Buzz Stocks: Tyco International plc, Sunedison Inc, and Oncomed Pharmaceuticals Inc

Today's stocks to watch include Tyco International plc (Ireland) Ordinary Share (TYC), Sunedison Inc (SUNE), and Oncomed Pharmaceuticals Inc (OMED)

Jan 25, 2016 at 9:56 AM
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U.S. stocks are backpedaling this morning, following the bearish lead of crude oil. Among the equities in focus are security systems specialist Tyco International plc (Ireland) Ordinary Share (NYSE:TYC), alternative energy issue Sunedison Inc (NYSE:SUNE), and drugmaker Oncomed Pharmaceuticals Inc (NASDAQ:OMED). 

  • TYC has surged 7.2% to trade at $32.79, after the Ireland-based company announced it will merge with Johnson Controls Inc (NYSE:JCI) -- with the latter set to move its legal and global headquarters overseas to lower its taxes. JCI will own approximately 56% of the combined entity, and will receive a cash consideration of nearly $4 billion once the deal closes. Tyco International plc put buyers may not be so happy with this morning's sharp gains. During the past two weeks across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open nearly six times as many puts as calls. The resultant put/call volume ratio of 5.93 ranks in the 88th percentile of its annual range.
  • SUNE is making waves this morning, amid reports that the firm's joint venture talks with Gamesa have stalled. Also, according to The Wall Street Journal, Sunedison Inc has decided to give a seat on its board to Greenlight Capital, which owns an 8% stake in the alternative energy company. The headlines have sent the stock 7% higher out of the gate at $2.83, but its year-to-date deficit still stands at a daunting 44%. On the sentiment front, short sellers have been hitting the exits, with short interest falling 10.7% during the latest reporting period. Nonetheless, over 43% of SUNE's float remains sold short, as bears hold out hope for additional losses.
  • OMED has plummeted 44.5% at $9.74, and is fresh off an all-time low of $9.65, after independent experts told the drugmaker its pancreatic cancer treatment will likely miss its main goal in a mid-stage trial. While shareholders may be rattled, short sellers are probably dancing in the streets. Over 19% of Oncomed Pharmaceuticals Inc's float is sold short, representing three weeks' worth of trading activity, at the stock's average daily volumes. Separately, the shares may be in danger of downgrades, as 80% of covering analysts rate OMED a "strong buy," with not a single "sell" opinion to be found.
 

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