TRCO, NUE, WFM Stocks On the Move Today

A disappointing outlook has sent Nucor shares spiraling

Jun 15, 2017 at 2:22 PM
facebook X logo linkedin


Though the major market indexes are off their session lows, they remain under pressure from a steeper decline in FAANG stocks. Among other names making volatile moves are media stock Tribune Media Co (NYSE:TRCO), steel manufacturer Nucor Corporation (NYSE:NUE), and organic grocer Whole Foods Market, Inc. (NASDAQ:WFM). Here's a quick look at what's moving shares of TRCO, NUE, and WFM.

TRCO Stock Jumps as Sinclair Buyout Seems More Likely

Tribune Media shares are trading up 5.6% at $41.21, after a federal appeals court effectively removed a legal hurdle in Sinclair Broadcast's proposed takeover of TRCO. Specifically, the court voted against blocking the Federal Communications Commission's (FCC) reversal of a 2016 order limiting the number of television stations broadcasters can purchase.

Today's positive price action is just more of the same for TRCO shares -- up 40% year-to-date, and fresh off an M&A-induced record high of $43.04 on May 8. This has coincided with a rise in short interest, which could be a result of arbitrage. Regardless, short interest surged 19% in the two most recent reporting periods to 3.1 million shares, the most since mid-February.

NUE Stock Lowers Profit Forecast on "Challenging" Market Conditions

Nucor stock has plunged 6.4% to trade at $55.34, after the company said it expects second-quarter per-share profit to land between $1.00 and $1.05, below the consensus estimate of $1.22, citing "more challenging" market conditions. While the shares are maintaining a roughly 10% year-over-year lead, they are now at risk of closing south of their 50-week moving average for the first time since early March 2016.

Should Nucor shares continue to tumble, there's ample room for analysts to downwardly revise their ratings. Ten of the 13 brokerages covering NUE maintain a "strong buy" rating, with not a single "sell" on the books, while the average 12-month price target of $69.83 stands at a 26.4% premium to the stock's current perch.

WFM Stock Slumps After Kroger Earnings

Kroger stock's negative earnings reaction is dragging Whole Foods shares into the red, with the stock last seen down 6.2% at $33.26 -- near the bottom of the S&P 500 Index (SPX). Nevertheless, WFM is still sporting an 7.4% year-to-date lead.

Short-term WFM options traders have rarely been as put-skewed as they are now, per the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.92 -- in the 94th annual percentile. Peak open interest in the front-month series is found at the June 35 put, and data indicates most of the positions were sold to open, meaning some speculators are hoping today's retreat is short-lived.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI