Today's stocks to watch in the news include Finish Line Inc (FINL), Bank of America Corp (BAC), and Newmont Mining Corp (NEM)
U.S. stocks are
taking a pummeling this morning, dropping sharply after Britain's vote to leave the European Union (EU)
rocked stocks around the world. Among equities in focus today are athletic apparel retailer
Finish Line Inc (NASDAQ:FINL), bank stock
Bank of America Corp (NYSE:BAC), and gold mining stock
Newmont Mining Corp (NYSE:NEM).
- FINL is one of the elite equities in the black today, up 12% at $18.81, after its quarterly earnings report beat analysts' expectations. The stock is now poised to topple its 200-day moving average for the first time since early May. And while FINL received positive analyst attention in recent months, option traders have grown increasingly bearish, with FINL's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE) and NASDAQ OMX PHLX (PHLX) of 8.07 sitting higher than 94% of all other readings taken in the past year. If these bearish buyers hit the exits, it could bump FINL shares even higher.
- BAC is down 6.9% at $13.07, as bank stocks get slammed after the surprise "Brexit" vote. In addition, the bank will be paying $415 million in restitution after misusing customer assets to fund its own trading endeavors. BAC is now down more than 21% year-to-date, and sentiment in the options pits has shifted to the bearish camp of late. BAC's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.44 sits in the 87th percentile of its annual range, indicating a healthier-than-usual appetite for long puts during the past two weeks. Still, analysts are keen on the stock, with 16 of 21 rating BAC a "buy" or better, and without a single "sell" to be found. A slew of downgrades has the potential to push BAC even lower.
- NEM is trading at $38.25, up 7.9% to a new three-year high, as investors rush to invest in "safe haven" assets like gold following the "Brexit" shocker. Newmont Mining Corp has more than doubled in value so far in 2016, and support from its 40-day moving average has contained its slight stumbles since February. Even before today, NEM had outperformed the greater S&P 500 Index (SPX) by 29.7 percentage points over the last 60 sessions. Option traders aren't sold on the mining stock, though, with NEM's 10-day ISE/CBOE/PHLX put/call volume ratio of 1.44 sitting in the 89th percentile of its annual range.
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