Buzz Stocks: Best Buy, Syngenta, Acorda Therapeutics

Today's stocks to watch include Best Buy Co Inc (BBY), Syngenta AG (ADR) (SYT), and Acorda Therapeutics Inc (ACOR)

by Mark Fightmaster

Published on Aug 25, 2015 at 9:29 AM
Updated on Jul 2, 2020 at 12:40 PM

After yesterday's nearly 600-point drop, the Dow is poised to recoup some of the losses -- so remember, keep your hands inside the cart at all times and please enjoy the ride. Among the equities in focus are electronics retailer Best Buy Co Inc (NYSE:BBY), agribusiness company Syngenta AG (ADR) (NYSE:SYT), and biopharmaceutical concern Acorda Therapeutics Inc (NASDAQ:ACOR).

  • 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.

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