Buzz Stocks: Bank of America Corp, Seagate Technology PLC, and Sunedison Inc

Today's stocks to watch in the news include Bank of America Corp (NYSE:BAC), Seagate Technology PLC (NASDAQ:STX), and Sunedison Inc (NYSE:SUNE)

by Kirra Fedyszyn

Published on Apr 14, 2016 at 9:29 AM
Updated on Jun 24, 2020 at 10:16 AM

U.S. stocks are set to start the day higher again, following relatively dovish comments from one Fed official. Among equities in focus today are financial giant Bank of America Corp (NYSE:BAC), data storage specialist Seagate Technology PLC (NASDAQ:STX), and solar energy stock Sunedison Inc (NYSE:SUNE).

  • BAC is set to slip 0.9% at the open, after the firm said first-quarter earnings slid 18% year-over-year -- although the results arrived above the consensus estimate. Closing at $13.79 on Wednesday, the stock is off 18% so far in 2016, and has been facing some resistance in the $14 area for most of the year. Some recent call buyers were hoping for a breakout above this level, but if these bulls hit the exit on today's projected earning reaction, the shares could be in for even more losses.

  • STX is down 13.3% in electronic trading after cutting its guidance for the most recent quarter, citing weak demand, particularly from China, and receiving no fewer than six price-target cuts -- including one from Goldman Sachs to $26 from $30. The shares popped on Monday after a positive write-up from Barron's, but option traders weren't impressed. However, the stock once again failed to overtake its descending 140-day moving average, and closed at $33.93 on Wednesday. Outside of the options pits, short sellers have piled on Seagate Technology PLC, with short interest up 12% during the most recent two-week reporting period. These bearish bets now account for 12.6% of the equity's available float, and at STX's average pace of trading, it would take nearly eight sessions to buy back all of these shorted shares.

  • SUNE is up 70.6% in pre-market trading from its Wednesday close of $0.37. The company's independent audit committee reportedly found no evidence of accounting fraud, but "identified issues with the company's overly optimistic culture and its tone at the top." Sunedison Inc also said it has dismissed one employee over misconduct related to negotiations in the termination of its acquisition of Vivint Solar Inc (NYSE:VSLR). Some recent call buyers will likely be cheering today if SUNE can keep its momentum going through tomorrow's close, when the front-month April series expires.
Sign up now for Schaeffer's Opening View newsletter to get a head start on all the major pre-market news!

A Schaeffer's 39th Anniversary Exclusive!

8 Top Stock Picks for 2020

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


  
 
 

Partnercenter