WYNN, TRCO, and ITCI stocks are making notable moves on the charts today
U.S. stocks are fighting for another positive finish, as the tech sector stays hot. Among specific stocks on the move are casino operator Wynn Resorts, Limited (NASDAQ:WYNN), media issue Tribune Media Co (NYSE:TRCO), and biotech Intra-Cellular Therapies Inc (NASDAQ:ITCI). Here's a quick look at what's moving shares of WYNN, TRCO, and ITCI.
Wynn Resorts Jumps on Macau Data
Gaming revenue out of Macau was once again strong in April, news that has casino stocks rallying. For instance, WYNN is up 2.9% at $126.54, and within striking distance of last week's two-year high of $127.20. Wynn Resorts, Limited has been unstoppable this year, up more than 46% year-to-date. Despite this, the majority of covering analysts rate the shares just a "hold," meaning there's still potential for upgrades to come through and provide an extra lift for WYNN stock.
Buyout Buzz Boosts Tribune Media
TRCO has gapped up 5.5% today to trade at $38.58, thanks to reports Twenty-First Century Fox Inc (NASDAQ:FOXA) and Blackstone Group LP (NYSE:BX) are in talks to buy the company. However, the shares again topped out near the $40 level, which has served as stiff resistance since March 1. Meanwhile, short-term options traders are unusually put-skewed on Tribune Media Co. The stock has a Schaeffer's put/call open interest ratio (SOIR) of 2.41, which is just 1 percentage point from a 12-month high.
FDA Request Sends Intra-Cellular Therapies Stock to New Low
Aside from Neurotrope Inc (NASDAQ:NTRP), ITCI stock is the biggest percentage loser on the Nasdaq today, after the company announced the Food and Drug Administration (FDA) has requested additional information for its schizophrenia treatment. As a result, Piper Jaffray downgraded the stock to "neutral" from "overweight," and lowered its price target to $10 from $22, while SunTrust Robinson cut its price target to $12 from $17. The shares were last seen down 24.3% at $10.46, and earlier hit an all-time low of $7.85, continuing what's been an abysmal year. For reference, Intra-Cellular Therapies stock was trading above $45 a share back in September. This is great news for short sellers, though the stock is short-sale restricted today. For instance, short interest represents almost 15% of ITCI's total float.