P, DISH, TSLA Stocks On the Move Today

Sirius XM is investing millions of dollars in Pandora Media

Jun 9, 2017 at 1:55 PM
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The stock market is flirting with record highs, led by a rally in bank stocks. There are a number of stocks making volatile moves, though, including streaming music provider Pandora Media Inc (NYSE:P), satellite TV stock DISH Network Corp (NASDAQ:DISH), and electric vehicle maker Tesla Inc (NASDAQ:TSLA). Here's a quick look at what's moving shares of P, DISH, and TSLA.

P Stock Pops on SIRI Infusion

Pandora stock is 0.6% higher at $8.47, and has seen the second-most volume on the New York Stock Exchange so far, thanks to a $480 million investment from Sirius XM Holdings Inc. (NASDAQ:SIRI). Pandora has been the target of much buyout speculation lately, with Sirius and Verizon Communications Inc. (NYSE:VZ) emerging at the top of the suitor list.

P stock has been in a downtrend since flirting with $13.50 in mid-February, and tagged an annual low of $8.14 just Wednesday, June 7. As such, the stock's 14-day Relative Strength Index (RSI) fell to 31 -- on the cusp of oversold territory. Meanwhile, short sellers haven't been too concerned about the Pandora buyout buzz, as short interest represents roughly 38.5% of the stock's total available float.

Amazon Buyout Buzz Boosts DISH Stock

DISH stock is up 2.7% at $65.71 -- within a point of Monday's annual high -- amid escalating chatter of a potential merger with Amazon.com, Inc. (NASDAQ:AMZN). DISH Network stock has rallied more than 70% since its early 2016 lows, in a channel of higher highs and lows. An AMZN bid or a continued uptrend could have a few DISH shorts shaking in their boots, as short interest represents more than a week's worth of pent-up buying demand, at DISH stock's average daily trading volume.

TSLA Stock Reverses Lower on Analyst Report

Shorting Tesla stock was added to Hedgeye's Best Ideas list, sources are attributing to Bloomberg. TSLA stock is no stranger to bears, though. In fact, Tesla CEO Elon Musk just yesterday sent a tweet about all the Tesla shorts, stating, "These guys want us to die so bad they can taste it." Despite Tesla stock's quest for record highs -- the shares notched an all-time best $376.87 earlier today, last seen down 2.5% at $360.85 -- more than 26% of the security's float is sold short. Should TSLA shares extend their uptrend -- the stock's 14-day RSI of 77 is in overbought territory, suggesting today's dip may be just a breather -- or should next month's Model 3 launch impress, a short squeeze could add fuel to the equity's fire. 

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