J C Penney, AstraZeneca, Corning News Today

J C Penney, AstraZeneca, and Corning are among the stocks making big moves this morning

by Andrea Kramer

Published on May 12, 2017 at 9:55 AM
Updated on May 12, 2017 at 3:01 PM

Stocks are modestly lower this morning, with retail sales and the latest batch of earnings reports in focus. Among specific stocks on the move are retailer J C Penney Company Inc (NYSE:JCP), drugmaker AstraZeneca plc (ADR) (NYSE:AZN), and glass manufacturer Corning Incorporated (NYSE:GLW). Here's a quick look at what's moving shares of JCP, AZN, and GLW. 

JCP Stock Latest Retail Earnings Casualty

JCP is following in the footsteps of its fellow retailers, after Macy's stock led a major sector swoon yesterday. Specifically, J C Penney Company reported weaker-than-expected same-store sales for the first quarter, sending JCP stock to all-time lows out of the gate. At last check, J C Penney shares were down 8.9% at $4.81, bringing their year-to-date deficit to 40%. While yesterday's flood of JCP options traders will likely be disappointed, there are plenty of shorts in celebration mode. Short interest represents a whopping 37.7% of JCP's total available float.

AZN Stock Higher After Lung Cancer Data

AstraZeneca reported upbeat data on its Imfinzi drug, which "significantly reduces the rise of disease worsening or death" in patients with late-stage lung cancer. The shares of AZN are up 6.7% at $33.26, in territory not charted since October. In fact, AZN stock has rocketed roughly 30% since touching a three-year low of $25.56 in early December. A short squeeze could propel AstraZeneca stock even higher, too. Short interest represents nearly nine sessions' worth of pent-up buying demand, at AZN's average daily trading volume.

Apple Award Sends GLW Within a Chip-Shot of its May 9 High

Corning stock came close to an 11-year high, jumping 1% to $29.03. GLW shareholders are celebrating after Apple named Corning Incorporated the first beneficiary of its Advanced Manufacturing Fund -- established to invest at least $1 billion with U.S. companies -- with Corning set to receive $200 million from the iPhone maker. GLW shares have been blazing a trail of higher highs and lows since February 2016, with the stock advancing more than 53% in the past year. An overdue round of upgrades could bring more buyers to the table, with just 10% of analysts deeming Corning stock worthy of a "buy" or better rating.

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