Fitbit, Chesapeake Energy, Conatus Pharmaceuticals News Today

Fitbit, Chesapeake Energy, Conatus Pharmaceuticals stocks are in the news today

May 4, 2017 at 10:06 AM
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The major stock indexes have given up early gains, as traders react to the latest earnings and economic data. Among specific stocks on the move are tech stock Fitbit Inc (NYSE:FIT), natural gas issue Chesapeake Energy Corporation (NYSE:CHK), and biotech Conatus Pharmaceuticals Inc (NASDAQ:CNAT). Here's a quick look at what's moving shares of FIT, CHK, and CNAT. 

Strong Revenue Lifts Fitbit Stock

FIT stock has jumped 7.6% out of the gate to $6.11, after the company reported impressive first-quarter revenue and said its product launches for the next year are on schedule. The stock is now set to topple its 80-day moving average for the first time since October. Of course, this is just a drop in the bucket for the shares, which sport an all-time high of $51.90 from August 2015. Given Fitbit Inc stock's long-term technical weakness, it's not surprising to see analysts with mostly bearish outlooks. At the moment, 14 of 18 brokerage firms say FIT is a "hold" or "sell." Likewise, recent options buyers may be kicking rocks today, with put buying in the past two weeks approaching an annual high.

Chesapeake Energy Shares Dip Despite Earnings Beat

After rising in pre-market trading, CHK stock is 5.5% lower at $5.23, following the company's first-quarter earnings report and upwardly revised full-year production forecast. The shares are trading just below their year-over-year breakeven level, and the downtrending 100-week moving average has been stiffly blocking breakout attempts since December. Despite this lackluster technical setup, short-term options traders are unusually call-skewed on Chesapeake Energy Corporation. This is according to its Schaeffer's put/call open interest ratio (SOIR) of 0.49, which ranks in the 26th percentile of its annual range. 

Novartis News Gives Conatus Pharmaceuticals a Boost

Novartis AG (ADR) (NYSE:NVS) has decided to exercise its option for the exclusive rights to CNAT's NASH drug. This news has shares of the latter company up 4.7% at $8.49, bringing their year-to-date advance to 61%. In fact, CNAT stock has more than doubled in just the past three months, and boasts a six-month gain of 466%. Options traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) were seemingly betting on more upside, too. More than 1,200 Conatus Pharmaceuticals Inc call options were bought to open across these exchanges during the past two weeks, compared to just 15 puts. 

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