ADI, KORS, ACIA Stocks In the News Today

Three stocks making notable moves this morning are ADI, KORS, and ACIA

May 31, 2017 at 10:06 AM
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U.S. stocks are gaining this morning, as buyers come back to the market. Among specific names on the move are semiconductor stock Analog Devices, Inc. (NASDAQ:ADI), high-end apparel maker Michael Kors Holdings Ltd (NYSE:KORS), and communications equipment specialist Acacia Communications, Inc. (NASDAQ:ACIA). Here's a quick look at what's moving shares of ADI, KORS, and ACIA. 

Strong Earnings Lift ADI Stock to New Highs

Analog Devices stock has added 4.9% to trade at $88.98, and earlier hit a 16-year high of $90.49, thanks to the company's strong fiscal second-quarter earnings results. The company also gave an upbeat current-quarter outlook, citing "good business conditions." ADI stock is now up 52% year-over-year, and short sellers are getting buried. For example, short interest on Analog Devices jumped by 68% over the past two reporting periods. 

KORS Stock Drops Again After Earnings

Michael Kors announced disappointing fiscal fourth-quarter results, gave an ugly full-year outlook, and said it's closing more than 100 stores over the next two years. As such, the stock has shed 10% to trade at $32.65, earlier touching a five-year low of $32.55. This brings the shares' 12-month deficit to 23%. Meanwhile, Jefferies lowered its price target to $60 from $65, but more price-target cuts come through soon. At the moment, KORS stock has an average 12-month price target of $40.41.  

Manufacturing Woes Hit ACIA Stock

Acacia stock is sliding this morning, last seen 3.9% lower at $44.58, as the company deals with a manufacturing setback. Since topping out near $129 back in September, ACIA shares have been hitting a series of lower highs. However, options traders continue to buy calls. This is according to Acacia Communications' 10-day call/put volume ratio of 7.36 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) -- which means more than seven calls have been bought to open for every put during the past two weeks. 
 

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