GM, MAT, and TMUS are among the stocks in the news today
U.S. stock futures are trading modestly higher ahead of today's congressional testimony from Fed Chair
Janet Yellen. Meanwhile, among specific equities in focus are automaker
General Motors Company (NYSE:GM), toymaker
Mattel, Inc. (NASDAQ:MAT), and telecom stock
T-Mobile US Inc (NASDAQ:TMUS). Here's a quick roundup of what's driving shares of GM, MAT, and TMUS.
GM In Talks to Sell Opel Unit
After closing last night at $35.52, shares of GM are up 4.4% in electronic trading. Boosting the stock is news that French firm PSA Group -- maker of Peugeot, Citroen and DS cars -- is talks with
General Motors Company about the possible purchase of its Europe-based Opel arm, a deal that would give the combined company control over 16.3% of the European auto market. Today's projected price move just echoes GM's longer-term trajectory, with the shares up 28% year-over-year following last week's successful test of their rising 80-day moving average. With 60% of analysts still maintaining a tepid "hold" rating on the outperformer, the door is wide open for a round of upgrades, which could add fuel to GM's fire.
Mattel Inks Partnership With Alibaba
MAT announced a strategic partnership with
Alibaba Group Holding Ltd (NYSE:BABA) to sell its toys on the China-based e-commerce concern's Tmall.com marketplace, and work together to create new toys for Chinese consumers. After being up as much as 2.4% in electronic trading, shares of MAT were last seen enjoying a 1.2% pre-market lead. The stock could certainly use help, considering it's shed nearly 24% over the past six months to trade at $25.91, and hit a new annual low of $25.17 on Feb. 2. In the options pits, short-term traders have rarely been as call-skewed toward Mattel, Inc. as they are now. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.33 ranks lower than 95% of all comparable readings taken in the past year.
T-Mobile Reports Strong Sales
Unlimited data plans have been all the rage this week, after TMUS unveiled its plan in early January, a move that eventually helped propel the stock to a Jan. 27 record high of $63.68. Nevertheless, TMUS has since pulled back from this technical milestone, and yesterday shed 2.4% to close at $60.90, after Verizon Communications Inc. (NYSE:VZ) threw its hat into the telecom "price war." Today, the shares are trading up 0.5% ahead of the bell, after T-Mobile US Inc offered up fourth-quarter
earnings and revenue that beat estimates. Short interest on TMUS jumped 14.3% in the most recent reporting period, and now accounts for a healthy 8% of the stock's float. An unwinding of bearish bets could propel TMUS even higher.
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