Buzz Stocks: Horizon Pharma PLC, LendingClub Corp, and SolarCity Corp

Today's stocks to watch in the news include Horizon Pharma PLC (NASDAQ:HZNP), LendingClub Corp (NYSE:LC), and SolarCity Corp (NASDAQ:SCTY)

by Karee Venema

Published on Jun 28, 2016 at 9:59 AM
Updated on Jun 28, 2016 at 10:06 AM

Stocks are higher this morning, following two days of steep "Brexit"-related losses. Among specific equities in focus are biotech Horizon Pharma PLC (NASDAQ:HZNP), financial stock LendingClub Corp (NYSE:LC), and alternative energy firm SolarCity Corp (NASDAQ:SCTY).

  • HZNP is up 4% out of the gate at $15.63, amid reports the firm is considering selling a significant portion of its equity stake. In a statement, Horizon Pharma PLC said that while they "have no plans to do any equity transactions," they "are always pursuing potential transactions." Today's bounce is much-needed for the stock, which has surrendered more than half of its value year-over-year -- and hit a year-to-date low of $13.05 in early May. The equity could be at risk of additional losses, too, should analysts begin to re-evaluate their ratings. Currently, six of seven brokerages maintain a "strong buy" on HZNP, leaving the door wide open for a round of downgrades.

  • LC has shot 5.1% higher at $4.52, after the embattled lender said that acting CEO Scott Sanborn -- who replaced ousted Renaud Laplanche in May -- would permanently take over the role. Additionally, LendingClub Corp said it will eliminate about 12% of its workforce and reported additional loan irregularities under Laplanche's watch. The firm will host its previously delayed annual shareholders meeting later this afternoon. On the charts, the stock has plunged 44% since the start of May, with recent rebounds halted near the $5 mark. Short sellers, meanwhile, have been cashing in their winning bets amid this slide, and in the past two reporting periods alone, short interest plunged 33%. However, these bearish bets still account for a lofty 15.3% of LC's available float.

  • SCTY announced it has created a two-person committee -- consisting of board members Donald Kendall and Nancy Pfund -- to explore "a broad range of strategic alternatives," including the $2.8 billion buyout bid from fellow Elon Musk firm Tesla Motors Inc (NASDAQ:TSLA). While the shares of SolarCity Corp were last seen up 4.6% at $23.64, the stock remains a long-term laggard. Year-over-year, SCTY has shed almost 56%, and has recently run out of steam near the $24 level. Wall Street remains skeptical, too. Nearly 37% of SCTY's float is sold short, while more than 69% of analysts maintain a "hold" or strong sell" rating on the shares.
Sign up now for Schaeffer's Opening View newsletter to get a head start on all the major pre-market news!

A Schaeffer's exclusive

6 Sectors for Summer

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


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.
Wall Street Roars Higher Amid Civil Unrest
Investors weighed a mixed bag of jobs data
AstraZeneca Stock Flat Despite COVID-19 Vaccine News
AstraZeneca saw a rise in capacity for its COVID-19 vaccine candidate
The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.