Campbell Soup, TrueCar, IMPINJ Stocks Moving Today

Shares of Campbell Soup, TrueCar, and IMPINJ are making notable moves after earnings

Feb 17, 2017 at 2:25 PM
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A broad-market stock sell-off is threatening to ruin the Dow's win streak. Among specific equities in focus are soup specialist Campbell Soup Company (NYSE:CPB), car-buying service TrueCar Inc (NASDAQ:TRUE), and tech stock IMPINJ Inc (NASDAQ:PI). Here's a quick look at what's moving shares of CPB, TRUE, and PI.

Campbell Soup Shares Iced by Earnings

Traders are gashing CPB today, after the company's earnings results missed estimates. The stock was last seen 6.9% lower at $58.24, and back below the $60 level that served as solid support for much of 2016 -- an area that's also home to its 12-month breakeven mark. Considering this technical setup, Campbell Soup Company short sellers may feel compelled to increase their positions. For instance, short interest increased by 15.8% during the most recent reporting period, and although these bears already control a lofty 6.3 days' worth of buying power -- going by average daily volumes -- this reading sits well below its 2016 highs. 

Quarterly Earnings Trample TrueCar Shorts

Shares of TRUE have been surging up the charts over the past year, and the company's better-than-expected fourth-quarter earnings report has the stock soaring yet again. TrueCar Inc earlier touched a nearly two-year high of $15.26, and was last seen up 9.5% at $14.51. To put the stock's technical performance in perspective, it was trading near $6 at this point last year. At least six brokerage firms have increased their price targets, including JMP Securities and RBC, which set their marks at $19 -- territory not seen since March 2015. Meanwhile, TRUE short sellers are getting demolished, with these bears accounting for roughly 31% of the stock's float. This means they control an astonishing 36 days' worth of buying power, going by average daily volumes. 

Analysts Stay Bullish On IMPINJ

PI is one of the biggest losers on the Nasdaq today, down 11.5% at $31.30 and earning a spot on the short-sale restricted (SSR) list, even though the company topped fourth-quarter earnings estimates. Overshadowing the beat is a lower-than-expected current-quarter profit forecast, but RBC, Piper Jaffray, and Pacific Crest don't seem to mind, with the brokerage firms each raising their price targets. Shares of IMPINJ Inc closed below $18 on their first day of trading back in July, so they've performed well since the company went public, today notwithstanding. This long-term outperformance may explain why all five analysts covering the stock recommend buying it. 

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