Buzz Stocks: GoPro Inc, Wells Fargo & Co, and Ocular Therapeutix Inc

Today's stocks to watch in the news include GoPro Inc (NASDAQ:GPRO), Wells Fargo & Co (NYSE:WFC), and Ocular Therapeutix Inc (NASDAQ:OCUL)

Oct 13, 2016 at 10:03 AM

U.S. stocks are down as traders digest weak Chinese trade data. Among specific equities in focus today are wearable camera maker GoPro Inc (NASDAQ:GPRO), bank stock concern Wells Fargo & Co (NYSE:WFC), and biotech Ocular Therapeutix Inc (NASDAQ:OCUL).

GPRO was down more than 3% out of the gate, after a Piper Jaffray analyst revealed the firm was not currently shipping to Amazon.com, Inc. (NASDAQ:AMZN), and would not resume sending products to the e-tailer until the end of the month. In addition, the analyst reiterated her "underweight" rating and $9 price target on GPRO. However, the shares have pared their losses to 0.7% to trade at $14.18 -- and briefly turned higher. GoPro Inc shares have lost over half their value in the last 12 months, and are on pace for a sixth straight daily loss. With six of 16 analysts rating GPRO a "buy" or better, and only two "sell" or worse recommendations on the record, a slew of negative analyst attention could act as a headwind for GPRO.
WFC is down 1.4% at $44.70, after embattled CEO John Stumpf stepped down yesterday. COO Tim Sloan is set to replace Stumpf, and will have to deliver the bank's earnings report on Friday. WFC has plummeted in the wake of its account-opening scandal, and the financial giant is down over 17% so far in 2016. Still, in the option pits, sentiment remains decidedly more bullish, with Wells Fargo & Co's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 2.15 sitting in the top 89% of its annual range. An unwinding of these bullish bets -- or a negative earnings reaction tomorrow -- could serve to muscle the shares even lower.
OCUL is skyrocketing higher this morning, up 20.8% at $7.62, following news that it would be joining forces with fellow biotech Regeneron Pharmaceuticals Inc (NASDAQ:REGN) in a $10 million drug development deal. This is a much-needed boost for OCUL, which is still down over 49% since last October, though the shares are struggling to conquer their 200-day moving average. Some short sellers are likely kicking rocks today, with short interest up 27.8% over the last two reporting periods, now accounting for 21.7% of OCUL's float, which would take just under two weeks of trading to cover, at Ocular Therapeutix Inc's average daily volume.

Stay on top of overnight news & big morning movers. Sign up now for Schaeffer's Opening View.

Follow @Schaeffers

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?