Today's stocks to watch in the news include Twitter Inc (TWTR), Finish Line Inc (FINL), and Merrimack Pharmaceuticals Inc (MACK)
U.S. stock futures are trading above fair value, ahead of another day light of economic news. Among specific equities in the spotlight today are social media stock Twitter Inc (NYSE:TWTR), retail interest Finish Line Inc (NASDAQ:FINL), and biotech Merrimack Pharmaceuticals Inc (NASDAQ:MACK). Here's a quick look at what's driving TWTR, FINL, and MACK.
- TWTR is down 1% in electronic trading, following news two more executives are leaving the company, including its chief technology officer. The shares have been sliding since bumping into their 320-day moving average earlier this month, and, at $17.92, have lost 22.6% in 2016. Nonetheless, Twitter Inc call options have remained extremely popular in recent weeks. The stock's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at 3.98, which tops three-fourths of all comparable marks from the past year.
- FINL is set to get hit hard this morning, with the shares down 15% in pre-market action, after the company reported weak third-quarter sales and a disappointing outlook. No brokerage firms have yet to weigh in, but there is potential for downgrades, with six analysts rating the stock a "strong buy." Then again, the expected pullback would put Finish Line Inc in the $19.50 range, an area that acted as strong support last month. And it's not like FINL was underperforming, as the stock had added more than 27% year-to-date, going by last night's close at $23.01.
- MACK is down 9.6% ahead of the open, after the company said it was halting a drug trial for its breast cancer treatment, since an independent panel suggested it would not outperform similar treatments. Shares of Merrimack Pharmaceuticals Inc have been grinding lower since their April 2015 peak near $14, closing Tuesday at $5.37. The stock is heavily shorted, however, so not everyone would be a loser if today's sell-off comes to fruition. In fact, nearly one-third of MACK's float is sold short, which equates to more than 18 days' worth of buying power, based on average daily volumes.
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