Buzz Stocks: Apple Inc., TerraForm Global Inc, and TrovaGene Inc

Today's stocks to watch include Apple Inc. (AAPL), TerraForm Global Inc (GLBL), and TrovaGene Inc (TROV)

by Alex Eppstein

Published on Mar 29, 2016 at 9:29 AM

Stocks could struggle out of the gate, with Dow futures pointed lower ahead of today's speech from Fed Chair Janet Yellen. Among the equities in focus today are iPhone maker Apple Inc. (NASDAQ:AAPL), renewable energy firm TerraForm Global Inc (NASDAQ:GLBL), and diagnostics stock TrovaGene Inc (NASDAQ:TROV)

  • The Justice Department has dropped its lawsuit against AAPL, after investigators were finally able to access the iPhone of San Bernardino shooter Syed Farook. On the charts, Apple Inc. has been consolidating above $100 for the past several weeks, and settled yesterday at $105.19. Meanwhile, short-term options traders have been targeting the stock's calls over puts. Specifically, AAPL's Schaeffer's put/call open interest ratio (SOIR) stands at 0.64 -- which ranks lower than all but 8% of comparable readings taken in the last year.
  • GLBL is poised to plunge 20% at the open -- and into record-low territory -- after the firm said it will delay filing its annual report. TerraForm Global Inc also warned that parent company Sunedison Inc (NYSE:SUNE) is at "substantial risk" of bankruptcy, which could "have a material adverse effect on TerraForm Global." It's already been a bad enough year for GLBL, which has surrendered over 55% of its value in 2016 to close Monday at $2.50. But bears have been betting on even more losses for the stock, with short interest rising 5.6% in the latest reporting period to account for 6.2% of GLBL's float.
  • TROV has fired two of its top executives and is now suing them for allegedly failing to "present a lucrative corporate opportunity to Trovagene ... and instead [taking] that opportunity for their own personal benefit." As a result, the stock is poised to plunge nearly 23% at the open. Longer term, TrovaGene Inc has been less than impressive, losing over 26% from its March 8 year-to-date high of $6.93 to settle last night at $5.11. Short sellers are counting on additional downside. During the last two reporting periods, short interest on TROV spiked roughly 24%, and nearly 21% of the stock's float is currently sold short.
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