Today's stocks to watch include Accenture Plc (ACN), Terex Corporation (TEX), and Portola Pharmaceuticals Inc (PTLA)
U.S. stocks are pointed lower with oil prices, putting the
Dow's weekly win streak in jeopardy. Among equities in focus today are consulting firm
Accenture Plc (NYSE:ACN), construction stock
Terex Corporation (NYSE:TEX), and drugmaker
Portola Pharmaceuticals Inc (NASDAQ:PTLA).
- ACN is up over 1% in electronic trading, after the company posted better-than-expected quarterly earnings and raised its full-year outlook. The stock recently took back its year-to-date breakeven level thanks to a strong March, and the shares have consolidated between $107 and $109 in recent sessions, closing yesterday at $107.66. This probably isn't what a recent batch of short sellers had in mind. Specifically, short interest increased on Accenture Plc by 23.4% during the two most recent reporting periods, and it'd now take these bears almost a week to cover their positions, at ACN's normal daily trading volumes.
- TEX is looking at another M&A-induced surge today, with the shares up roughly 9% ahead of the open, after China-based Zoomlion raised its buyout offer to $31 per share, or $3.4 billion. Meanwhile, Finland-based Konecranes said it's still committed to merging with TEX. Zoomlion originally expressed interest in Terex Corporation in January, and the resultant bull gap from that news is a big reason the shares are 28.5% higher in 2016, closing last night at $23.74. Option traders have thus taken a call-focused approach. Over the past 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), more than 2,000 TEX long calls have traded, compared to just 34 long puts.
- At yesterday's close of $28.62, PTLA had already lost over half its value since hitting an all-time high of $57.96 back in September. But now, things are about to get even worse. The shares are off by 28% in pre-market action, set to open at annual lows, after the company's blood clot treatment, betrixaban, missed its main goal in a late-stage study. Portola Pharmaceuticals Inc could also feel headwinds from the brokerage bunch if its technical woes continues. For instance, every analyst that covers PTLA says it's at least a "buy," while the stock's average 12-month price target of $57.60 is more than double current levels. Bearish attention from this group could weigh on the stock.
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