General Motors, Catalyst Biosciences, McCormick Stocks Moving Today

Three stocks making big moves on the charts today are General Motors Company, Catalyst Biosciences Inc, and McCormick

Mar 28, 2017 at 3:14 PM
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The Dow is set to snap an eight-day losing streak, shaking off earlier losses to tack on triple digits. Among specific equities on the move today are carmaker General Motors Company (NYSE:GM) and drug stock Catalyst Biosciences Inc (NASDAQ:CBIO), as well as spice specialist McCormick & Company stock. Here's a quick look at what's moving shares of GM and CBIO, as well as MKC stock.

General Motors Pushes Back Against Einhorn Proposals

Activist investor David Einhorn of Greenlight Capital -- which owns a 0.9% stake in GM -- has been busy weighing in today, urging the company to split its stock into two classes, and adding that he's likely to nominate directors to General Motors Company's board. So far the automaker has fought back, "unanimously determined not to recommend any of Greenlight’s nominees for election to the board," and rejecting the dual-class proposal, which Moody's said would be "credit-negative" for GM. The stock is up 3.1% at $35.77 on the news, clawing back toward recent highs after a bounce off support at the 160-day moving average. A show of support from the brokerage bunch could help the shares in the near term, too. At present nine of 13 analysts rate the stock a lukewarm "hold."

Catalyst Biosciences Skyrockets on Drug Approval News

Shares of CBIO are exploding, up 181.9% at $14.52, after being halted for volatility multiple times and topping the Nasdaq's percentage gainers by a mile. Setting the stock on fire is news Catalyst Biosciences Inc's subcutaneous Factor IX drug received Investigational New Drug (IND) approval in South Korea. Today's pop has the stock on pace to close above its 200-day moving average for the first time since mid-2015. This is a sudden turnaround, since the stock just hit a record low below $5 last week. Today's price action could have a recent batch of short sellers spooked. These bearish bets more than tripled in the two most recent reporting periods, and now represent nearly 23% of CBIO's total float.

Disappointing Revenue Rocks MKC Stock

MKC stock is off 2.5% at $98.82, giving up a short-lived foothold above the century level, after reporting fiscal first-quarter earnings just above predictions, though revenue was weak. The brokerage bunch has yet to weigh in on the results, though eight out of nine firms already rate McCormick stock a "hold" or "strong sell." Today's price action shouldn't come as a shock to traders, though, considering MKC shares have moved higher in the session after earnings for the past five quarters in a row.

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