Arconic, Pitney Bowes, Sarepta Therapeutics Stocks Moving Today

ARNC, PBI, and SRPT are among the stocks on the move today

Feb 1, 2017 at 1:56 PM
facebook X logo linkedin


U.S. stocks have given back some of their early gains ahead of today's Fed announcement. Among specific equities in focus today are materials expert Arconic Inc (NYSE:ARNC), shipping specialist Pitney Bowes Inc. (NYSE:PBI), and drug stock Sarepta Therapeutics Inc (NASDAQ:SRPT). Here's a quick look at what's moving ARNC, PBI, and SRPT.

Elliott Management Proxy Fight Fuels Arconic Inc Gains

ARNC was last seen 10% higher at $25.01, amid news activist investor Elliott Management has started a proxy fight with the company in hopes of ousting CEO Klaus Kleinfeld. Arconic Inc has since announced its board "unanimously supports" Kleinfeld. Meanwhile, the company also reported adjusted fourth-quarter earnings that fell short of expectations, though its current-quarter revenue forecast was well received. While today's rally is impressive, the shares are now dealing with the $25-$26 area that's provided resistance since October 2015. Meanwhile, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), call buying has more than tripled put buying during the past two weeks. 

Pitney Bowes Inc. Plummets After Ugly Fourth-Quarter Results

PBI this morning revealed it fell short of Wall Street's sales expectations for an eighth straight quarter, while earnings were also weak, sending the shares 20% lower to $12.74, and onto the short-sale restricted list. In fact, Pitney Bowes Inc. earlier hit a four-year low of $12.41, and is currently the worst performer on the S&P 500 Index (SPX). More losses could be in store, should analysts reevaluate their positions. Specifically, three-fourths of covering brokerage firms rate PBI a "strong buy," with no "sell" ratings on the books. 

Leerink Note Weighs On Sarepta Therapeutics

SRPT is down 5.8% at $29.25, following a bearish note out of Leerink. The brokerage firm suggested that payors have not been approving as many patients for the company's Duchenne Muscular Dystrophy (DMD) treatment, Exondys 51, as its management expected -- a situation Leerink says will lead to "strong headwinds going forward."  The analysts maintained their "market perform" rating, while cutting their price target by $1 to $32. There are plenty of other Sarepta Therapeutics Inc bears out there, too. For example, short interest on the stock rose by 10.6% during the last two reporting periods, and now more than one-fifth of the SRPT's total float is sold short. Elsewhere, one sector peer also suffered a major setback with its DMD treatment

Get a jump-start on the day's stock market news with Schaeffer's free Opening View newsletter.
 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI