Buzz Stocks: Groupon Inc, Freeport-McMoRan Inc, and Canadian Solar Inc.

Today's stocks to watch include Groupon Inc (GRPN), Freeport-McMoRan Inc (FCX), and Canadian Solar Inc. (CSIQ)

by Kirra Fedyszyn

Published on Feb 16, 2016 at 10:13 AM

U.S. stocks are off to a strong start this week, as traders hope for a global freeze in crude oil production. Meanwhile, online coupon specialist Groupon Inc (NASDAQ:GRPN), natural resource company Freeport-McMoRan Inc (NYSE:FCX), and solar power interest Canadian Solar Inc. (NASDAQ:CSIQ) are among the equities in focus today.

  • GRPN is trading 25.8% higher at $3.63, after Alibaba Group Holding Ltd (NYSE:BABA) revealed it has taken a 5.6% stake in the company. Groupon Inc announced strong fourth-quarter earnings on Friday, helping the shares to rebound after hitting a record low of $2.15 on Thursday. GRPN is on pace to close above its 20-week moving average for the first time since March, and has added more than 40% so far in February. Still, 12 out of 15 analysts rate the stock a "hold" or worse, leaving the door open for potential upgrades.
  • After agreeing to sell a 13% interest in its Morenci mine for $1 billion, FCX has climbed 9.4% to $6.05. Freeport-McMoRan Inc is also getting a boost after billionaire David Tepper's Appaloosa Management reportedly took a 3.6-million-share stake. FCX shares have been steadily gaining some ground since hitting a 15-year low of $3.52 last month, and option traders have been fairly optimistic lately. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), FCX has racked up a 10-day call/put volume ratio of 2.35 -- higher than 74% of all readings taken in the past year.
  • CSIQ surged 14.9% to $18.83, after reporting that its fourth-quarter and full-year earnings -- due in early March -- will exceed previous guidance. Canadian Solar Inc. is paring last week's solar-sector slump, but is struggling to surmount its 20-day moving average. Despite a year-to-date loss of more than 35%, all eight brokerages following CSIQ rate it a "strong buy," and option buyers have picked up bullish bets at a rapid-fire rate. The equity's 10-day ISE/CBOE/PHLX call/put volume ratio of 2.21 is higher than two-thirds of all other readings from the past 12 months.
Sign up now for Schaeffer's Opening View newsletter to get a head start on all the major pre-market news!

A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Huge New Legal Marijuana Market Has Shortage Crisis
250 million Europeans have access to medical marijuana. There's already a shortage....
J M Smucker Stock Jammed by Ugly Sales Outlook
J M Smucker's fourth-quarter profits and revenue were better than Wall Street expected
NIO Rises on Record-Breaking Deliveries
Nio stock hit a record high in vehicle deliveries for May
The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.