Buzz Stocks: ConocoPhillips, Viacom, Inc., and Glu Mobile Inc.

Today's stocks to watch include ConocoPhillips (NYSE:COP), Viacom, Inc. (NASDAQ:VIAB), and Glu Mobile Inc. (NASDAQ:GLUU)

by Karee Venema

Published on Feb 4, 2016 at 9:51 AM
Updated on Jun 24, 2020 at 10:16 AM

Stocks are lower this morning, as crude futures head south and jobs data disappoints. Meanwhile, oil-and-gas firm ConocoPhillips (NYSE:COP), entertainment issue Viacom, Inc. (NASDAQ:VIAB), and digital game developer Glu Mobile Inc. (NASDAQ:GLUU) are among the equities in focus today.

  • COP is down 1.2% at $38.16  -- a much slimmer move than the options market was projecting -- after the company unveiled a wider-than-forecast fourth-quarter loss. Additionally, ConocoPhillips cut its quarterly dividend and reduced its 2016 capital expenditure budget. Today's price move is nothing new for the stock, which has shed 45.6% since hitting an annual high of $70.11 nearly one year ago. In fact, the shares notched a six-year low of $32.71 on Jan. 20. Option traders, meanwhile, have taken the skeptical route in recent months. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), COP's 50-day put/call volume ratio of 1.20 rests in the 86th annual percentile.

  • VIAB's board of directors is expected to replace Chairman Sumner Redstone today, after he resigned as executive chair of CBS Corporation (NYSE:CBS) last night. The news has sent shares of VIAB up 5.1% out of the gate to $46.93, while CBS was last seen trading 2.7% higher. On the charts, VIAB had shed 32% year-over-year before today's trading, with the equity's recent rally attempt halted in the previously supportive $46 region -- home to its 30-week moving average. Analysts have kept the faith, though, as the average 12-month price target for Viacom, Inc. is $55.97, territory not charted since before the stock's early August bear gap. Looking ahead, the firm will report earnings one week from today.

  • GLUU has soared 25.5% out of the gate to $2.52, after the company said it had signed a deal with pop star Taylor Swift to develop a "one-of-a-kind digital gaming experience." Glu Mobile Inc. also reported better-than-expected fourth-quarter results. The stock could certainly use the boost, considering it was down 71% from its May 5 annual high of $7.03 heading into today's session, and just yesterday hit a four-year low of $1.98. Speculative players have been betting on more downside, too. At the ISE, CBOE, and PHLX, GLUU's 10-day put/call volume ratio of 1.19 sits just 3 percentage points from a 52-week peak.
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