Buzz Stocks: Sunedison Inc, Intercontinental Exchange Inc, and Barclays PLC

Today's stocks to watch include Sunedison Inc (SUNE), Intercontinental Exchange Inc (ICE), and Barclays PLC (ADR) (BCS)

Mar 1, 2016 at 9:49 AM
facebook twitter linkedin

Rising crude futures have stocks pointed firmly higher this morning, with traders awaiting data on manufacturing and consumer spending. Among equities in focus are solar energy stock Sunedison Inc (NYSE:SUNE), global exchange operator Intercontinental Exchange Inc (NYSE:ICE), and financial firm Barclays PLC (ADR) (NYSE:BCS).

  • SUNE has dropped 24.5% at the open to $1.50, after the company announced that it will delay its annual report due to an ongoing investigation into the company's finances. Despite a big M&A-induced pop late last week, Sunedison Inc has given up nearly 96% of its value since last July -- and hit a 14-year low of $1.21 last Wednesday. Traders have been understandably wary -- short interest on the stock accounts for nearly 43% of SUNE's available float. Meanwhile, SUNE is ripe for a fresh round of downgrade -- currently eight of the 14 brokerages following the stock maintain a "buy" rating or better.
  • ICE is 3.2% lower at $230.89, amid speculation it is considering making an offer for London Stock Exchange Group Plc. Additionally, CME Group Inc (NASDAQ:CME) is reportedly also considering throwing its hat into an already crowded takeover ring that includes Deutsche Boerse. Since notching a record high of $268.89 on Feb. 1, Intercontinental Exchange Inc has shed 14.1%. Still, seven out of 11 analysts say the stock is a "buy" or better. And while short interest on ICE rose nearly 35% during the most recent two-week reporting period, it accounts for only 1.5% of the equity's total float. In other words, ICE's bearish bandwagon is far from full.
  • BCS has dropped 7.3% out of the gate to $8.75, after reporting a full-year loss. Barclays PLC also announced it is cutting its dividend and planning to sell off its African assets. The shares hit a four-year low of $8.52 in mid-February, but analysts haven't given up their optimism just yet. All three firms providing coverage rate the stock a "strong buy," and the average 12-month price target of $16.19 sits at a level not seen since September. It appears some options traders have been hoping for a bounce, though. Amid relatively low volume, BCS sports a top-heavy 10-day call/put volume ratio of 2.00 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).
Sign up now for Schaeffer's Opening View newsletter to get a head start on all the major pre-market news!

Now is the time to join our thriving community of Event Traders who consistently profit from every earnings season. With this discounted subscription opportunity, you'll stay ahead of the curve and seize opportunities others miss. Do not let Q3 earnings season pass you by – subscribe now and supercharge your portfolio with expert insights that turn market reactions into profit-generating opportunities!! Don't waste another second... join us right now before the next trade targeting +200% is released!