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
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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, 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.

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