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.
$40 = 4 Trades That Can Move the Needle
Start your trading week with a ready-to-execute trade hand selected by Schaeffer's very own Senior VP of Research Todd Salamone.
Our Trade of the Week is backed by 30+ years of experience and will provide you the market insight, research, and trade management you need to act with confidence.
One month. 4 trades. Only $10 per trade!
👉 Click Here to Get Your First Trade Before Monday’s Opening Bell
