Today's stocks to watch in the news include Express, Inc. (EXPR), Oculus Innovative Sciences, Inc. (OCLS), and Fitbit Inc (FIT)
Dow futures are cautiously higher this morning, as traders await Friday's big central bank speech. Meanwhile, among specific equities in focus are retailer Express, Inc. (NYSE:EXPR), biotech Oculus Innovative Sciences, Inc. (NASDAQ:OCLS), and wearable tech stock Fitbit Inc (NYSE:FIT).
- EXPR is set to lose roughly one-fifth of its value when the market opens, after the company slashed its full-year outlook in light of weak store traffic. The projected move would put the stock in territory not seen since February 2015, after the shares closed Tuesday at $16.03. While the pending sell-off matches options traders' bearish expectations, some analysts may start to adjust their outlooks. For example, five of the 11 brokerage firms covering EXPR say it's a "strong buy," and none recommend selling the stock. Just this morning, though, Deutsche Bank downgraded the stock to "hold" from "buy," and lowered its price target to $12 from $19.
- OCLS is looking to take advantage of a favorable Food and Drug Administration (FDA) ruling, with the stock up 13% in electronic trading. More specifically, the FDA approved the drugmaker's post-dermal procedures treatment, which it'll begin marketing in the U.S. next March. It's been a rough year for the penny stock, as it's lost almost 31% of its value year-to-date, and closed last night at $3.98. Meanwhile, a recent batch of short sellers will likely be kicking themselves, seeing as short interest on Oculus Innovative Sciences, Inc. popped by nearly 25% in the last reporting period.
- FIT is up 3% in pre-market trading, after a U.S. International Trade Commission judge ruled the company did not steal classified information from fellow wearable tech firm Jawbone. Fitbit Inc rallied on Tuesday, as well, before settling at $14.88, as the stock looks to live up to analysts' lofty expectations. That is, despite FIT's 49.7% drop in 2016, more than half the analysts covering the stock recommend buying it, with not a single "sell" rating on the board, while its average 12-month price target stands at $21.38 -- territory not explored since early January.
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