Boot Barn is spiraling after an earnings miss and price-target cut
The stock market is holding near record highs, even as oil prices sink. Among the stocks making big moves are energy name Exxon Mobil Corporation (NYSE:XOM), biotech Synergy Pharmaceuticals Inc (NASDAQ:SGYP), and shoe retailer Boot Barn Holdings Inc (NYSE:BOOT). Here's a quick look at what's moving shares of XOM, SGYP, and BOOT.
Climate Change Accusations Level XOM Stock
Exxon Mobil shares are trading down 1.5% at $79.50 -- fresh off an annual low of $79.32 -- making it the worst-performing Dow stock. In addition to falling crude futures, XOM stock is being impacted by accusations from New York's attorney general that Exxon Mobil gave investors deceptive information about the financial impact of climate change.
XOM stock has been sliding down the charts since hitting its most recent high of $93.22 in mid-December, and recently lost a foothold atop support in the $81 region. Short sellers have been upping the bearish ante, too, with short interest jumping 9.2% in the most recent reporting period, though less than 1% of Exxon Mobil stock's float is currently sold short.
Cantor Fitzgerald Starts SGYP Stock at "Overweight"
Cantor Fitzgerald initiated coverage on Synergy Pharmaceuticals stock with an "overweight" rating and $11 price target -- territory not charted in six years -- with the brokerage firm waxing optimistic over the company's Trulance launch. At last check, SGYP stock was up 12.2% at $4.07, on track for its best day since late December.
Nevertheless, SGYP shares remain more than 33% lower year-to-date. Short sellers have been in the driver's seat, too, with short interest hitting a record high 68.6 million shares in the May 1 report. It looks like one group of bearish bettors got out just in time, considering short interest fell 20.6% in the most recent reporting period.
BOOT Stock Spirals to New Low After Earnings
Boot Barn stock is following in the bearish footsteps of Zumiez, after the retailer reported fiscal fourth-quarter earnings that came in well below the consensus estimate. BOOT shares were also hit with a price-target cut to $12 from $15 at Jefferies. In response, BOOT stock is trading down 15.1% at $6.30 -- fresh off an annual low of $6.02, and short-sale restricted. With Boot Barn shares now staring at a nearly 50% year-to-date deficit, a round of downgrades could come down the pike. Not a single one of the seven analysts covering BOOT maintain anything lower than a "hold" rating.