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)

Kirra Fedyszyn
Dec 15, 2015 at 9:51 AM
facebook twitter linkedin


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.

A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 

Partnercenter