ATVI, OLED, and IBM are among the stocks in the news today
U.S. stocks are trading slightly lower following this morning's
nonfarm payrolls report. Among specific stocks on the move are "Call of Duty" creator
Activision Blizzard, Inc. (NASDAQ:ATVI), Samsung Electronics supplier
Universal Display Corporation (NASDAQ:OLED), and Dow component
International Business Machines Corp. (NYSE:IBM). Here's a quick look at what's moving shares of ATVI, OLED, and IBM.
Activision Blizzard Stock Hits a Record High After Earnings
After initially trading lower following a first-quarter earnings release, ATVI stock is 1.6% higher at $53.93, tagging a fresh record high of $54.75 earlier. The video game producer beat top- and bottom-line expectations, thanks to strong demand for its "Overwatch" franchise. Analysts are expecting extended gains for the shares, too, even after their 50% year-to-date advance. Jefferies raised its price target to $68 from $55, and Cowen bumped its target to $59 from $51. What's more, Activision Blizzard, Inc. has reportedly landed on Citigroup's list of potential takeover targets for Apple Inc. (NASDAQ:AAPL). Indeed, Wall Street is mostly bullish on ATVI stock, with 13 of 18 analysts rating it a "buy" or "strong buy."
OLED Stock Explodes After Huge Earnings Beat
OLED stock jumped to a record high of $108.75 earlier, and was last seen 19.8% higher at $107.60, after
Universal Display earnings blew past estimates, and the company raised its full-year outlook. The stock has been unstoppable in 2017, rallying 91%, and analysts are trying to catch up. Canaccord Genuity this morning raised its price target to $90 from $65, and Cowen increased its target to $115 from $105. Universal Display Corporation is still heavily shorted, too, with bears controlling well over a week's worth of buying power, based on average daily volumes. As such, a short-squeeze situation could be in the cards for
OLED stock.
IBM Stock Takes a Hit After Buffett Trims Position
IBM stock has suffered its second bear gap in 2017, last seen 3.2% lower at $153.89 -- near a six-month low -- on news
Warren Buffett sold one-third of his position during the first and second quarters. The Oracle of Omaha said he has revalued the stock downward, citing strong competition as one reason. Big Blue has now shed more than 15% since topping out at $182.89 back in mid-February, and options traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have increasingly set their sights on puts. IBM stock has a 10-day put/call volume ratio of 1.39 across these exchanges, which ranks in the 80th annual percentile.