Petroleo Brasileiro SA Petrobras, Itau Unibanco, GlycoMimetics Stocks Moving Today

Due to the controversy out of Brazil, Petroleo Brasileiro SA Petrobras and Itau Unibanco stocks are tanking

May 18, 2017 at 2:54 PM
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Stocks are bouncing back this afternoon, with the Dow sporting a triple-digit gain. Among the names making big moves are Brazil-based oil stock Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR), Brazilian bank Itau Unibanco Holding SA (ADR) (NYSE:ITUB), and biotech GlycoMimetics Inc (NASDAQ:GLYC). Here's a quick look at what's moving shares of PBR, ITUB, and GLYC.

PBR Stock Sells Off with Brazilian Stock Market

Brazilian stocks are getting crushed today, as corruption allegations swirl around President Michel Temer. This has PBR stock 13.2% lower at $8.93, on the short-sale restricted (SSR) list, and on pace for its lowest close since August. This could be a terrible development for Petroleo Brasileiro SA Petrobras options traders, who've been buying to open calls over puts at a breakneck pace in recent weeks. For instance, the stock has a 10-day call/put volume ratio of 4.23 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 94th annual percentile. 

ITUB Stock Gaps Lower

The Brazil drama is also crushing ITUB shares, which were last seen 15.7% lower at $10.56. While the stock is SSR today, it found strong support at the round $10 level, which is also home to its 320-day moving average. Analysts may need to adjust their outlooks on Itau Unibanco stock, though. At the moment, 75% of the covering brokerage firms say it's a "strong buy." 

FDA Nod Sends GLYC Stock Soaring

GLYC stock has exploded today, up 102% at $10.88, easily making it the top gainer on the Nasdaq, after the Food and Drug Administration (FDA) granted breakthrough therapy status for the company's acute myeloid leukemia (AML) drug. The shares earlier hit a three-year high of $11.45, and now have a nearly 55% year-over-year lead. In the meantime, short sellers are getting torched. After rising 34.6% in the last two reporting periods, short interest on GlycoMimetics stock equates to 16 times its average daily trading pace. 

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