U.S. indexes are set to open modestly higher, as investors shrug off a sell-off in China and await Black Friday numbers from retailers on this shortened trading day. Among the equities in focus are biotech interest KaloBios Pharmaceuticals Inc (NASDAQ:KBIO), Chinese tech concern eFuture Information Technology Inc. (NASDAQ:EFUT), and retail giant Target Corporation (NYSE:TGT).
TGT is up 1% in electronic trading after reporting a strong start to the Black Friday weekend. Target Corporation shares hit an annual low last week, as disappointing online sales growth overshadowed upwardly revised full-year guidance. Since then, the stock has been trending steadily higher, closing at $73.16 on Wednesday. Analysts and options traders are currently quite bearish on the stock. In particular, 11 out of 20 brokerages give TGT a "hold" rating or worse, while the stock's 50-day put/call volume ratio on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sit at 0.94 -- higher than 85% of readings taken in the past year. Likewise, short interest on TGT grew nearly 27% during the past two reporting periods, and now represents seven days' of pent-up buying demand, at the stock's average pace of trading.
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