Buzz Stocks: Finisar Corporation, Charter Communications, Inc., and Wynn Resorts, Limited

Today's stocks to watch in the news include Finisar Corporation (NASDAQ:FNSR), Charter Communications, Inc. (NASDAQ:CHTR), and Wynn Resorts, Limited (NASDAQ:WYNN)

Dec 9, 2016 at 9:42 AM
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U.S. stocks are looking to keep their winning streak alive, with the major benchmarks trading higher out of the gate. Among specific equities in focus today are fiber optics specialist Finisar Corporation (NASDAQ:FNSR), cable service provider Charter Communications, Inc. (NASDAQ:CHTR), and casino stock Wynn Resorts, Limited (NASDAQ:WYNN). Here's a quick look at what's driving FNSR, CHTR, and WYNN.

  • FNSR is up 4.4% at $35.64 -- fresh off a five-year high of $36.85 -- after the company announced better-than-expected earnings and an upbeat current-quarter outlook. Plus, Craig-Hallum was one of at least seven brokerage firms to lift its price target, raising its mark to $46 from $34. The shares of Finisar Corporation could be prepared to extend today's upside, too, given how skeptical Wall Street has been toward a stock that's up almost 150% year-to-date. As one example, short interest jumped 31% during the past two reporting periods, and now more than a week's worth of buying power is controlled by these bears, at the average pace of trading. If short sellers begin to cover their losing positions, it could help FNSR rise even more. 
  • CHTR is 0.1% higher at $279.36, after hedge fund manager Chris Hohn said the shares could double or triple in the years ahead -- and thinks Charter Communications, Inc. could eventually be a takeover target for Verizon Communications Inc. (NYSE:VZ). It's already been a strong year for the stock, after a sharp bounce from its 160-day moving average last month helped guide it to an all-time high of $287.27 just two days ago. Options traders appear to be betting on more upside, too, since call buying has more than tripled put buying during the past two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). 
  • Casino stocks are set to rebound after getting crushed yesterday, after Macau's government denied it would be setting daily limits on ATM withdrawals -- although limits for each individual transaction will be contained.  WYNN, for example, is trading 4.7% higher at $94.73, although the stock is still well below the $100-$105 range that's limited its upside since April. Analysts don't seem too hopeful, either. Just four of 14 covering brokerage firms currently recommend buying Wynn Resorts, Limited. 

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