Buzz Stocks: BlackBerry Ltd, Tesla Motors Inc, and TerraForm Power Inc

Today's stocks to watch include BlackBerry Ltd (BBRY), Tesla Motors Inc (TSLA), and TerraForm Power Inc (TERP)

Apr 1, 2016 at 9:25 AM
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U.S. stocks are signaling a lower open, following a mixed jobs report. Among the equities in focus today are mobile phone maker BlackBerry Ltd (NASDAQ:BBRY), electric car concern Tesla Motors Inc (NASDAQ:TSLA), and solar "yieldco" TerraForm Power Inc (NASDAQ:TERP)

  • BBRY is bracing for a 6% slide out of the gate, after the company posted a wider-than-forecast drop in quarterly revenue. Losses are nothing new for the stock, which has shed nearly 13% year-to-date at $8.09. Understandably, Wall Street has taken a glass-half-empty approach toward BlackBerry Ltd, especially among short sellers. What's more, 14 of 16 analysts rate the shares a "hold" or worse.
  • TSLA unveiled its low-cost Model 3 sedan yesterday, and consumers reacted positively -- as orders exceeded 130,000 in the first 24 hours, blowing past estimates. Car buyers weren't the only ones feeling good -- on Wall Street, Dougherty lifted its price target to $500, more than double last night's close at $229.77. Ahead of the bell, Tesla Motors Inc is pointed 7.1% higher, putting it on track for its highest level since October. Short sellers could be in trouble. Nearly 32% of the stock's float is sold short, and would take almost seven sessions to buy back, at TSLA's average daily volume.
  • TERP is getting ready for a rare day in the sun, after Appaloosa Management boosted its stake in the firm from 9.5% to 10.9%. Specifically, the shares are trading 5% higher pre-market, but at $8.65, they've lost over three-quarters of their value year-over-year. Accordingly, traders have been buying to open TerraForm Power Inc puts over calls at an accelerated clip. The stock's 10-day put/call volume ratio of 1.71 across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) registers in the top quartile of its annual range.
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