BIDU, LCUT, and CGI stocks are making notable moves on the charts today
The Dow is falling in afternoon trading, as investors digest the latest from the earnings front. Among specific stocks on the move this afternoon are Chinese Internet issue Baidu Inc (ADR) (NASDAQ:BIDU), kitchenware giant Lifetime Brands Inc (NASDAQ:LCUT), and transportation stock Celadon Group, Inc. (NYSE:CGI). Here's a quick look at what's moving shares of BIDU, LCUT, and CGI.
Self-Driving Announcement Lifts Baidu Stock
News that the company is allowing automakers to use its self-driving technology beginning in July has BIDU stock up 2.4% at $178.63. The move has the shares set to close above their 50-day moving average for the first time since March 1, but we'll have to wait and see if it deters short sellers, who have been targeting the stock in recent weeks. Specifically, short interest on Baidu Inc rose 22.2% in the last two reporting periods.
Lifetime Brands Rejects Takeover Offer, Stock Sinks
LCUT stock has dropped 10% today to trade at $18.40, and earned a spot on the short-sale restricted list, after the company's board unanimously rejected an unsolicited takeover offer from Mill Road Capital Management, saying it wasn't in the best interests of shareholders. The shares are now clinging to a less than 4% year-to-date lead, finding support at their 50-day moving average. Lifetime Brands Inc was trading near $14.50 before the M&A rumors hit a little over a month ago.
Celadon Stock Hits New Lows on Short Seller Report
CGI stock is cratering today, down 2.3% at $4.30, and earlier hitting a 13-year low of $3.85, after short seller Prescience Point reiterated its belief the company is "insolvent" and set a $0 price target, as rumors swirl the Securities and Exchange Commission (SEC) is investigating the company. The shares have now lost 40% during the past month, leading options traders to target puts at an accelerated rate. Celadon Group, Inc. has a 10-day put/call volume ratio of 6.61 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).