Chevron, J C Penney, Valeant Stocks Moving Today

CVX, JCP, and VRX are among the stocks on the move today

Jan 27, 2017 at 2:14 PM
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U.S. stocks are struggling on downbeat GDP numbers. Among specific equities in focus today are Dow stock Chevron Corporation (NYSE:CVX), department store J C Penney Company Inc (NYSE:JCP), and drugmaker Valeant Pharmaceuticals Intl Inc (NYSE:VRX). Here's a quick look at what's moving CVX, JCP, and VRX.

Earnings Pressure Chevron Stock

CVX is down 2.5% at $113.69, following a lackluster earnings report. Meanwhile, CEO John Watson said the most significant layoffs are "behind us," but anticipates further cuts to operating expenses in 2017. Despite the down day, the fact is that the stock isn't far from its annual high of $119, notched earlier this month, and has advanced more than 32% year-over-year. Additional covering activity among short sellers could benefit the shares, as well. While these bearish bets fell 14.2% in the last two reporting periods, it would still take a week to buy back the remaining short positions, at Chevron Corporation's average trading pace.

J C Penney Plunges to New Low

JCP has tanked 5% to hover near $6.43, and earlier touched an annual low of $6.38, despite the absence of a clear catalyst. As such, the stock's 14-day Relative Strength Index (RSI) has fallen to 25.7, well into oversold territory. If the retail stock can't right its ship quickly, bearish brokerage attention could exacerbate pressure on the shares. While the majority of analysts rate J C Penney Company a "hold" or "strong sell," there remain seven "strong buy" endorsements on the books.

Pershing Square Laments Valeant Stock Performance

VRX is down 1% at $13.49, after Bill Ackman's Pershing Square Capital waxed pessimistic on the drugmaker last night. Specifically, the hedge fund said that "share price performance continues to disappoint," despite the firm's "significant operational progress." Indeed, the stock has been a dud long term, dropping roughly 85% year-over-year. Understandably, short-term open interest is nearing a put-skewed extreme. Valeant Pharmaceuticals Intl Inc's Schaeffer's put/call open interest ratio (SOIR) of 1.09 ranks just 7 percentage points from a 12-month high.

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