First Solar, Garmin, Mobileye News Today

First Solar, Inc. (FSLR), Garmin Ltd. (GRMN), and Mobileye NV (MBLY) are making headlines today

Feb 22, 2017 at 9:57 AM
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U.S. stocks are lower, as traders look ahead to the release of the Fed's meeting minutes this afternoon. Among specific equities in focus are solar power stock First Solar, Inc. (NASDAQ:FSLR), navigation expert Garmin Ltd. (NASDAQ:GRMN), and self-driving tech stock Mobileye NV (NYSE:MBLY). Here's a quick look at what's driving FSLR, GRMN, and MBLY shares.

First Solar Sinks After Arizona Plans Scrapped

FSLR is down 4.9% at $34.81, after the company scrapped plans for an Arizona facility due to opposition about its location -- overshadowing an earnings win and upwardly revised 2017 forecast. As a result, FSLR was hit with a downgrade to "underperform" from "neutral" by Credit Suisse, which also lowered its price target to $29 from $30. FSLR has had a rough 12 months, with the shares falling 43% amid a series of lower highs and lows. Options bulls may be sweating, with First Solar, Inc.'s 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) showing 2.98 calls bought to open for every put, a reading that sits just 13 percentage points from an annual peak.

Garmin Finds New Fire After Earnings

GRMN is up 8.8% at $54.89, after the navigation system maker reported better-than-expected earnings, and upwardly revised its full-year forecast, citing strong sales of its wearable fitness and outdoor tech products. Today's jump extends GRMN's year-over-year gain to more than 34%, and the stock is now within striking distance of its August high of $56.19. The shares could be due for positive analyst attention, with all nine brokerage firms rating GRMN shares a lukewarm "hold" or "sell." A round of upgrades could add fuel to Garmin Ltd.'s fire.

Mobileye Jumps On Earnings Beat

MBLY is up 3.4% at $47.70, after the firm reported better-than-expected revenue and profitability. MBLY shares now sit up more than 40% from their late-2016 lows. Despite the stock's technical strength, short sellers have been piling on, with Mobileye NV's short interest up 14.7% over the last two reporting periods. Shorted shares now account for 16.2% of MBLY's float, and would take two weeks of trading to cover, at MBLY's average daily volume. A short squeeze could help the shares extend their year-to-date lead.

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