Yelp, Sears Holdings, Immunomedics News Today

Yelp Inc (YELP), Sears Holdings Corp (SHLD), and Immunomedics, Inc. (IMMU) are making headlines today

Feb 10, 2017 at 9:59 AM
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U.S. stocks are higher, as traders digest this morning's earnings and celebrate hints of a new tax plan from President Donald Trump. Among specific equities in focus today are review site Yelp Inc (NYSE:YELP), retailer Sears Holdings Corp (NASDAQ:SHLD), and biotech stock Immunomedics, Inc. (NASDAQ:IMMU). Here's a quick look at what's driving YELP, SHLD, and IMMU shares.

Yelp Falls On Guidance Miss

YELP is down 10.8% at $37.00, after the company offered disappointing current-quarter guidance, though its fourth-quarter earnings were in line with analyst estimates. YELP also received mixed analyst attention, with several brokerage firms revising their price targets, including cuts to $49 and $44, respectively, from RBC and Mizuho. Yelp Inc shares are still up 144% year-over-year, though they're now roughly 15% off their new annual high, touched last week. Bearish options traders are likely cheering today's sharp drop, with YELP's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) in the 95th percentile of its annual range, indicating 1.61 puts bought to open for every call option over the last two weeks.

Sears Soars After Restructuring Plan

SHLD is up a whopping 39.7% at $7.74, after the struggling retailer outlined major restructuring and cost-cutting measures that will save the company an estimated $1 billion annually. Sears Holdings Corp also issued better-than-expected fourth-quarter guidance. Even with today's huge jump, the retailer is down 50% year-over-year, after just touching a record low of $5.50 earlier this week. A number of short sellers may be disappointed with today's developments, with short interest accounting for 14.7% of SHLD's float, which would take nearly a week and a half of trading to cover, at SHLD's average daily volume.

$2 Billion Licensing Deal Boosts Immunomedics

IMMU is up 30% at $5.57 -- and just off a fresh three-year high of $5.62 -- after the biotech announced an agreement worth up to $2 billion with Seattle Genetics, Inc. (NASDAQ:SGEN) for development and licensing of Immunomedics, Inc.'s cancer treatment drug, IMMU-132. Further, IMMU said in a conference call it would be receptive to takeover offers in the future, while SGEN said it's interested in other ongoing trials of the "underappreciated" IMMU-32. IMMU shares are now up more than 170% year-over-year. Option bears may be sweating, with IMMU's 10-day put/call volume ratio at the ISE, CBOE, and PLX docked at an annual high of 2.56.

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