Today's stocks to watch in the news include Bob Evans Farms Inc (BOBE), SINA Corp (SINA), and Tesla Motors Inc (TSLA)
U.S. stocks appear set for another slow start, with the ADP employment report fueling rate-hike speculation. Among specific equities in focus are restaurant stock Bob Evans Farms Inc (NASDAQ:BOBE), Chinese media concern SINA Corp (NASDAQ:SINA), and electric car maker Tesla Motors Inc (NASDAQ:TSLA).
- BOBE is set to add 3.3% at the open, after the company beat expectations for its fiscal first-quarter earnings and raised its full-year profit outlook. As of Tuesday's close at $39.03, the stock is just in the black on a year-to date basis, and analysts have been mostly in Bob Evans Farms Inc's bullish corner, with three out of four rating the shares a "strong buy," and not a "sell" in sight. Still, short sellers could be hitting the bricks today, as these bearish bets currently account for more than 11% of BOBE's total float, or nearly three weeks' worth of pent-up buying power, at the stock's typical daily volume.
- SINA is up 3.3% in pre-market trading on news the company will reduce its stake in social media firm Weibo Corp (ADR) (NASDAQ:WB) to roughly 51% from 54%. SINA Corp has been on a tear lately, gapping higher on well-received earnings earlier this month, and hitting a fresh two-year high of $76.67 on Monday. As of Tuesday's finish at $75.28, the stock is up nearly 95% year-over-year. Despite this technical outperformance, however, options traders remain more put-skewed toward the stock than usual. These bears could be rewarded should SINA take an overdue breather -- the equity's 14-day Relative Strength Index (RSI) of 83 puts it deep into overbought territory.
- TSLA is sitting slightly lower ahead of the bell after closing Tuesday at $211.34. The stock is on traders' radars this morning after an SEC filing revealed the company is planning to raise funds that would go, at least in part, to the development and production of its latest Model 3 sedan and its battery factory. Tesla Motors Inc stock has been nothing to write home about lately, losing a recent foothold above its 80-day moving average. And it looks like options traders may be taking notice, as the usually call-heavy bunch has been picking up puts at an accelerated pace so far this week.
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