Buzz Stocks: 3M Co, QUALCOMM, Inc., and Lumber Liquidators Holdings Inc

Today's stocks to watch include 3M Co (MMM), QUALCOMM, Inc. (QCOM), and Lumber Liquidators Holdings Inc (LL)

by Kirra Fedyszyn

LL
QCOM
MMM

Published on Dec 15, 2015 at 9:51 AM

Updated on Jun 24, 2020 at 10:16 AM

As the much-anticipated Federal Open Market Committee meeting kicks off today, U.S. stocks are taking their rally into a second day. Among the equities in focus are diversified production company 3M Co (NYSE:MMM), tech concern QUALCOMM, Inc. (NASDAQ:QCOM), and discount flooring retailer Lumber Liquidators Holdings Inc (NYSE:LL).

MMM is 3.9% lower at $151.44, after the company cut its full-year earnings forecast. 3M Co blamed the slowing growth in the global economy. Analysts are bearish on the stock -- seven of the 12 brokerages following MMM give it a "hold" rating or worse. But the blue chip has outperformed the S&P 500 Index (SPX) by nearly 10 percentage points over the last three months, and could find support atop its 80-day moving average.

QCOM was last seen trading at $47.80, up 2.1% over Monday's close, after the company said it would not separate its chipmaking and technology licensing businesses. QUALCOMM, Inc. also raised its current-quarter earnings guidance. The stock has dropped 37% so far this year, and hit a new five-year low of $45.93 yesterday, as it has been facing regulatory accusations out of Europe and Asia. Options traders have been eyeing a bounce for the shares; at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), QCOM's 10-day call/put volume ratio is 5.32 -- higher than 94% of all readings from the past year.

LL has spiked 27.3% to trade at $17.90 this morning, after hedge fund manager Whitney Tilson reported that he has covered his short position on the stock. Lumber Liquidators Holdings Inc has shed nearly 80% of its value in 2015, mostly thanks to a scathing report on "60 Minutes," which aired in March. LL has failed to make up much ground over recent months, but today is on pace to topple its 120-day moving average for the first time since before the aforementioned "60 Minutes" segment. Today's action could easily be spooking some shorts, as more than 40% of the stock's available float is currently sold short. At LL's typical pace of trading, it would take nearly two full weeks to buy back all of these bearish positions.

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