refusing to comment. Technically, SYT has seen its share of struggles, but near-term option players are more call-heavy than usual. SYT's Schaeffer's put/call open interest ratio (SOIR) of 0.18 is lower than 99% of the readings taken during the past 52 weeks.  
  
  
• ACOR is set to start the morning more than 22% higher, after the U.S. Patent and Trademark Office ruled against patent challenges leveled by hedge fund manager Kyle Bass. Acorda Therapeutics Inc has been backing away from its 10-day moving average, which has pushed the shares lower since the beginning of the month. However, ACOR is set to take out this trendline -- and rebound from yesterday's annual low -- out of the gate today. The shares could benefit from a short-covering rally, as 15% of ACOR's float is sold short, representing 15 days of pent-up buying demand, at the equity's average pace of trading. ACOR settled at $28.96 yesterday.
  

Get the skinny on all the biggest stories of the morning… Sign up now to get Schaeffer's Midday Market Check delivered straight to your inbox!