FSLR, GRMN, and MBLY are among the stocks in the news today
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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