AK Steel, Capital One, Cree Downgraded

AK Steel, Capital One, and Cree stocks received bearish analyst attention

Apr 26, 2017 at 9:54 AM
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Analysts are weighing in on commodities stock AK Steel Holding Corporation (NYSE:AKS), credit card concern Capital One Financial Corp. (NYSE:COF), and LED maker Cree, Inc. (NASDAQ:CREE). Here's a quick roundup of today's bearish brokerage notes on shares of AKS, COF, and CREE.

AK Steel Stock Bounces Back

AKS received a price-target cut to $7 from $9 at BMO, one day after the company dove on its first-quarter earnings report. Out of the gate, though, the shares are up 2% at $6.53 -- even with significant losses for sector peer U.S. Steel Corporation (NYSE:X) -- trimming their year-to-date deficit to 36%. Of course, analysts have long been on AK Steel Holding Corporation's bearish bandwagon. Seventy percent of brokerage firms rate AKS stock a "hold" or a "strong sell."

Earnings Miss Slams Capital One Stock

COF stock has dropped 2% to $83.79, after a weak first-quarter earnings report. Making matters worse, Instinet and Evercore ISI lowered their respective price targets to $101 and $88, overshadowing Bernstein's upwardly revised target of $111 -- a record high. On the charts, Capital One Financial Corp. has been trending sharply lower since topping out at $96.92 on March 1. This, even as short sellers have been hitting the exits. COF's inability to capitalize on a 16.3% plunge in short interest over the past two reporting periods hints at underlying weakness in the shares.

Cree Stock Falls 10% on Earnings

CREE shares have gapped almost 10% lower to trade at $22.40. This bearish price action follows an earnings miss, which was met with a downgrade to "neutral" from "overweight" at J.P. Morgan Securities. As such, Cree, Inc. shares are on the short-sale restricted list. In the options pits, open interest among contracts expiring in three months or less is extremely put-skewed at the moment. CREE stock sports a Schaeffer's put/call open interest ratio (SOIR) of 1.47, topping 99% of all comparable readings taken in the last 12 months.

 

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