Snap, Global Blood Therapeutics, Extreme Networks Stocks Moving Today

Three stocks making big moves on the charts today are Snap Inc (SNAP), Global Blood Therapeutics Inc (GBT), and Extreme Networks, Inc. (EXTR)

Kirra Fedyszyn
Mar 8, 2017 at 2:51 PM
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Rising rate-hike jitters are weighing on stocks after this morning's jobs report. Among specific equities in focus are social media concern Snap Inc (NYSE:SNAP), biotech stock Global Blood Therapeutics Inc (NASDAQ:GBT), and networking infrastructure specialist Extreme Networks, Inc. (NASDAQ:EXTR). Here's a quick look at what's moving shares of SNAP, GBT, and EXTR.

Tepper Attention is a Boon for SNAP

SNAP is getting a boost, up 7.4% at $23.02, after Appaloosa Management's David Tepper told CNBC he purchased shares of the stock at last week's IPO, and has sold a portion of his position already. Additionally, Tepper said that while share prices approaching $30 may be "too high for right now," he would consider buying more of the stock, should it retreat toward its initial public offering (IPO) price. Snap Inc boomed higher during its first two days of public trading, but has since pulled back as analysts weighed in with largely bearish opinions. At present, the average 12-month price target sits below the stock's IPO price, at $16.80. 

M&A Buzz Sets Global Blood Therapeutics on Fire

Reports drugmaker Novo Nordisk A/S (ADR) (NYSE:NVO) has approached the company to discuss a possible acquisition have GBT shares surging 26.5% to $35.80, after earlier tapping an annual high of $37.45, and have made the stock the second-highest percentage gainer on the Nasdaq. Global Blood Therapeutics Inc has been soaring up the charts lately, roughly doubling in value over the past month. Amazingly, that's done nothing to deter short sellers, who increased their bearish bets by nearly 25% during the most recent two-week reporting period alone. Now nearly 12% of GBT's total float is sold short, representing 8.3 times the stock's typical daily volume.

Extreme Networks Planned Avaya Bid Gets Nods from Analysts

EXTR is also one of the Nasdaq's top performers today, up 13.1% at $6.90, and fresh off a new three-year high of $7.11. The shares are rallying on news the company is planning to make a $100 million takeover bid for bankrupt Avaya Inc. -- which Extreme Networks, Inc. CEO Ed Meyercord said could "generate over $200 million in annual revenue, increase our market share and offer new opportunities for our customers." Analysts seem to be in favor of the move, as Craig-Hallum and Wunderlich raised their respective price targets on EXTR to $9 and $8 -- price points not seen on a closing basis since 2004. The stock is no stranger to gains on the charts, either, with the shares up 132% over the past 12 months.

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