Advanced Micro Devices is trading at the top of the S&P 500 Index
The stock market is still trading in negative territory, even as oil prices swing higher. Among specific stocks making big moves are retailer Macy's Inc (NYSE:M), heavy machinery maker PACCAR Inc (NASDAQ:PCAR), and Apple supplier Advanced Micro Devices, Inc. (NASDAQ:AMD). Here's a quick look at what's moving shares of M, PCAR, and AMD.
M Stock Sinks to New Low After Gross Margin Warning
Macy's stock is trading down 7.5% at $22.06 -- fresh off a six-year low of $22.03 -- after the retailer issued a gross margin warning at today's annual shareholder meeting. This is just more of the same for M shares, though, which have lost nearly two-fifths of their value in 2017. The stock could face even more pressure, should short sellers continue to increase their bearish exposure. Short interest edged up 3.3% in the most recent reporting period, but still accounts for a low 5% of Macy's available float.
PCAR Stock Upgraded at UBS
A bullish note from UBS has PACCAR shares trading 3.8% higher today at $64.68. The brokerage firm raised its rating on PCAR stock to "buy" from "neutral" and its price target to $75 fro $66 -- in record-high territory -- citing a healthy used truck market as a "leading indicator for new production."
PCAR shares have now broken free from recent congestion near their 200-day moving average, and are back in positive year-to-date territory. There's plenty of room for more analysts to upwardly revise their ratings, too, considering the majority maintain a "hold" or worse rating on PACCAR stock.
AMD Stock Gaps Higher on Apple, Bitcoin Demand
Advanced Micro Devices stock is trading up 7.7% at $12.11 -- at the top of the S&P 500 Index (SPX) -- after Apple at its Worldwide Developers Conference (WWDC) said the iMac Pro would be outfitted with AMD chips. Additionally, a recent surge in bitcoin has increased demand for AMD's graphics cards. Today's surge has AMD stock back above its year-to-date breakeven mark, and on track to close north of its 40-day moving average for the first time since May 1. Short sellers could be getting a little nervous, too. Short interest surged 20.9% in the most recent reporting period, and now accounts for 17.5% of AMD's available float.