BlackBerry Dips After Earnings; Synchronoss, Cara Therapeutics Stocks Skyrocket

BlackBerry stock is trading lower after a quarterly sales miss

Managing Editor
Jun 23, 2017 at 10:18 AM
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U.S. stocks are sluggish out of the gate, ahead of a busy day of Fed speeches. Among specific names on the move today are tech stock BlackBerry Ltd (NASDAQ:BBRY), cloud concern Synchronoss Technologies, Inc. (NASDAQ:SNCR), and biotech stock Cara Therapeutics Inc (NASDAQ:CARA). Here's a quick look at what's moving shares of BBRY, SNCR, and CARA.

Revenue Miss Sends BlackBerry Stock Down

BlackBerry stock is down 10% to trade at $9.93, after the company turned a quarterly profit, but revenue failed to meet expectations due to falling software sales. The bear gap today could mark the first time BBRY stock ends beneath its 80-day moving average since late March, and its first finish in single digits since mid-May. It's still been a solid 2017 for BBRY stock so far, which remains up 46% year-to-date and recently hit a two-and-a-half year high of $11.74 on June 1. Most analysts remain on the fence, however. Nine of the 12 brokerages assigned to BBRY stock rate it a "hold."

Possible Buyer Sends Synchronoss Stock Soaring

Synchronoss stock is skyrocketing, up 41% to trade at $17.20, after news broke that Siris Capital is interested in buying the firm for $18 per share. Prior to today, it'd been a tough year for SNCR stock, which fell to a near eight-year low of $10.11 on June 20. However, the shares are finally on pace to topple their 40-day moving average, and short sellers could be running scared. Short interest increased by a whopping 65% since the last reporting period, and accounts for nearly 20% of the stock's total available float.

FDA Designation Has Cara Therapeutics Stock Popping

Cara Therapeutics stock is up 13% to trade at $22.39, just off a nearly two-year high of $23.55, after the Food and Drug Administration (FDA) granted a breakthrough designation for I.V. Cr845, Cara's kidney disease drug. This adds to what has been a stellar year for CARA stock, with the shares more than quadrupling in the past 12 months, and up roughly 140% year-to-date.

Option buyers remain skeptical, however. Despite relatively light absolute volume, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CARA stock boasts a 10-day put/call volume ratio of 1.04, ranking in the 93rd percentile of its annual range. Plus, short interest would take nearly seven sessions to buy back, at Cara Therapeutics' average pace of trading -- plenty of fuel for a short squeeze.


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