QUALCOMM, Target, Jack in the Box News Today

Jack in the Box stock is surging as the company considers spinning off its Qdoba business

by Josh Selway

Published on May 17, 2017 at 9:51 AM

Stocks are getting hammered this morning, as traders express concern about the latest political drama stalling the Trump agenda. Among specific stocks on the move are tech concern QUALCOMM, Inc. (NASDAQ:QCOM), retail stock Target Corporation (NYSE:TGT), and fast-food franchise Jack in the Box Inc. (NASDAQ:JACK). Here's a quick look at what's moving shares of QCOM, TGT, and JACK. 

QCOM Stock In Focus Amid Apple Lawsuit

QUALCOMM is suing four Apple Inc. (NASDAQ:AAPL) manufacturers, accusing them of not paying royalties. The QCOM-AAPL saga is nothing new, though; earlier this year, Apple sued QCOM for refusing to pay $1 billion in rebates and overpricing chips. QCOM shares have opened 0.7% lower at $55.55, as they continue to trade just above their year-over-year breakeven level. Meanwhile, analysts have remained mostly bullish on Qualcomm stock, with 12 of 21 giving the shares a "strong buy" recommendation. 

TGT Stock Gets a Post-Earnings Bump

Target stock is up 4.3% this morning at $56.86, thanks to the retailer's better-than-expected first-quarter earnings report -- a relative novelty for the retail sector this earnings season. The shares have still struggled longer term, suffering multiple bear gaps since topping out near $80 back in November. Despite this, options traders have been taking a rather bullish stance on TGT stock. This is according to its 50-day call/put volume ratio of 1.55 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 94th percentile of its annual range. 

Qdoba Spin-off Hopes Boost JACK Stock

Jack in the Box last night reported better-than-expected first-quarter earnings, and said it's evaluating "potential alternatives" for its Qdoba business. The shares are up 10.2% to trade at $112.30 -- within striking distance of their record high of $113.30 from December -- bringing their 12-month gain to over 50%. This is bad news for short sellers. That is, short interest increased 11.4% in the last two reporting periods, and now these bears control a week's worth of buying power, based on JACK's average daily volume. 

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